According to the latest analysis report by Rong Viet Securities (VDSC), Vinh Hoan Corporation (VHC) continued to post positive business results in the first half of 2025, supported by stable export performance and improved profit margins.
In Q2/2025, Vinh Hoan recorded VND 3,194 billion in net revenue, nearly unchanged from the same period last year, while net profit after tax attributable to the parent company surged 62% to VND 515 billion. The gross profit margin rose from 13% to 19.5%, driven by lower feed prices, reversal of inventory provisions, and better cost management.
For the first six months of 2025, the company’s revenue reached VND 5,841 billion, down 3% year-on-year, but net profit after tax increased 42% to VND 692 billion. The U.S. market remained the main export destination, accounting for a large share and growing 4%, offsetting the decline from China.
VDSC forecasts that in Q3/2025, Vinh Hoan could sell around 28,000 tons of pangasius, up 10% year-on-year, with an average selling price rising 3% thanks to peak demand in the U.S. and European markets. A slight USD/VND appreciation will also support export revenue. The company’s Q3 revenue is expected to reach VND 3,647 billion, with net profit after tax of about VND 453 billion, up 41% year-on-year.
Experts noted that tariff risks in the U.S. and China have eased as countervailing rates have been clarified, creating favorable conditions for pangasius exports. Vinh Hoan enjoys a competitive edge thanks to its vertically integrated value chain—from farming and feed production to processing—which allows effective cost control and helps maintain stable margins.
For the full year 2025, VDSC projects that Vinh Hoan’s revenue could reach VND 13,538 billion (up 8%) and net profit after tax VND 1,605 billion (up 30% compared to 2024).