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) As geopolitical tensions in the Middle East continue to escalate, the global food market is facing increasing volatility in logistics costs, energy prices, and supply chains. In the seafood sector, alongside ocean-caught products such as tuna, the surimi-based product group—including fish cakes, crab sticks, fish balls, and other imitation seafood products—has also been affected to some extent by these developments.
(seafood.vasep.com.vn) According to the 2026 brackish-water shrimp farming calendar issued by the Da Nang Department of Agriculture and Environment, the 2026 crop started in early January and is expected to harvest in late June. However, stocking progress has been slower than planned as farmers remain cautious, focusing on pond renovation and production preparations.
(seafood.vasep.com.vn) After the Lunar New Year of Binh Ngo 2026, commercial clam prices in Ha Tinh province surged sharply, nearly doubling compared to normal levels and standing about 20–30% higher than the same period last year. The spike has encouraged many aquaculture households to accelerate harvesting and sell large volumes to the market.
(seafood.vasep.com.vn) In January 2026, Vietnam’s shrimp exports reached USD 379.6 million, up 22% compared to the same period in 2025. The double-digit growth in the very first month of the year signals a relatively positive recovery in orders, particularly in Asian markets.
(seafood.vasep.com.vn) From the very beginning of 2026, India’s shrimp industry has received a series of favorable trade signals: U.S. reciprocal tariffs have been reduced, while the successful conclusion of a Free Trade Agreement (FTA) with the EU has opened prospects for eliminating nearly all seafood tariffs in the coming years. This shift not only enables Indian shrimp to quickly offset declines in the U.S. market, but also reshapes the global competitive landscape, placing greater pressure on Vietnamese shrimp exporters in terms of price, market share, and strategic positioning.
(seafood.vasep.com.vn) Entering 2026, Vietnam’s pangasius industry is recording many positive signals, both in terms of raw fish prices and export prospects. Export turnover this year is projected to reach approximately USD 2.3 billion. Amid ongoing volatility in the global market, diversifying export destinations, reducing dependence on major markets, and effectively leveraging free trade agreements (FTAs) are considered key to maintaining sustainable growth and creating new momentum for the pangasius sector.
(seafood.vasep.com.vn) With forecasts indicating that weather conditions in 2026 may become more complex—featuring prolonged heatwaves, unseasonal rains, and increased salinity intrusion—the agricultural sector of Can Tho City advises brackish water shrimp farmers to strictly follow the seasonal farming calendar and strengthen pond environmental management to minimize risks and improve production efficiency.
(seafood.vasep.com.vn) On February 4, a working delegation led by the Authority of Telecommunications (Ministry of Science and Technology) met with the Management Board of Cat Lo Fishing Port (Phuoc Thang Ward, Ho Chi Minh City) to comprehensively review the installation of Vessel Monitoring Systems (VMS), assess signal connectivity, and evaluate the effectiveness of information technology applications in fisheries management across the city.
(seafood.vasep.com.vn) The year 2025 marked a significant milestone for China’s lobster market, with total imports reaching a record high and the supply structure undergoing major changes. Amid this surge, Vietnam’s lobster exports—especially green lobster—accelerated dramatically, reaching new highs and contributing substantially to Vietnam’s overall record shrimp export value.
(seafood.vasep.com.vn) With a range of synchronized solutions, from institutional improvements and strengthened communication to strict fleet control, Quang Ninh is stepping up efforts to combat illegal, unreported and unregulated (IUU) fishing, determined to join the country in soon having the European Commission’s (EC) “yellow card” lifted.
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
