Vietnamese seafood processing and export firm Camimex Group has secured a USD 15 million (EUR 13.4 million) loan from French financial development institution Proparco to fund new cold-storage capacity and bolster its working capital.
The Camimex Board of Directors approved the financing at its recently held Q3 meeting in the southern province of Ca Mau.
Of the total, USD 7 million (EUR 6.3 million) will be put toward building cold-storage facilities and USD 8 million (EUR 7.2 million) for working capital.
The seven-year loan will be secured by shares in the firm’s subsidiary Camimex JSC (CMM) held directly by Camimex Group, assets formed from the loan, and a corporate guarantee.
The firm’s new cold-storage investments come after Camimex approved the sale of an older cold-storage facility in Ho Chi Minh City in March. The company said the facility had deteriorated, had high operating costs, and was inefficient, while reconstruction was not feasible because of issues involving the leased land.
Camimex has not disclosed the location or capacity of new cold-storage facilities to be financed by the Proparco loan.
The financing builds on previous development finance backing that has helped Camimex expand.
For instance, Dutch development bank FMO provided Camimex with a USD 15 million (EUR 13.4 million) senior secured loan in 2024 through the Dutch Fund for Climate and Development (DFCD).
FMO said the financing was intended to support Camimex's expansion, including a new processing plant, cold storage and fast-freezing systems, organic hatcheries, and working capital for certifications and purchases of organic shrimp.
In addition to the most recent loan, Camimex is also seeking fresh capital for CMM, its main processing subsidiary.
The board authorized CMM to seek a strategic investor and issue additional shares to raise funds for financial restructuring and working capital. A strategic investor would be allowed to own up to 50 percent of CMM's charter capital, according to an 6 October board resolution.
Camimex Group held more than a 74 percent stake in CMM at the end of 2025, according to the group's 2025 annual report. The subsidiary operates five seafood processing plants with combined capacity of more than 67,000 metric tons (MT) of finished products per year and cold-storage capacity exceeding 3,500 MT at facilities across Southern Vietnam in Ca Mau, Ben Tre, and Ho Chi Minh City.
Separately, Camimex plans to privately issue up to VND 200 billion (USD 7.7 million, EUR 6.9 million) of secured, non-convertible bonds without warrants in 2026. The bonds will mature in 2029 and carry a fixed interest rate of 11 percent in the first year before switching to a floating rate.
The board also approved a VND 100 billion (USD 3.85 million, EUR 3.45 million) credit facility from Vietnam’s Nam A Bank for borrowing and export-document discounting.
Camimex produces a range of shrimp products, including eco-certified shrimp and black tiger shrimp, as well as value-added products such as nobashi, breaded shrimp, and tempura alongside whole, headless, and peeled shrimp in various frozen formats. The group reported net revenue of VND 2.94 trillion (USD 113.5 million, EUR 101.5 million) and after-tax profit of VND 90 billion (USD 3.5 million, EUR 3.1 million) in 2025.
