Vietnamese shrimp executive Ngo Quoc Tuan is seeking an international investor for VIEOS FOODS, a new company established to carry on the operations of his family's debt-laden shrimp-processing firm Quoc Viet.
Quoc Viet, of which Tuan is CEO, has more than three decades of experience in shrimp processing and exports. The company is owned by members of his family, who have authorized him to represent 100 percent of their shares, Tuan told SeafoodSource in an interview during the 2026 Vietfish International Fisheries Exhibition in Ho Chi Minh City, Vietnam.
In 2021, local bank BIDV sought to auction about VND 873.7 billion (USD 33.5 million, EUR 28.6 million) of debt owed by Quoc Viet, and then in 2025, VietinBank announced auctions of collateral with a combined starting price of around VND 635.1 billion (USD 24.8 million, EUR 20.3 million).
Tuan confirmed on 22 August that debt and collateral related to Quoc Viet are still being handled by creditors and enforcement authorities under legal procedures. VIEOS, meanwhile, where Tuan also serves as CEO, now handles production and exports, serving Quoc Viet’s traditional customers while leasing production facilities from Quoc Viet.
The two companies share leadership connections and industry experience but are legally and financially separate, with separate balance sheets, accounting systems, bank accounts, contracts, and obligations, Tuan explained, adding that VIEOS has not assumed or guaranteed Quoc Viet's debt and will not do so in the future.
VIEOS has begun discussions with potential investors and hired a professional advisor to support its search for a strategic partner. The company is targeting investors from markets where Quoc Viet has longstanding commercial relationships, including Japan, South Korea, Australia, Europe, and the U.S.
Tuan said the search for an international investor was inspired by other strategic partnerships in the shrimp industry, such as investments between Japan’s Mitsui & Co. and Vietnam’s Minh Phu, as well as CP Vietnam, which is a subsidiary of Thailand’s CP Foods, and Vietnam’s Sao Ta.
Similar to those deals, Tuan said he is seeking a partner that can bring capital, market access, management expertise, technology, and consumer knowledge.
Any strategic investment would be made directly into VIEOS rather than Quoc Viet, with proceeds used for working capital, value-added products and technology, quality improvements, traceable and sustainable raw material supply, and market development.
Looking ahead at the future of VIEOS, Tuan signaled preference for a cautious growth approach. Any expansion decisions would be assessed against customer demand, economics, cash flow, and working capital safety, all weighed against the company's ability to withstand worse-than-expected market conditions.
“I call it capital discipline, rather than an aversion to growth,” he said. “Debt is a financial tool, not a growth strategy.”
As part of that cautious growth approach, Tuan said VIEOS is building business back up in the U.S.
Quoc Viet suspended shrimp exports to the U.S. several years ago after supplying customers including Costco, Walmart, and Sysco for about seven years; however, Tuan is targeting the market again because the U.S. can absorb large volumes and larger shrimp sizes, helping processors efficiently utilize raw material and production capacity.
VIEOS began shipping raw, cooked, and breaded shrimp to the U.S. earlier this year, supplying retailers and wholesale distributors serving restaurants, but the company has yet to significantly ramp up shipments or sign large volumes of new contracts as it continues to assess market conditions.
VIEOS is also looking at China as a shrimp market with high potential and one that Quoc Viet barely served during more than three decades in the industry.
The company has recently shipped its first trial container to hotpot restaurant chain Haidilao and is pursuing opportunities with other large companies and restaurant chains in China. VIEOS is working with commercial representatives in the country and intends to send five sales employees to a training course on doing business in China organized by the Vietnam Chamber of Commerce and Industry.
VIEOS also plans to strengthen its presence in Australia, where demand across a wide range of shrimp sizes helps it utilize raw material efficiently, according to Tuan.
While it tests new markets, VIEOS does not plan to expand its overall processing capacity for now, Tuan said, instead focusing on increasing value-added production within existing capacity.
The company operates from two processing facilities in the province of Ca Mau with a combined annual capacity of 20,000 metric tons (MT) of finished products.
