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.
(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.
(seafood.vasep.com.vn) On the morning of August 19, 2026, the Vietnam International Seafood Exhibition – VIETFISH 2026 officially opened at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City. With 568 booths representing 335 companies, alongside the presence of senior government officials, local authorities, diplomatic missions and international partners, VIETFISH 2026 kicks off three days of business networking, technology exchange and market engagement under the overarching theme “Innovation and Sustainability.”
The Vietnam Association of Seafood Exporters and Producers (VASEP) officially announces that the Vietnam International Seafood Exhibition (Vietfish 2026) will take place from August 19–21, 2026, at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City.
(seafood.vasep.com.vn) Vietnam’s seafood exports recorded strong growth in the first half of 2026, but the performance was increasingly uneven across products, markets and enterprises. VASEP’s newly released premium report provides the detailed data and analysis needed to understand what lies behind the headline figures and prepare for the more challenging months ahead.
(seafood.vasep.com.vn) Brazil remains one of the key markets for Vietnamese pangasius in South America. However, exports to the market showed signs of slowing in the first half of 2026, while frozen pangasius fillets continued to account for the overwhelming majority of exports.
(seafood.vasep.com.vn) Marking 27 years of supporting Vietnam’s seafood industry, the Vietnam International Seafood Exhibition (VIETFISH 2026) will officially return from August 19–21, 2026, at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City, on its largest scale ever. Under the core theme “Innovation – Sustainability,” the event promises to provide a comprehensive picture of the transformation of Vietnam’s seafood industry toward greater value addition and sustainable development.
(seafood.vasep.com.vn) With less than three weeks remaining, the Vietnam Fisheries International Exhibition – Vietfish 2026 will officially take place from August 19–21, 2026, at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City. Under the theme "Innovation – Sustainability," Vietfish 2026 will provide a comprehensive networking platform for seafood businesses, buyers, distributors, industry experts, government agencies, and domestic and international visitors.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition – Vietfish 2026, the technical seminar “Green and Sustainable Technology Solutions for the Aquaculture and Seafood Processing Value Chain” will take place from 09:30 to 11:45 on August 20, 2026, at Convention Room B, Level 2, SECC, Ho Chi Minh City. The seminar is jointly organized by VASEP, the Department of Fisheries and Fisheries Surveillance, and the Royal Norwegian Embassy in Vietnam, focusing on technological innovation and sustainable transformation across Vietnam’s seafood value chain.
(seafood.vasep.com.vn) Market fluctuations, rising production costs, and increasingly stringent requirements from export markets are placing growing pressure on the shrimp industry. In response, Vinh Long Province is promoting high-tech shrimp farming integrated with production–consumption value chains to improve efficiency, reduce risks, and enhance the industry's value.
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