Navico tops Vinh Hoan in quarterly profit as race for Vietnam seafood ‘king’ tightens; Sao Ta closes in on Minh Phu
Vietnam’s seafood industry ended 2025 with record export revenue of USD 11.3 billion, but the year also revealed shifting dynamics among the country’s largest producers. While long-time leaders Vinh Hoan in pangasius and Minh Phu in shrimp maintained their top positions overall, rising players Navico and Sao Ta posted strong financial gains, narrowing the profitability gap.
Navico overtakes Vinh Hoan in quarterly profit
Nam Viet Corp (Navico) reported after-tax profit of nearly VND 252 billion (USD 10m) in the fourth quarter of 2025, beating the VND 222bn posted by pangasius giant Vinh Hoan. The result marks the first time since 2008 that Navico has outperformed its larger rival in quarterly profit.
For the full year, Navico generated nearly VND 7 trillion in revenue, up 42% year on year, while net profit approached VND 1 trillion, the company’s highest level to date.
The growth has been driven partly by diversification into tilapia. Navico has converted around 70% of production capacity at its Binh Phu farming area to tilapia, a species that delivers margins estimated to be 8-10% higher than traditional pangasius. The company also benefits from a vertically integrated model, producing its own feed and raw materials to better control costs.
Vinh Hoan still leads the sector overall, reporting roughly VND 12 trillion in annual revenue and VND 1.45 trillion in net profit. However, weaker fourth-quarter earnings highlight intensifying competition, particularly as several Vietnamese exporters now enjoy zero anti-dumping duties in the US market.
Sao Ta tightens profit gap with shrimp leader Minh Phu
In shrimp, Sao Ta Foods continued to close the gap with industry leader Minh Phu Seafood Corp. In the fourth quarter, Sao Ta posted revenue of VND 1.56 trillion and net profit of VND 166bn, compared with Minh Phu’s quarterly profit of VND 132bn.
Sao Ta’s growth has accelerated since joining PAN Group, which helped expand its farming base and push higher-margin value-added products. Processed items such as stretched shrimp and breaded shrimp now account for about 65% of the company’s export revenue.
For the full year, Minh Phu remained Vietnam’s largest shrimp company with revenue exceeding VND 14.8 trillion, although growth was largely flat. Sao Ta, by contrast, posted record revenue of nearly VND 8.2 trillion, up 18% year on year.
The profitability gap between the two firms has narrowed significantly. Minh Phu reported net profit of VND 543bn in 2025, while Sao Ta delivered VND 417bn. Despite Minh Phu’s larger asset base and market presence, Sao Ta’s faster growth suggests competitive pressure is building within Vietnam’s shrimp sector.
VFM
