According to documents prepared for the 2024 Annual General Meeting of Shareholders, NAVICO has set a business plan for this year with a revenue target of VND 5,000 billion, an increase of 13% compared to 2023. Notably, the company's after-tax profit target is set at VND 306 billion, eight times higher than the previous year.
NAVICO net profit for the prior year was only VND 39 billion, a 94% decrease from 2022 and the lowest amount in seven years. The corporation barely reached 20.9% of its full-year profit target in comparison to the original plan.
Mr. Doan Toi, CEO of NAVICO, has previously stated that despite the company receiving fairly good orders, profits are almost non-existent due to the intense competition putting pressure on output prices while input costs remain high.
Specifically, the military conflict between Russia and Ukraine and the complex political conflicts in the Middle East have led to a sharp increase in maritime transportation costs, pushing up the prices of imported raw materials for pangasius feed production, thereby increasing the cost of raw fish.
Meanwhile, the Federal Reserve System’s tightening monetary policy has affected the economy of the United States and the world, leading to a decrease in trade and making it difficult for pangasius export markets. Some markets have increased the use of non-tariff barriers to limit and tighten control over imports.
Additionally, the decline in other white fish species such as tilapia and basa directly impacts the consumption volume and price of pangasius in the market.
"Despite its decreasing profits, the company continues to strive to maintain its operations, protecting the company from external impacts, while waiting for the economy to recover, thereby becoming a strong point to fight back," claimed the CEO of NAVICO.
According to NAVICO, the company also succeeded in 2023 in creating a closed value chain that links the production of feed, aquaculture, and seafood processing, as well as guaranteeing 100% self-sufficiency in feed for aquaculture and 100% raw fish for processing facilities.
NAVICO is currently operating 10 feed mill lines with a capacity of over 1,000 tons of finished product per day, and 14 aquaculture zones covering a total water surface area of 152 hectares, in addition to nearly 600 hectares of aquaculture zones managed by NAVICO - Binh Phu Seafood and 4 processing plants with a total designed capacity of 1,000 tons of raw fish per day.
Significantly, NAVICO aquaculture zones are primarily concentrated in An Giang province - a region that has not been significantly affected by climate change and saline intrusion over the past decades. This provides favorable conditions for controlling the quality of the raw fish source.
Several financial organizations have predicted that NAVICO will see significant growth in its business results this year due to its successful client base expansion and development of new items to fulfill the demands of the Chinese market.
For the US market, NAVICO leadership shared that the development prospects are relatively optimistic due to the company's successful partnerships with major seafood distributors and reconnecting with previous customers thanks to its export history to the US before 2014.
While Bien Dong Seafood and Vinh Hoan Corporation (VHC), two of the top exporters to the US, account for the majority of NAVICO clientele, they also need to expand their pool of suppliers and offer more competitive pricing.
At the annual general meeting of shareholders in 2024, the Board of Directors of NAVICO has agreed to extend the organization, with the latest deadline being 30/06/2024, as the organizational work is not yet complete and additional time is needed to prepare the documents thoroughly.
(seafood.vasep.com.vn) Seafood exports in the first 6 months of the year continued to be a bright spot with a total turnover of 5.7 billion USD, an increase of 11.4% compared to the same period last year. By commodity group, seafood is one of the three groups with a trade balance in the first 6 months of 2026 in a surplus state with 4.13 billion USD, an increase of 17%.
(seafood.vasep.com.vn) For many years, Vietnam’s seafood industry has been recognized as one of the country’s key export pillars. Products such as shrimp, pangasius, tuna, squid, octopus, and a wide range of other seafood have reached hundreds of markets worldwide. Yet behind these impressive export figures lies a significant challenge: a substantial share of Vietnam’s seafood export value still comes from minimally processed products, contract manufacturing, and raw material exports—segments characterized by low profit margins and high vulnerability to fluctuations in global prices.
(seafood.vasep.com.vn) In the context of a global economy shifting powerfully toward green and sustainable values, Vietfish 2026 is far more than just a commercial trade fair. It has become a strategic rendezvous and a "comprehensive ecosystem"—a convergence of value, knowledge, and sustainable growth opportunities for the entire industry chain.
(seafood.vasep.com.vn) Vietnam’s pangasius exports to Colombia continued their strong upward momentum in May 2026. Export value to the market reached USD 4 million, up 24% compared to the same month in 2025. Cumulative exports in the first five months of 2026 totaled USD 24 million, an impressive 48% increase year-on-year.
(seafood.vasep.com.vn) Hai Phong's aquaculture sector is accelerating the adoption of high technologies in aquaculture to adapt to climate change, with red tilapia and tilapia identified as the key cultured species for priority development.
(vasep.com.vn) Vietnam’s seafood exports reached nearly US$1.1 billion in June 2026, up 21.0% year-on-year. Cumulative exports in the first half of 2026 totaled nearly US$5.8 billion, representing a 12.8% increase compared with the same period last year. Exports to China and Hong Kong continued to accelerate, while shipments to the United States rebounded strongly in June. In contrast, exports to the EU, Japan, and the Middle East remained sluggish or recorded slight declines.
(vasep.com.vn) Tilapia is playing an increasingly important role in Vietnam’s aquaculture sector, driven not only by growing market opportunities but also by its ability to meet increasingly stringent requirements on quality, food safety, and traceability. In practice, tilapia farming in Vietnam is not a spontaneous or loosely regulated activity; rather, it operates under a comprehensive legal and technical framework covering the entire value chain—from hatcheries and farming to processing and exports.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached USD 1.9 billion in the first five months of 2026, up 12% compared with the same period last year. Amid continued volatility in the global seafood market, this result demonstrates that the shrimp sector has maintained positive growth momentum, supported by improving demand in several Asian markets, particularly China.
(seafood.vasep.com.vn) On June 16, the Department of Agriculture and Environment of Ca Mau Province announced that the locality has established a farming area code for nearly 30,400 hectares of mud crab aquaculture and granted export facility codes to five enterprises eligible to export mud crab officially to markets such as China, Cambodia, Singapore, and the United Arab Emirates (UAE).
(seafood.vasep.com.vn) The United States remains one of the largest export markets for Vietnamese pangasius. In the first four months of 2026, pangasius exports to the US reached USD 106 million, up 4% compared to the same period in 2025. In April 2026 alone, export value totaled USD 38 million, marking a 20% year-on-year increase and the first positive growth recorded after an extended period of decline.
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