Growing Thailand’s Blue Economy: Thai Union and ADB in Sustainable First for Seafood Industry in Thailand

BANGKOK, THAILAND, May 27, 2025 -- As Thailand advances toward a sustainable Blue Economy, Thai Union Group PCL and the Asian Development Bank (ADB) are pioneering blue finance solutions that can reshape the future of the country’s seafood industry.

Thailand’s ocean economy contributes approximately 30% of its GDP—the second highest in the Indo-Pacific region—and supports the livelihoods of nearly a quarter of the population across 23 coastal provinces. With key industries such as ports, shipping, and coastal tourism reliant on marine resources, sustainable ocean management is critical to safeguarding the country’s economic future and achieving its goal of developed nation status by 2037.

Recognizing this urgency, ADB’s $150 million financing package for Thai Union marks ADB’s first private sector blue loan for the seafood industry in Thailand, with a focus on sustainability in seafood production. By strengthening responsible shrimp farming, the initiative advances Thailand’s position as a global seafood leader while aligning with national efforts to transition toward a resilient Blue Economy.

“As Thai Union continues to lead the way in sustainable seafood production, this partnership with ADB strengthens our commitment to responsible aquaculture,” said Thai Union Chief Financial Officer Ludovic Garnier. “Through blue finance, we are driving meaningful, lasting change while supporting the broader development of Thailand’s Blue Economy.”

By integrating sustainability into seafood production and building cross-sector partnerships, Thailand is setting a precedent for how financial innovation can enhance ocean health, protect livelihoods, and create long-term economic resilience.

“Aquaculture supplies over half the world’s seafood, and its production is concentrated in Asia, including Thailand,” said Anouj Mehta, Country Director of ADB Thailand Resident Mission. “This project demonstrates how blue finance can spur transformation, helping seafood producers build resilience against climate change while driving sustainable economic growth. As the transaction is ADB’s first private sector loan for the agribusiness sector in Thailand, it helps improve sustainability and resilience of the shrimp supply chain in the country.”

The blue loan will enable Thai Union to scale up its sourcing of sustainable shrimp, specifically, shrimp that is certified under standards recognized by the Global Sustainable Seafood Initiative (GSSI), such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP), or sourced from farms participating in credible Aquaculture Improvement Projects (AIPs).

This approach prioritizes both environmental and social responsibility, with a focus on biodiversity protection, feed traceability, reduced carbon emissions through renewable energy and improved feed conversion ratios, as well as the prevention of deforestation. It also reinforces fair labor practices and strengthens engagement with local communities.

During a panel discussion Thai Union, and commercial co-financing partners including Bank of China (Hong Kong), HSBC, MUFG Bank (Singapore), OCBC, Sumitomo Mitsui Banking Corporation (Singapore), and United Overseas Bank, explored how blended finance solutions can accelerate this transition.

“This partnership reflects our deep commitment to responsible seafood production and aligns directly with our SeaChange® 2030 sustainability strategy,” said Adam Brennan, Chief Sustainability & Communications Officer, Thai Union. “With this agreement, we’re accelerating our efforts to lead the industry with integrity, innovation, and a clear focus on long-term environmental and social impact.”

###

About Thai Union

Founded in 1977, Thai Union is a global seafood leader with more than 44,000 employees. Thai Union’s mission is to be the seafood industry’s leading agent of change, making a positive difference to its customers, consumers, and the way the industry is managed. In 2016, Thai Union launched its SeaChange sustainability strategy, which was expanded in 2023. SeaChange has delivered real and lasting changes in the company’s operations—such as improved seafood traceability, advanced ethical labor standards, and reduced greenhouse gas emissions.

For more information, please contact

Kanyarat Kiatchairin 064-949-6594 or [email protected]

If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.