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) Although Germany’s tuna imports have declined, Vietnam’s tuna exports to the market continue to show positive signs. Notably, export value recovered strongly in Q3/2026, and German import data also show Vietnamese products strengthening their position amid competition among suppliers.
(seafood.vasep.com.vn) Seafood exports are holding double-digit growth, but the opportunities are not spread evenly across product groups and markets. As businesses draw up their plans for 2027, Vietnam Seafood Summit 2026 (VSS2026) offers a chance to look ahead together: what to sell, where to sell it, and how to prepare for growth in the coming years.
(seafood.vasep.com.vn) With less than two weeks to go, the Vietnam Seafood Summit 2026 (VSS 2026) will officially take place in Can Tho. Under the theme “Seafood Market Outlook 2027–2029 – Opportunities and Potential for Double-Digit Export Growth,” the Summit is organized by VASEP at a time when seafood businesses are facing rapid market shifts, changing buyer demand, trade policy changes and growing competitive pressure all at once.
(seafood.vasep.com.vn) On October 28, 2026, the China Fisheries & Seafood Expo opened in Qingdao, China. The expo takes place over three days from October 28 to 30, 2026. This is a prestigious specialized seafood exhibition organized annually by Sea Fare Exposition Inc.
(vasep.com.vn) In the first nine months of 2026, Vietnam’s tilapia exports to the CPTPP bloc reached $7 million, marking a 51% year-on-year increase. The bloc rstands as the fourth-largest market for Vietnamese tilapia, trailing Brazil, the US, and Saudi Arabia.
(vasep.com.vn) VASEP has officially announced the program for Vietnam Seafood Summit 2026 (VSS 2026), featuring five in-depth sessions covering industry outlooks, trade barriers, buyer demand, the domestic market, and solutions to improve productivity and reduce costs across the seafood value chain.
(vasep.com.vn) Vietnam’s shrimp exports reached US$3.7 billion in the first nine months of 2026, up 11% year on year. Although growth has been supported by China and several markets within the CPTPP, momentum is slowing as exports to the United States and the European Union decline. Tariff pressures, international competition, and raw material challenges are creating significant hurdles for exporters in the final months of the year.
(vasep.com.vn) Markets are changing faster, buyer requirements are becoming more demanding, and trade barriers are growing increasingly complex. In this environment, seafood businesses need more than an understanding of current market conditions. They need a longer-term perspective to answer a critical question: Where will growth opportunities come from in 2027–2029, and what should businesses do now to prepare? This is one of the key reasons why VASEP is organizing Vietnam Seafood Summit 2026.
(vasep.com.vn) In the first eight months of 2026, Vietnam’s pangasius exports to the Middle East reached US$113 million, up 7% year on year from the same period in 2025. Growth has become more pronounced in recent months. In August alone, exports to the region totaled US$20 million, an increase of 24%. This indicates that demand for Vietnamese pangasius in the Middle East is gradually recovering after a slowdown in March, although the pace of recovery varies across markets.
(vasep.com.vn) China’s shrimp imports continued to grow strongly in 2026, while Vietnam’s shrimp exports to the market also recorded notable growth. However, behind these positive figures lie two distinct trends: Chinese consumption is growing more slowly than imports, and lobster accounts for a substantial share of Vietnam’s shrimp exports to China, making its product mix significantly different from those of Ecuador and India. Exporters therefore need to assess each segment carefully to understand the opportunities and risks.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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