(seafood.vasep.com.vn) Entering 2024, Vinh Hoan Corp showed signs of improvement right from the beginning of the year when it reached a revenue of 921 billion VND, an increase of 102% over the same period last year. Vinh Hoan Joint Stock Company (MCCK: VHC) has just announced its business results for January 2024, with revenue reaching 921 billion VND, an increase of 102% over the same period last year and an increase of 13% compared to December 2023. This is also the highest result in the past 8 months.
Breaded Fish Popcorn (https://www.vinhhoan.com)
All the main markets of this pangasius export enterprise recorded a good recovery. In particular, revenue in the Chinese, US, and European markets increased by 259%, 59%, and 33%, respectively, compared to January 2023. Revenue in the domestic market also increased by 137%.
Regarding products, the pangasius segment contributed nearly half of total revenue with 448 billion VND, an increase of 64% over the same period. The by-product segments, other products, and shrimp chips also grew strongly, at 226%, 142%, and 78%, respectively.
Sale of the the healthcare segment was at VND 74 billion, up 239% over the same period last year.
According to the Association of Seafood Exporters and Producers (VASEP), it is forecast that Vietnam's seafood exports will recover and increase sharply in the second half of the year. With adaptation and adjustment to the market context, seafood businesses are predicted to help the industry's export sales recover to 9.5–10 billion USD in 2024. In particular, the shrimp sector aims to reach 4 billion USD, pangasius reach about 1.9 billion USD, and the remaining seafood products are expected to earn about 3.6–3.8 billion USD.
According to assessments by some financial organizations, global pangasius demand is forecast to recover on a large scale in the second half of this year. Meanwhile, the supply of pangasius in Vietnam is expected to fall into a shortage.
These factors are expected to help pangasius export prices recover positively soon after a sharp decline in 2023. Thereby, it boosts the business results of pangasius export enterprises such as Vinh Hoan.
However, current tensions in the Red Sea are causing difficulties in transporting export goods in general and seafood products in particular because of increased shipping costs. Rising selling prices for consumers will greatly affect their purchasing decisions.