Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
According to the announcement, Vinh Hoan Seafood plans to operate under two scenarios for 2024. Under the moderate scenario, the company targets revenue of VND10,700 billion, an increase of 6.6% compared to the actual figure for 2023. However, after-tax profit is expected to decrease by 12.9%, reaching only VND800 billion.
Under the more optimistic scenario, the company targets revenue of VND11,500 billion and after-tax profit of VND1,000 billion, representing increases of 14.6% and 8.8%, respectively, compared to the actual figures for 2023.
Vinh Hoan Seafood intends to invest VND930 billion this year to expand and update its factories and equipment for aquaculture and manufacturing activities in order to meet these business ambitions.
In February 2024, Vinh Hoan Seafood recorded total revenue of VND801 billion, an increase of 6% compared to the same period last year. However, revenue decreased by 13% compared to January 2024, mainly due to a 7% decrease in revenue from the tra fish segment and the fact that February coincided with the Tet holiday, which led to a decrease in both production activities and consumer demand.
The company's total revenue for the first two months of 2024 reached VND1,722 billion, an increase of 42% compared to the same period in 2023. This represents an estimated 15-16% completion of the company's annual revenue target.
Prospects for the seafood industry in 2024 are positive, with many financial institutions forecasting growth of 20-30% as the economy recovers and inflation cools. The industry could also benefit from the US government's tightening of import bans on Russian seafood, including salmon, cod, pollock, and crab. Vietnamese pangasius is considered a substitute for pollock in the US market.
As the largest pangasius exporter in Vietnam, Vinh Hoan Seafood is a direct beneficiary of the US government's recent moves. The US is also the main market, accounting for 40-50% of Vinh Hoan Seafood's total pangasius export revenue.
The European Commission (EC) has also decided not to allow Russian seafood products to benefit from tariff preferences in the 2024-2026 period.
Previously, in November 2023, the European Union also decided to strengthen controls on imports of fish products from China to control illegal, unreported and unregulated (IUU) fishing activities. These moves will also open up opportunities for Vietnamese pangasius exporters to increase their market share in the EU.
According to the Board of Directors' report, IDI successfully maintained its traditional customer base in 2024 while expanding into high-potential markets, particularly the United States, benefiting from a significant reduction in anti-dumping duties.
Recently, Vietnam's La Vong fish cake was ranked number 1 in the list of the world's best white fish dishes by the world-famous culinary website Taste Atlas.
Currently, many households in the suburbs of Ca Mau City are implementing a fairly effective pangasius farming model, bringing in a stable source of income. Unlike the industrial scale in other provinces in the region, the pangasius farming model here is quite simple, low-cost, and is considered a promising direction for farmers.
Over 200,000 ha of Vietnam's shrimp farms are cultivated organically and ecologically, certified by international organizations.
Vĩnh Hoàn Corporation (stock code: VHC – HoSE) has outlined an ambitious business plan for 2025, targeting revenue of VND 13,800 billion (up 10.3% from 2024) and after-tax profit of VND 1,500 billion (up 22.3%). This follows a successful 2024, where the company recorded revenue of VND 12,513 billion (exceeding 109% of the plan) and after-tax profit of VND 1,226 billion (surpassing 123% of the VND 1,000 billion profit target). The 2025 Annual General Meeting of Shareholders is scheduled for April 24 in Ho Chi Minh City to discuss these plans.
Sa Giang Import-Export Corporation continues to assert its position as one of the leading export enterprises in Đồng Tháp, achieving a revenue of thousands of billions of VND from shrimp crackers and rice paper in the past year.
(seafood.vasep.com.vn) After three years of implementation, the UK-Vietnam Free Trade Agreement (UKVFTA) has yielded positive results for Vietnam’s tuna exports. The United Kingdom officially became a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, 2024. This is expected to bring significant benefits for seafood enterprises, particularly in terms of tariffs and intra-bloc origin regulations - especially for tuna products.
On March 3, Sa Giang and Citek officially launched a comprehensive enterprise digital transformation project using the GROW with SAP solution.
(seafood.vasep.com.vn) According to the Action Plan to implement the growth targets for agriculture, forestry, and aquaculture from the Bình Định Department of Agriculture and Environment, which has just been issued, the goal for 2025 is to achieve an overall GRDP growth rate for the entire sector from 3.6% to 3.8%, with the highest effort to reach a growth rate of 3.8%.
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