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) In the first three months of 2026, Vietnam’s exports of fish cake and surimi reached USD 63 million, down 5% compared to the same period last year. Although total export value declined slightly due to decreases in some key markets, many other destinations continued to post strong growth, opening up room for this convenience-oriented processed segment in the coming quarters.
(seafood.vasep.com.vn) Favorable weather conditions in the early months of 2026 have brought encouraging signs for fisheries activities in Quang Tri. Output has grown steadily, contributing to improved livelihoods for local residents.
Entering 2026, Vietnam’s seafood industry is facing a period of both high expectations and mounting pressures. Following the positive recovery in 2025, production and export activities in Q1/2026 demonstrated the strong adaptability of Vietnam’s seafood business community amid continued global trade volatility, intensifying international competition, and increasingly stringent compliance requirements in import markets.
(vasep.com.vn) In the first quarter of 2026, Vietnam’s shrimp exports reached USD 1.069 billion, up 17.5% compared to the same period in 2025. This is a positive result amid an uneven global shrimp market recovery, intensifying competition among major suppliers, and continued volatility in the international trade environment. However, this growth does not reflect a broad-based recovery across the entire sector, but rather is driven mainly by strong performance in a few markets and specific product segments—most notably lobster exports to China.
(seafood.vasep.com.vn) Vietnam’s tuna exports continued to decline in March 2026. Cumulatively, in the first three months of the year, export value reached USD 208 million, down 4% compared to the same period in 2025. The export landscape shows clear divergence across markets: while the U.S. and EU remain challenging, markets such as Russia, the Middle East, Egypt, the Philippines, and Mexico have emerged as growth bright spots.
(seafood.vasep.com.vn) In Quang Ngai Province, shrimp farming costs are rising sharply due to लगातार increases in feed, fuel, and input material prices, while farm-gate shrimp prices are declining. This has significantly reduced farmers’ profit margins and increased production risks.
(seafood.vasep.com.vn) Vietnam’s tilapia exports are experiencing impressive growth, reflecting expanding global demand as well as the sector’s development potential. However, behind the strong growth figures lie limitations in production capacity and supply chains, highlighting the need for sustainable development in the coming period.
(seafood.vasep.com.vn) Vietnam’s pangasius exports to the Middle East in 2025 and early 2026 have shown notable growth. However, escalating geopolitical tensions in the region have increasingly impacted export activities since March. This situation presents a challenge of balancing market expansion opportunities with rising trade risks.
(seafood.vasep.com.vn) The Quang Tri Department of Agriculture and Environment has instructed localities to base their stocking schedules on actual conditions in each farming area, while developing plans, allocating resources, and implementing synchronized measures for disease prevention and disaster risk management in aquaculture production.
(seafood.vasep.com.vn) In the first two months of 2026, Vietnam’s exports of fish cakes and surimi exceeded USD 45 million, up 7% compared to the same period in 2025, indicating a positive outlook for this product segment amid recovering demand in many markets.
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