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) At VietShrimp Asia 2026, disease management trends in shrimp farming are shifting strongly from treatment-based approaches toward proactive prevention through environmental and pond ecosystem control.
(vasep.com.vn) After a period of strong growth, with export turnover reaching USD 38 million in Q1/2026 — up 174% year-on-year — the sector’s rapid expansion clearly reflects growing market opportunities.
(vasep.com.vn) In the first quarter of 2026, Vietnam’s pangasius exports to the ASEAN bloc reached USD 44 million, up 7% compared to the same period in 2025. After falling to the lowest level of the quarter at USD 9 million in February — reflecting the seasonal slowdown in orders after the festive period — exports recovered strongly to USD 18 million in March, the highest monthly value of the quarter. This development shows that import demand for pangasius in ASEAN remains relatively stable despite short-term fluctuations.
(seafood.vasep.com.vn) On May 11, 2026, the US National Oceanic and Atmospheric Administration (NOAA) announced a positive comparability finding for Vietnam’s swimming crab fisheries, along with those of Indonesia and Sri Lanka, under the Marine Mammal Protection Act (MMPA). With this decision, seafood and seafood products harvested from Vietnam’s swimming crab fisheries will continue to be eligible for import into the US market.
(seafood.vasep.com.vn) After a slowdown in 2025, Vietnam’s tuna exports to Germany showed more positive signs in the first quarter of 2026. However, the recovery remains uncertain as consumer demand in Germany is still cautious, while market competition is increasingly driven by pricing and supply stability.
(seafood.vasep.com.vn) After a sharp decline in 2025, Vietnam’s tuna exports to Israel are showing positive signs of recovery in the early months of 2026. According to Vietnam Customs data, export turnover to this market grew steadily month by month in Q1/2026, reaching nearly USD 10 million, up 33% compared to the same period in 2025. However, compared to Q1/2024, this level remains significantly lower, indicating that the recovery is still in its early stage following last year’s strong adjustment.
(seafood.vasep.com.vn) Entering 2026, the U.S. whitefish market has shown complex developments as global cod supply continues to tighten, while the U.S. trade environment becomes less stable. In this context, the U.S. market has had to become more flexible in sourcing alternative whitefish. However, relying heavily on Alaska pollock is not a long-term solution, as it is a strictly managed fishery with quotas and sustainability regulations, limiting any rapid increase in output to offset cod shortages.
(seafood.vasep.com.vn) Aquaculture, capture fisheries, and seed production activities in Lam Dong in the early months of 2026 continued to show positive signs, with both output and farming area slightly increasing compared to the same period, contributing to maintaining overall industry stability.
(seafood.vasep.com.vn) According to Vietnam Customs data, tuna exports in the first month of 2026 reached over USD 75 million, up 13% compared to the same period in 2025. Notably, exports increased in most key markets such as Japan, the EU, and Russia, while exports to the United States fell by 6%—a contrasting development amid ongoing adjustments in U.S. import tariff policies and new compliance requirements under the Marine Mammal Protection Act (MMPA), which took effect at the beginning of the year.
(seafood.vasep.com.vn) In March 2026, Vietnam’s tilapia exports recorded strong growth, reaching USD 15 million, up 109% compared to the same period in 2025. Cumulatively, in the first three months of 2026, export value reached USD 38 million, an increase of 174% year-on-year. This result highlights the sector’s robust expansion and reflects rapid growth across multiple markets.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn
