Vinh Hoan posts highest profit in two years as pangasius exports rebound
Vietnamese seafood exporter Vinh Hoan Corporation (HoSE: VHC) reported a net profit of VND 523 billion (approx. USD 20.6 million) in Q2 2025, up 54% year-on-year, its highest quarterly result in the past eight quarters, driven by higher sales volumes and lower production costs.
Net revenue for the quarter was VND 3.19 trillion, largely flat from a year earlier. However, a 6% drop in cost of goods sold boosted gross profit by 33% to VND 623 billion, lifting the gross margin from 14.7% to 19.5%.
Financial income rose 15% to VND 135 billion, while financial and selling expenses declined by 52% and 8%, respectively.
For the first half of 2025, Vinh Hoan recorded VND 5.84 trillion in net revenue, down 3% year-on-year. Nonetheless, net profit jumped 39% to VND 734 billion. The company has already achieved 73% of its full-year profit target under its base-case scenario, which ranges from VND 1-1.3 trillion.
Analysts at Rong Viet Securities forecast Vietnam’s pangasius exports will accelerate in the second half of the year, potentially rising 15% compared to 2024 as global demand picks up. Seafood consumption typically peaks in the latter half of the year.
Export prices for Vietnamese pangasius have shown an upward trend in most major markets during the first five months of 2025, except the U.S. In the U.S. market, after a dip in May, average prices recovered in June to USD 3.03/kg, on par with the same period last year.
As of end-Q2 2025, Vinh Hoan’s total assets stood at nearly VND 12.8 trillion, up 4% from the start of the year. Inventory rose slightly to VND 3.07 trillion, mostly comprising work-in-progress and finished goods. Cash and bank deposits reached VND 3.1 trillion, up 6%.
Total liabilities fell 6% to VND 3.06 trillion, largely due to reduced short-term borrowing. The company’s retained earnings reached VND 6.86 trillion, accounting for 53% of total capital.
VFM
