In 2024, Vinh Hoan Corp commenced the year with promising results, achieving a revenue of 921 billion VND, marking a remarkable 102% increase compared to the same period last year. Vinh Hoan Joint Stock Company (MCCK: VHC) recently disclosed its January 2024 business performance, unveiling a revenue surge of 102% from the prior year and a 13% upturn compared to December 2023, culminating in the highest monthly result in the past eight months.

The pangasius export enterprise witnessed robust recoveries across its key markets. Notably, revenues from the Chinese, US, and European markets surged by 259%, 59%, and 33%, respectively, compared to January 2023, while domestic market revenue soared by 137%.

Within product segments, the pangasius category accounted for nearly half of the total revenue, generating 448 billion VND, a substantial 64% increase year-on-year. Other segments, including by-products, miscellaneous products, and shrimp chips, also demonstrated impressive growth rates of 226%, 142%, and 78%, respectively.

Sales within the healthcare segment reached 74 billion VND, witnessing an impressive 239% surge over the corresponding period last year.

Forecasts by the Association of Seafood Exporters and Producers (VASEP) anticipate a substantial recovery and surge in Vietnam's seafood exports in the latter half of the year. Amid market adaptations, seafood enterprises are projected to facilitate a recovery in industry export sales, targeting figures of 9.5–10 billion USD in 2024. Notably, the shrimp sector aims to achieve 4 billion USD, pangasius around 1.9 billion USD, with the remaining seafood products anticipated to contribute approximately 3.6–3.8 billion USD.

Financial institutions predict a significant global resurgence in pangasius demand during the latter half of the year, coinciding with an anticipated shortfall in Vietnamese pangasius supply.

These factors are poised to drive positive recoveries in pangasius export prices, potentially reversing the sharp decline observed in 2023 and consequently bolstering the business performance of pangasius export enterprises such as Vinh Hoan.

However, prevailing tensions in the Red Sea are complicating the transportation of export goods, particularly seafood products, due to escalated shipping costs. The resultant rise in selling prices for consumers is expected to significantly influence their purchasing behaviors.