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.
(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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