For the pangasius sector, Vinh Hoan Corporation (Code: VHC) achieved net revenue of VND 3,278 billion, a 21% increase year-over-year. Profit after tax soared by 70% to VND 341 billion, marking the highest profit for the company in the last five quarters. The rise in pangasius sales, which grew by 33%, was driven by increased output, despite a decline in average selling prices. Additionally, revenue from rice products skyrocketed by 105% compared to the previous year. While exports to the U.S. (the key market), Europe, and other regions experienced growth, revenue from China saw a slight decline.
Nam Viet Corporation (Navico - Code: ANV) and Can Tho Seafood Import-Export Corporation (Code: CCA) also reported positive results in the third quarter, benefiting from significantly improved sales.
In the shrimp sector, Minh Phu Seafood Corporation (Code: MPC) posted a net revenue of VND 2,700 billion, up 35% year-over-year. Profit after tax reached over VND 198 billion, a notable turnaround from a loss of VND 13 billion in the same quarter last year. This substantial profit was largely attributed to significant dividends received from its subsidiaries, Minh Phu Hau Giang Seafood Corporation and Minh Phu Seafood Supply Chain Company Limited.
Sao Ta Food Corporation (Code: FMC) recorded a remarkable 59% increase in net revenue, reaching VND 2,845 billion, the highest quarterly revenue in the company's history. However, high operating expenses limited profit growth to just 6%, totaling nearly VND 95 billion. Sao Ta noted that rising raw material prices and soaring transportation costs negatively impacted order fulfillment. Additionally, the company set aside funds for anti-dumping and anti-subsidy taxes on U.S. sales to mitigate potential risks associated with ongoing market reviews.
In contrast, Vietnam Seafood Corporation - JSC (Code: SEA) reported a 35% decrease in after-tax profit, which fell to VND 41 billion due to declining sales revenue from goods, finished products, and services at its subsidiaries.
Cadovimex Seafood Processing and Import-Export JSC (Code: CAD) faced challenges, posting a loss after tax of over VND 7 billion. This marked a continued downturn for the company, which has reported losses since the fourth quarter of 2015. Cadovimex cited a lack of capital for production and is currently reliant on limited revenue from leasing export services and outsourcing, which is insufficient to cover operational costs.
Overall, while many seafood enterprises are experiencing growth, challenges remain for some, underscoring the varied landscape of Vietnam's seafood industry.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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