Export products of ABT include pangasius (accounts for 62% of revenue) and clams (accounts for 25% of revenue). The main export markets include the EU (40% of total exports) and Japan (33% of total exports).
Pangasius export demand is expected to continue to increase, many pangasius companies have increased their average selling price by 40% compared to the beginning of the year.
SSI Research expects ABT to benefit from this trend and continue to record strong revenue growth this year. However, raw fish, aqua feed and transportation costs also increased by 33%, 15% and 80% respectively over the same period. For that reason, even when export prices remain positive, SSI Research believes that increasing costs will continue to put pressure on ABT's profit.
ABT’s revenue and after-tax profit are estimated at 522 Billion VND (up 52.7% YoY) and 48 Billion VND (up 42% YoY), respectively.
ABT's long-term outlook: Current processing capacity is 10,000 tons/year and ABT has no plans to expand production capacity. Instead, the company is investing in improving production technology to reduce waste in fish processing. This can help improve both production capacity and gross profit margin. Currently, due to small-scale production, ABT is 100% self-sufficient in fish and clam materials.
In Q1/2022, Sao Ta Foods Joint Stock Company (HoSE: FMC) recorded revenue of 1.3 trillion VND (up 37.1% over the same period) and net profit of VND 42.3 billion VND (up 36.5% over the same period), with sales volume increased by 36% over the same period. According to NOAA, the average selling price of vannamei exported to the US in Q1/2022 increased to US$12/kg (up 14% over the same period), signaling strong demand growth. According to VSEPR, the price of raw shrimp has increased by 4% over the same period. Due to the seasonality, the price of raw shrimp is usually lower in the Q2, Q3 and higher than in the Q1, Q4.
Currently, CP holds 25% shares of FMC. As a result, FMC gets a certain discount (about 20% discount compared to secondary wholesalers) when purchasing aqua feed and raw shrimp from CP. Inflationary pressures can become an advantage for FMC in terms of cutting production costs.
In 2022, FMC will likely focus more on the key export market, Japan (accounting for 28% of total exports in 2021), due to less competition, higher average selling prices thanks to lower shipping costs and Japan’s preference towards value-added products. However, due to high demand in the US, Khang An Foods (a subsidiary of FMC) recently signed a new contract with the Costco- wholesale supermarket chain in the US. Because the US market prefers raw white shrimp, the gross profit margin in the US market is lower than that of Japan and Korea.
"We estimate net revenue and profit after tax to reach 6.3 billion VND (up by 21.2% YoY) and 369 billion VND (up by 28.7% YoY) respectively in 2022. We assume that shrimp consumption will increase by 18% year-on-year, while the average selling price of shrimp will increase by 3% year-on-year. Although raw material cost of shrimp is not as volatile as pangasius, we expect FMC to improve its gross profit margin in 2022 to 10.6% (it was 10.2% in 2021) due to the expand of exports to Japanese market," - SSI Research report stated.
SSI Research assumes that administrative and selling expenses to turnover ratio will remain unchanged year-on-year, at 5.1%.
FMC's long-term outlook: The company owns 320 hectares of farming area, providing 30% of total shrimp input. FMC plans to increase farming area to increase profit margin.
The remaining supply of raw shrimp comes from production contracts and purchases from small-scale farms. FMC's processing capacity is 25,000 tons per year and is currently processing at 92% of its capacity in 2021.
The company has started constructing two new processing plants with a total designed capacity of 15,000 tons/year. These new factories are expected to come into operation in Q3/2022, bringing FMC's total processing capacity to 40,000 tons per year by year-end.
Compiled by My Hanh
(vasep.com.vn) On November 11, 2026, in Can Tho, the Vietnam Association of Seafood Exporters and Producers (VASEP) will organize the Vietnam Seafood Summit 2026 (VSS 2026) under the theme “Seafood Market Outlook 2027–2029: Opportunities and Headroom for Double-Digit Export Growth.”
(seafood.vasep.com.vn) Business leader Do Ngoc Tai, General Director of Tai Kim Anh Seafood Processing Joint Stock Company, was honored by the Vietnam Chamber of Commerce and Industry (VCCI) with the title “Outstanding Vietnamese Entrepreneur – Thanh Giong Cup 2026” at a ceremony celebrating Vietnam Entrepreneurs’ Day (October 13). The event took place on the evening of October 11, 2026, at the National Convention Center in Hanoi.
(vasep.com.vn) The global tilapia market is becoming increasingly segmented, not only among producing countries but also by product type and destination market. Supply is divided into groups with distinct competitive advantages: large volumes of whole fish and frozen fillets from Asia, high-value fresh fillets from Latin America, and substantial domestic consumption in several major producing countries.
(vasep.com.vn) Vietnam’s tuna exports to the UK grew in the first eight months of 2026, despite signs of slowing import demand in the market. However, sharp fluctuations in orders, competition from major suppliers, and new traceability requirements are creating challenges for Vietnamese exporters.
(seafood.vasep.com.vn) Vietnam is stepping up efforts to combat illegal fishing, protect marine ecosystems, expand digital monitoring, and develop science-based management to ensure the sea can support communities and the economy for generations to come.
(seafood.vasep.com.vn) The EU remains a critical market for Vietnamese shrimp; however, purchasing demand and import patterns are undergoing notable changes. According to Vietnam Customs data, as of September 15, 2026, Vietnam’s shrimp exports to the EU reached nearly $374 million, down 5% year-over-year and accounting for 10.7% of the country’s total shrimp export value. Meanwhile, the EU’s stotal shrimp imports through July 2026 contracted by 7% in volume, exhibiting divergent trends across Southern Europe, Northwestern Europe and Eastern Europe. These dynamics necessitate that Vietnamese enterprises closely monitor individualized market demand, rather than approaching the EU as a monolithic consumer block.
(seafood.vasep.com.vn) In the first eight months of 2026, Vietnam’s exports of surimi and fish cakes remained relatively stable year-over-year compared to 2025. Following a contraction in the initial months, export performance demonstrated improvement from June onward, peaking in August. However, the recovery has been uneven, characterized by divergent trends across major markets: robust growth was recorded in China, Japan, Malaysia, the United States, and Taiwan, whereas export volumes to South Korea, Indonesia, and select European markets contracted.
(seafood.vasep.com.vn) Pangasius remains one of Dong Thap’s key aquaculture species, with the province focusing on developing an integrated value chain covering seed production, commercial farming, deep processing and by-product utilization. The province is promoting high-tech, circular pangasius farming models featuring reduced water exchange and enhanced biosecurity, aiming to improve production efficiency and strengthen control over raw material quality.
(vasep.com.vn) Vietnam’s seafood exports in September 2026 are estimated at US$1.135 billion, up 11.9% year-on-year, bringing total exports in the first nine months of the year to US$9.103 billion, up 11.4%. Behind this double-digit growth, however, increasingly divergent market trends are emerging: China–Hong Kong and ASEAN posted strong growth, while the U.S., EU and Japan all recorded declines in September.
(vasep.com.vn) In the first eight months of 2026, Brazil became the largest market for Vietnamese tilapia, with export value reaching US$44 million, up 22,142% year-on-year and accounting for 49% of Vietnam’s total tilapia exports. In August alone, exports to Brazil reached US$4 million. However, behind this remarkable growth is a market that is imposing increasingly stringent requirements on imported supplies.
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