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) Vietnam–Russia relations are entering a new phase of cooperation, with a focus on expanding trade, investment and economic connectivity. Against this backdrop, tuna is emerging as one of the seafood products with significant growth potential in the Russian market. Export data for the first seven months of 2026 show strong growth in Vietnamese tuna exports to Russia. However, turning this momentum into sustainable market share will require businesses to address challenges related to logistics, payment and supply competition.
(seafood.vasep.com.vn) Vietnamese tilapia is moving into a higher-value segment as brackish-water farmed fish from the Mekong Delta is now being processed for sashimi and exported regularly to Japan.
(seafoo.vasep.com.vn) Ca Mau Province is stepping up efforts to protect aquatic resources and promote transparent and sustainable fisheries, joining the country’s efforts to have the European Commission (EC) remove its “yellow card” warning for illegal, unreported and unregulated (IUU) fishing.
(vasep.com.vn) Vietnam has strengthened its position in China’s massive seafood market, becoming the largest lobster supplier while maintaining a dominant share of the country’s imported pangasius.
(vasep.com.vn) Vietfish 2026 was more than just a larger exhibition space. Through B2B meetings, booth discussions, production-chain visits and post-show feedback, businesses and buyers found something more concrete: suitable suppliers, processing capabilities, technology solutions, new markets and a foundation for building long-term trust and partnerships.
(vasep.com.vn) Vietnam’s tilapia exports to the United States declined significantly in the first seven months of 2026. Cumulative export value reached US$18 million, down 42% from the same period in 2025. In July alone, exports amounted to just US$2 million, plunging 70%, indicating a clear slowdown in import demand from the US market.
(vasep.com.vn) At the seminar “Global Seafood Markets and the Future Workforce: Trends, Opportunities and Directions for the Sustainable Development of Vietnam’s Fisheries Sector,” held as part of VIETFISH 2026, Ms. Shirlene Maria Anthonysamy, Fisheries Officer (Markets) and GLOBEFISH Coordinator at the Food and Agriculture Organization of the United Nations (FAO), presented initiatives aimed at promoting youth participation in fisheries and aquaculture.
(vasep.com.vn) In the first seven months of 2026, Vietnam’s pangasius exports to the United States reached US$189 million, down 8% year-on-year. In July alone, export value reached US$22 million, down 28%. This trend indicates that U.S. demand for pangasius imports has remained relatively cautious this year, as importers tend to maintain moderate inventory levels and limit stockpiling.
(vasep.com.vn) After three days at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City, the Vietnam International Fisheries Exhibition – VIETFISH 2026 – has successfully concluded, leaving a strong impression in terms of scale, visitor numbers, the quality of business connections, and innovative activities. With more than 14,000 m² of exhibition space, 335 companies, 568 booths, participation from representatives of 17 countries and territories, and nearly 15,000 visitors, VIETFISH 2026 has once again affirmed its role as an important meeting point for Vietnam’s and the global seafood industry.
(seafood.vasep.com.vn) Held as part of Vietfish 2026 from August 19–21 at SECC in Ho Chi Minh City, a series of five specialized seminars provided the seafood business community with updates on markets, technology, standards, human resources and cooperation opportunities. With the participation of experts, international organizations, government agencies and businesses from Vietnam and abroad, the seminars created an additional platform for professional exchange alongside the exhibition’s product showcases and business networking activities.
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