Vĩnh Hoàn Joint Stock Company (HoSE: VHC) recently published its financial report for Q4 2024, showing clear signs of recovery and marking the return of growth momentum after a challenging period for the seafood industry.
In the last quarter of 2024, Vĩnh Hoàn reported a revenue of VND 3,205 billion, up 34% compared to the same period last year. Additionally, the company also recorded VND 148 billion in financial income, a 87% increase.
On the other hand, Vĩnh Hoàn's expenses in Q4 2024 saw a significant rise compared to Q4 2023. Specifically, financial expenses reached VND 49 billion, and administrative expenses amounted to VND 137 billion, increasing by 14% and 47%, respectively, compared to the previous quarter.
After deducting these expenses, Vĩnh Hoàn, the largest pangasius exporter, reported a profit of VND 440 billion, a 4.8-fold increase compared to the same period last year. This is the highest profit the company has seen in the past six quarters. Explaining the profit increase, the company stated that the growth was due to improved prices of pangasius products and higher production volume.
For the whole year of 2024, Vĩnh Hoàn recorded a revenue of VND 12,535 billion and an after-tax profit of VND 1,310 billion, representing increases of 25% and 34%, respectively, compared to 2023.
In 2024, Vĩnh Hoàn set two business scenarios: a basic scenario and an optimistic scenario. For the basic scenario, Vĩnh Hoàn aimed for revenue of VND 10,700 billion and an after-tax profit for the parent company of VND 800 billion. In the optimistic scenario, the company expected revenue of VND 11,500 billion and after-tax profit of VND 1,000 billion.
Thus, by the end of 2024, Vĩnh Hoàn had exceeded its profit targets for both business scenarios.
Regarding the company's business situation, as of December 31, 2024, Vĩnh Hoàn's total assets reached VND 12,249 billion, a 3% increase compared to the beginning of the year. Of this, cash and cash equivalents increased 2.3 times to VND 570 billion.
Additionally, the company's term deposits reached VND 2,220 billion, an increase of 15% compared to the beginning of the year. By the end of 2024, Vĩnh Hoàn's inventory value stood at VND 2,911 billion, a 22% decrease compared to the start of the period.
As for the capital structure, Vĩnh Hoàn's liabilities slightly decreased to VND 3,247 billion. Although short-term loans increased by 5%, from VND 2,157 billion to VND 2,277 billion, the company no longer had any long-term loans, whereas it had over VND 101 billion at the beginning of the year.
On the market front, the Vietnam Association of Seafood Exporters and Producers (VASEP) reported that pangasius prices in Vietnam have surged at the beginning of 2025 due to limited supply.
Currently, pangasius prices are at their highest level in the past three years. Specifically, pangasius weighing more than 1.2 kg reached VND 32,440 per kg, the highest recorded since 2022.
VASEP predicts that 2025 will be a year of new milestones for pangasius exports. Exports to the United States will be particularly favorable, as on January 17, 2025, Vietnam and the United States signed a bilateral agreement to remove the anti-dumping tax on pangasius fillets exported from Vietnam.
As a result, Vĩnh Hoàn has been removed from the scope of the anti-dumping tax on pangasius and basa exports to the United States. This agreement to resolve the anti-dumping tax dispute opens up significant opportunities for Vĩnh Hoàn and Vietnam's pangasius industry, helping to expand exports to the U.S. market with high-quality and sustainable products.
(seafood.vasep.com.vn) After a fairly strong upward trend in 2025, Vietnam’s clam exports entered 2026 with a mixed picture: strong growth at the beginning of the year, followed by a slowdown from March onward. According to Vietnam Customs data, Vietnam’s clam export turnover in the first four months of 2026 reached more than USD 38 million, up 2% compared to the same period in 2025.
(seafood.vasep.com.vn) Vietnam’s pangasius industry is facing new opportunities to expand its development space as many localities and businesses begin promoting marine farming models aimed at diversifying farming areas and adapting to climate change. However, for pangasius to truly “go offshore” and develop into a large-scale industry segment, significant challenges related to technology, broodstock, and markets still need to be addressed.
(seafood.vasep.com.vn) Vietnam’s tilapia exports in April 2026 reached USD 11 million, up 92% compared to the same period in 2025. This strong growth indicates that Vietnamese tilapia products are continuing to penetrate and expand rapidly in international markets. Cumulative export turnover in the first four months of 2026 reached USD 49 million, up 151% year-on-year.
(seafood.vasep.com) At VietShrimp Asia 2026, disease management trends in shrimp farming are shifting strongly from treatment-based approaches toward proactive prevention through environmental and pond ecosystem control.
(vasep.com.vn) After a period of strong growth, with export turnover reaching USD 38 million in Q1/2026 — up 174% year-on-year — the sector’s rapid expansion clearly reflects growing market opportunities.
(vasep.com.vn) In the first quarter of 2026, Vietnam’s pangasius exports to the ASEAN bloc reached USD 44 million, up 7% compared to the same period in 2025. After falling to the lowest level of the quarter at USD 9 million in February — reflecting the seasonal slowdown in orders after the festive period — exports recovered strongly to USD 18 million in March, the highest monthly value of the quarter. This development shows that import demand for pangasius in ASEAN remains relatively stable despite short-term fluctuations.
(seafood.vasep.com.vn) On May 11, 2026, the US National Oceanic and Atmospheric Administration (NOAA) announced a positive comparability finding for Vietnam’s swimming crab fisheries, along with those of Indonesia and Sri Lanka, under the Marine Mammal Protection Act (MMPA). With this decision, seafood and seafood products harvested from Vietnam’s swimming crab fisheries will continue to be eligible for import into the US market.
(seafood.vasep.com.vn) After a slowdown in 2025, Vietnam’s tuna exports to Germany showed more positive signs in the first quarter of 2026. However, the recovery remains uncertain as consumer demand in Germany is still cautious, while market competition is increasingly driven by pricing and supply stability.
(seafood.vasep.com.vn) After a sharp decline in 2025, Vietnam’s tuna exports to Israel are showing positive signs of recovery in the early months of 2026. According to Vietnam Customs data, export turnover to this market grew steadily month by month in Q1/2026, reaching nearly USD 10 million, up 33% compared to the same period in 2025. However, compared to Q1/2024, this level remains significantly lower, indicating that the recovery is still in its early stage following last year’s strong adjustment.
(seafood.vasep.com.vn) Entering 2026, the U.S. whitefish market has shown complex developments as global cod supply continues to tighten, while the U.S. trade environment becomes less stable. In this context, the U.S. market has had to become more flexible in sourcing alternative whitefish. However, relying heavily on Alaska pollock is not a long-term solution, as it is a strictly managed fishery with quotas and sustainability regulations, limiting any rapid increase in output to offset cod shortages.
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