Vinh Hoan currently accounts for more than 17% of Vietnam’s total pangasius export turnover. The company boasts an advanced farming and processing system, along with a product diversification strategy, which helps maintain its competitive edge, especially in major markets like the U.S., EU, and China. In addition to pangasius, Vinh Hoan has also strengthened its collagen and gelatin segment and expanded its food processing activities through its subsidiary, Sa Giang.
In 2024, Vinh Hoan recorded a revenue of 12,535 billion VND, up 24.9% year-on-year (YoY), and net profit after tax of 1,311 billion VND, up 34.6%. Gross profit margin significantly improved due to higher selling prices for pangasius and a strong recovery in export demand. In Q4/2024, revenue reached 3,220 billion VND (up 34% YoY), and net profit after tax surged to 440 billion VND (up 388% YoY).
In 2024, the company's revenue was primarily derived from pangasius (6,949 billion VND, up 25%), followed by collagen and gelatin (773 billion VND, up 7%), by-products (1,850 billion VND, up 11%), and Sa Giang (701 billion VND, up 54%).
Vinh Hoan's main export markets include the U.S., China, and the domestic market. Revenue from the U.S. reached 3,937 billion VND (up 33% YoY), from China was 1,248 billion VND (up 6% YoY), and from the domestic market was 3,492 billion VND (up 26% YoY).
Regarding its financial situation, Vinh Hoan’s debt-to-equity ratio is reasonable and does not put significant pressure on its cash flow, allowing the company to maintain stability and good liquidity.
Looking ahead to 2025, Vinh Hoan’s growth prospects remain promising. Export volumes of pangasius are expected to continue recovering, especially in the second half of 2025, due to factors such as the Federal Reserve’s interest rate cuts boosting consumer demand in the U.S. and the continued competitive advantage of pangasius, which is priced 20-50% lower than substitute fish species. Additionally, U.S. policies may impose higher tariffs on Chinese-imported tilapia, further benefiting Vietnamese pangasius.
The current price of pangasius raw material is 31,000 VND/kg (up 24% YoY) and is expected to continue rising in the second half of 2025. A shortage of raw pangasius supply in key farming regions will push up prices and drive revenue and profit growth for Vinh Hoan.
For 2025, Vinh Hoan is forecast to achieve a revenue of 14,423 billion VND (up 15% YoY) and a net profit after tax of 1,543 billion VND (up 18%). Key growth drivers include improving gross profit margins due to lower farming and transportation costs, continued growth in pangasius consumption in the U.S., and favorable tax policies benefiting Vietnamese pangasius over Chinese tilapia.
With strong growth prospects and solid competitive advantages, Vinh Hoan remains an attractive stock in investment portfolios. However, the company faces some risks, such as changes in import tax policies in major markets or weaker demand if the U.S. economy does not recover as expected.
Analysts have set a target price for Vinh Hoan stock at 81,700 VND per share, based on the FCFF and P/E valuation methods.
(seafood.vasep.com.vn) Vietnamese seafood exports recorded impressive growth, generating nearly 6 billion USD in revenue during the first six months of the year, up 13% compared with the same period last year.
(seafood.vasep.com.vn) Fishermen in Ha Tinh are gradually overcoming difficulties to maintain the efficiency of seafood exploitation. In the first six months of 2026, the entire province achieved a production of more than 23,000 tons of seafood, worth more than 1,200 billion VND.
(seafood.vasep.com.vn) June 2026 brought encouraging signs for Vietnam's tuna exports, with export value rising 20% year-on-year to nearly USD 72 million. However, this increase has yet to offset the prolonged slowdown seen in key markets such as the European Union (EU), where import demand remains weak. The outlook for the second half of the year is expected to become more challenging as freight rates continue to climb.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition (Vietfish 2026), the Vietnam Association of Seafood Exporters and Producers (VASEP), in collaboration with the Agency for Domestic Market Management and Development under the Ministry of Industry and Trade, will organize the Domestic Seafood Supply–Demand Matching Program on the morning of August 20, 2026, at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City. The program aims to foster direct business connections between Vietnamese seafood producers and processors and domestic distributors, retailers, and foodservice channels.
(seafood.vasep.com.vn) The Cooking Show will be one of the most engaging experiential highlights of Vietfish 2026. Taking place over three days, from August 19–21, 2026, at Hall B1, SECC, Ho Chi Minh City, the event will offer visitors a vibrant culinary space where Vietnamese seafood is showcased through its flavors, stories, and real-life culinary applications.
(seafood.vasep.com.vn) Vietnam's pangasius exports reached USD 205 million in June 2026, up 5% compared with the same month in 2025. Cumulative export value for the first six months of the year totaled USD 1.1 billion, an increase of 12% year-on-year. Growth was primarily driven by strong demand from China and CPTPP markets, while exports to the United States and Brazil continued to decline.
(seafood.vasep.com.vn) In the first six months of 2026, Ha Tinh province continued to implement comprehensive solutions to combat IUU fishing; strictly manage the fishing fleet, control fishing vessels entering and leaving ports, operate vessel tracking devices, trace the origin of seafood, and severely punish violations.
(seafood.vasep.com.vn) Vietnam's tilapia exports reached USD 7 million in June 2026, down 32% compared with the same month in 2025. Nevertheless, thanks to strong growth in the first five months of the year, cumulative tilapia exports in the first half of 2026 totaled USD 69 million, up 67% year on year.
(seafood.vasep.com.vn) Sa Giang Import-Export Joint Stock Company, a member of the Vietnam Association of Seafood Exporters and Producers (VASEP), has been honored with the "Famous Brand - Competitive Vietnamese Brand 2026" certification at an award ceremony organized by the Vietnam Intellectual Property Association (VIPA).
(seafood.vasep.com.vn) China imported nearly $1.4 billion worth of Vietnamese seafood in the first half of the year, a 40% increase compared to the same period last year, surpassing the US to become the largest export market for the industry.
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