Vinh Hoan Corporation (Vinh Hoan Seafood, stock code VHC, listed on HoSE) reported total revenue of VND 968 billion for November 2024, marking a 13% increase compared to November 2023 but a 20% decrease compared to October 2024.
Regarding the structure, revenue from pangasius products accounted for 54% of total revenue in November 2024, amounting to VND 524 billion, a 39% increase year-on-year. By-product revenue made up 17.7%, reaching VND 171 billion, a 48% increase. Conversely, revenue from other products, health products, rice noodles, rice cakes, shrimp chips, and value-added products all declined compared to the same period in 2023.
Regarding the market structure, in November 2024, the majority of Vinh Hoan Seafood's revenue came from the U.S. market, which generated VND 298 billion, a 40% increase year-on-year. The Vietnamese market followed with VND 297 billion, reflecting a 9% decrease. Meanwhile, revenue from the Chinese and EU markets both grew by 32%, reaching VND 80 billion and VND 163 billion, respectively.
According to Viet Dragon Securities (VDSC), Vinh Hoan’s gross profit margin in Q4 2024 is unlikely to grow significantly compared to Q3 2024, due to rising raw fish prices and the end of the festive season. Market data shows that raw fish prices in November 2024 rose to VND 28,000/kg, up from the VND 26,000–27,000/kg range in April.
Amid rising input costs, Vinh Hoan plans to negotiate higher selling prices to stabilize gross margins. However, VDSC believes this is unlikely to succeed, given declining inventory demand as the festive season has passed in some markets.
However, VDSC notes that if former President Donald Trump decides to impose import tariffs on Chinese seafood at rates between 60% and 100%, significantly higher than other countries' rates (10%–20%), the pangasius industry could benefit considerably. Vinh Hoan, whose largest export market is the U.S., stands to gain the most.
Currently, Vinh Hoan is Vietnam's largest exporter of frozen pangasius fillets to the U.S., commanding a 47% market share. In the most optimistic scenario, VDSC forecasts that Vinh Hoan's post-tax profit could reach VND 1.872 trillion by 2026.
(vasep.com.vn) In the first eight months of 2026, Brazil became the largest market for Vietnamese tilapia, with export value reaching US$44 million, up 22,142% year-on-year and accounting for 49% of Vietnam’s total tilapia exports. In August alone, exports to Brazil reached US$4 million. However, behind this remarkable growth is a market that is imposing increasingly stringent requirements on imported supplies.
(vasep.com.vn) Vietnam’s tuna exports sustained their upward trajectory in August 2026, though the pace remained modest at just 2%. The month saw divergent trends across key markets: the US maintained its leading position, Japan and Canada improved, Russia surged and the EU continued to experience a steep downturn. These developments suggest that exporters are entering the final months of the year amid a market environment marked by greater uncertainty.
(seafood.vasep.com.vn) Congalsa has acquired the entire charter capital of Lenger Seafood Vietnam, giving it full ownership of the business and its Nam Dinh processing facility.
(seafood.vasep.com.vn) Ninh Binh Province is entering a peak period of action against illegal, unreported and unregulated (IUU) fishing, focusing on thoroughly addressing violations, closely monitoring fishing vessels at ports and preventing vessels from violating regulations and operating illegally in foreign waters ahead of the European Commission’s (EC) upcoming inspection in 2026.
(vasep.com.vn) The application of biotechnology in seed production is increasingly viewed as a strategic imperative to upgrade pangasius fingerling quality, optimize farming efficiency and anchor sustainable industry development.
(vasep.com.vn) On September 15, 2026, in Can Tho, VASEP and ASC jointly organized a training course titled “New ASC standards: updates and practical implementation guidance for farms, businesses and aquafeed mills”. Beyond briefing stakeholders on updated ASC requirements for aquaculture facilities and feed production, the workshop dedicated substantial floor time to directly addressing on-the-ground compliance bottlenecks encountered by Vietnamese enterprises.
(searfood.vasep.com.vn) Vietnam’s tilapia exports continued to post positive results in the first eight months of 2026, with total export value reaching US$90 million, up 43% year-on-year. However, exports in August alone stood at US$11 million, down 8%, reflecting uneven market developments. Brazil remained the leading market, while Japan recorded notable growth, opening up new opportunities for Vietnamese tilapia products.
(vasep.com.vn) Vietnam’s shrimp exports reached US$3.3 billion in the first eight months of 2026, up 12% year on year. However, growth has begun to slow and become more differentiated across markets, while the U.S. and EU continue to present significant challenges. The latest insights from the Global Shrimp Forum 2026 (GSF 2026), held in early September, also indicate that the final months of the year will remain highly competitive as global supply continues to expand and buyers increasingly focus on quality, product specifications, supply stability and the ability to meet market-specific demand.
(seafood.vasep.com.vn) In August 2026, Vietnam’s seafood exports reached $1.14 billion, up 6% year on year. Cumulative eight-month exports rose 11.8% to $8.00 billion, though momentum has cooled compared to the 12.8% growth seen through July. China - Hong Kong and ASEAN are offsetting weakness in the U.S, EU and partly Japan. This divergence will likely widen in Q4 as trade tariffs and traceability requirements directly weigh on new orders.
(seafood.vasep.com.vn) Vietnam–Russia relations are entering a new phase of cooperation, with a focus on expanding trade, investment and economic connectivity. Against this backdrop, tuna is emerging as one of the seafood products with significant growth potential in the Russian market. Export data for the first seven months of 2026 show strong growth in Vietnamese tuna exports to Russia. However, turning this momentum into sustainable market share will require businesses to address challenges related to logistics, payment and supply competition.
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