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) Vietnam’s seafood exports in February 2026 reached approximately USD 707 million, up 8% compared to the same period last year. Cumulatively, exports in the first two months of 2026 totaled USD 1.7 billion, an increase of 20.2% year-on-year. The results show that the sector’s recovery momentum has remained relatively solid following strong growth in January, although the pace slowed noticeably in February for several key products and major markets. Within the overall picture, shrimp continues to be the largest pillar, pangasius rebounds strongly, while tuna exports and the U.S. and Korean markets are sending signals that warrant closer monitoring. In March, seafood exports are expected to gain additional momentum from markets other than the U.S., potentially supporting stronger growth.
(seafood.vasep.com.vn) In the first months of 2026, fishing activities in Quang Tri province recorded many positive signals, with output reaching over 15,941 tons. This result not only demonstrates fishermen’s efforts to stay offshore but also reflects the effectiveness of management and support measures implemented by local authorities.
(seafood.vasep.com.vn) In the first months of 2026, IUU prevention models focused on communication and mobilizing fishermen to comply with fisheries laws and avoid encroaching on foreign waters—related to combating illegal, unreported, and unregulated (IUU) fishing—have been implemented in coastal localities of Lam Dong province and have delivered initial positive results.
(seafood.vasep.com.vn) The sharp rise in raw pangasius prices to record levels is sending positive signals for the industry, but experts warn of potential supply–demand imbalances if production is not tightly controlled.
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, the country’s total canned tuna export value in 2025 reached over USD 275 million, down 8% compared to 2024. Vietnamese canned tuna products were present in approximately 80 markets worldwide. However, the 2025 picture shows clear divergence: the U.S. maintained stability, the EU declined sharply, while several Middle East–North Africa (MENA) markets accelerated.
(seafood.vasep.com.vn) In 2025, Vietnam’s crab exports reached nearly USD 86 million, up almost 6% compared to 2024. A notable feature of 2025 was the strong market concentration in the United States, which accounted for more than 81% of Vietnam’s total crab export value, up 10% from the previous year. In contrast, exports to several Asian markets declined significantly, resulting in only modest overall growth for the year.
(seafood.vasep.com.vn) In 2025, Vietnam’s tilapia exports recorded impressive growth, with total export turnover reaching over USD 99 million, highlighting the increasingly important role of this product in the country’s seafood export structure. Of this total, tilapia fillets and other fish meat products accounted for USD 61 million, representing 61% of total export value and reaffirming their position as the key product category.
(seafood.vasep.com.vn) Shrimp seed quality is considered the “first link” and a decisive factor affecting the efficiency of the entire commercial shrimp production chain. High-quality seed directly influences survival rates, growth performance, and disease resistance, thereby determining production costs, productivity, and farmers’ profitability.
(seafood.vasep.com.vn) As part of its agricultural restructuring strategy toward sustainability, Quang Tri Province is gradually promoting environmentally friendly aquaculture models. Among these, organic-oriented golden pompano farming is considered a promising direction, aligned with the goals of enhancing production value and building sustainable rural areas.
(seafood.vasep.com.vn) The year 2025 marked a pivotal milestone for Vietnam’s seafood industry in its restructuring process toward sustainability, transparency, and higher value creation, amid continued uncertainties in the global economic and trade environment. Prolonged inflation in major economies, the rising trend of trade protectionism, and increasingly stringent requirements related to environmental standards, traceability, and social responsibility have posed significant challenges to seafood production and exports. Nevertheless, overcoming these pressures, Vietnam’s seafood sector has gradually demonstrated its adaptability, maintained growth momentum, and laid an important foundation for the next stage of development.
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