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) Khánh Hòa province is currently leading the way in implementing Electric Catch Documentation and Traceability System (eCDTs).
(seafood.vasep.com.vn) The European Union, with its stringent quality requirements, has become an attractive destination for the shrimp industry of many countries, including Vietnam. Vietnamese shrimp meeting EU export standards not only increases product value but also solidifies Vietnam's position in the global seafood market.
(seafood.vasep.com.vn) Vietnam's shrimp exports accounted for the highest export value among all seafood products in the first nine months of the year, reaching nearly $2.8 billion, a 10.5% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to the Ben Tre Statistics Department, the province’s aquaculture sector has been relatively stable and has experienced growth recently, particularly due to the high efficiency of intensive shrimp farming models.
(seafood.vasep.com.vn) In the third quarter, several Vietnamese seafood companies announced strong financial results, showcasing resilience and growth in a challenging market.
(seafood.vasep.com.vn) In the first nine months of 2024, the fishery production of Soc Trang province has continued to be stable and develop. The farming area and fishery output have increased compared to the same period last year. The consumption of seafood products has generally been favorable.
(seafood.vasep.com.vn) In the first nine months of 2024, aquaculture in Kien Giang province has shown potential growth, helping to offset the decline in capture fisheries.
(seafood.vasep.com.vn) Vietnam's exports of frozen tuna meat/loin have continuously grown during the first eight months of 2024. Notably, in August 2024, the export value of frozen tuna meat/loins hit a year-to-date high, exceeding $51 million, up 19% compared to the same period.
(seafood.vasep.com.vn) Among Vietnam's bivalve molluscs exports, clams have emerged as a leading product, accounting for over 52% of the total export value.
(seafood.vasep.com.vn) The rice-shrimp cultivation area of Thoi Binh district in the Mekong Delta province of Ca Mau has received Best Aquaculture Practices' (BAP) certification of the Global Aquaculture Alliance (GAA).
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