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.
The Report on Vietnam Seafood Exports in 2024 by the Vietnam Association of Seafood Exporters and Producers (VASEP) was published amid positive developments in the country's seafood industry, marking a successful year with a total export value of USD 10 billion, a 12% increase compared to 2023. This milestone underscores the sustainable growth and exceptional potential of the seafood sector in contributing to the national economy.
(seafood.vasep.com.vn) Vietnam's tuna sector faced numerous challenges in the latter half of 2024. While the year proved memorable, with export turnover reaching nearly USD 1 billion, maintaining this growth trajectory requires renewed impetus for the tuna industry.
With Tet (Lunar New Year) approaching, fishermen along Vietnam's central coast are capitalizing on favourable weather conditions to intensify their fishing efforts, meeting the burgeoning demand for seafood across the nation.
(seafood.vasep.com.vn) Shrimp exports in 2024 reached nearly USD 4 billion, a 14% increase compared to 2023. Reflecting on 2024, the shrimp industry demonstrated resilience and persistent effort in overcoming challenges, solidifying its strong position in exports.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
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
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Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
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