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) Tilapia is easy to farm and provides high economic and nutritional value, making it a sought-after export commodity in many countries.
(seafood.vasep.com.vn) Vietnam’s seafood exports in the first 10 months of 2025 recorded significant progress, reaching more than USD 9.5 billion, up 15% year-on-year. This result reflects the sector’s persistent efforts amid a highly volatile market, especially policy shocks from the US Although signs of slowdown emerged in the third quarter due to countervailing taxes, key product groups still maintained strong momentum and created a foundation for full-year exports to reach USD 11 billion.
(seafood.vasep.com.vn) Vietnam’s agreement with the United States on a framework for reciprocal, fair, and balanced trade—reached during the 2025 ASEAN Summit in Malaysia—has generated strong optimism for Vietnamese exports, including tuna. Numerous positive points in the joint statement have raised high expectations for Vietnamese export goods, but turning these expectations into tangible benefits remains a long and challenging journey.
(seafood.vasep.com.vn) At the conference on “Linking the Production and Consumption Chain of Ca Mau Crab 2025,” Vice Chairman of the Ca Mau Provincial People’s Committee Lê Văn Sử posed a central question: how to shift the province’s crab exports toward official trade channels, instead of relying heavily on small-scale border trade with China as currently practiced.
(seafood.vasep.com.vn) The whitefish market in Japan is showing a clear divergence among supplying countries, in which Vietnam continues to affirm its role as a stable and high-potential exporter. Vietnam currently ranks third after the US and Russia in whitefish export value to Japan. Thanks to tariff incentives and the ability to meet Japan’s strict standards, Vietnamese pangasius continues to record a stable and positive growth trend.
(seafood.vasep.com.vn) The People's Committee of Ca Mau Province has just issued a plan to expand the super-intensive, low-water-exchange, biosecure white-leg shrimp farming model (RAS-IMTA) for whiteleg shrimp farming to a scale of 1,500 hectares, aiming to develop high-tech, sustainable and environmentally friendly shrimp farming.
(seafood.vasep.com.vn) Sa Giang Import-Export Joint Stock Company (HNX: SGC) plans to issue over 7.1 million shares to raise nearly 465 Billion VND for Hoan Ngoc M&A Deal.
(seafood.vasep.com.vn) According to Rabobank, global tilapia production is forecast to exceed 7 million tons in 2025, driven by a strong recovery in major producing countries including China, Indonesia, Egypt, Bangladesh and Vietnam. Among them, Vietnam is emerging as a potential tilapia supplier in the global supply chain, capitalizing on market fluctuations to expand production and exports.
By the end of Q3/2025, Vietnam’s seafood industry recorded a clear recovery as a series of leading companies reported strong profits — some even achieving the highest results in their history. After several quarters struggling with high costs and weakened demand, the latest business results indicate a robust comeback across the industry.
(seafood.vasep.com.vn) On November 12 in Ho Chi Minh City, the Embassy of the Netherlands, in coordination with the Ministry of Agriculture and Environment, organized the Vietnam–Netherlands Business Forum under the theme “Shaping the future of sustainable aquaculture in the Mekong Delta.”
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