March 27, 2023

Aquaculture firm Vinh Hoan Corporation reports 69% profit increase in February

Major Vietnamese aquaculture firm Vinh Hoan Corporation announced its business results for February 2023, with an export revenue of VND 758 billion (~US$32.22 million; VND 1000 = US$0.43), a 29% decrease year-on-year, but a 69% increase compared to January 2023, Fish Information & Services reported.

Pangasius exports decreased by 47% over the same period, with sales of other mixed products and shrimp crackers also decreasing by 24% and 19%, respectively. But revenue from by-products and healthcare increased by 46% and 96%, respectively.

All of Vinh Hoan's export markets, including the US, China, and Europe, recovered from the previous month, with an increase of two to three digits. But compared to the second quarter of 2022, the company's export revenue to the US market decreased by 69%, and to China by 2% to 3%. The bright spot came from the European market, where revenue increased by 116% to VND 194 billion (~US$8.25 million).

The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts that seafood exports will gradually increase in March and April.

VASEP believes that import demand will slowly recover, especially in the Chinese market and many other small markets, and that the source of aquatic materials, such as shrimp, pangasius, will also increase in the next month.

-      Fish Information & Services