Việt Nam's seafood sector primed for growth with favourable exports

The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts. The third quarter (Q3) profit picture shows a positive recovery for seafood companies, coupled with increasing export expectations in the year-end period, indicating that the industry is entering a new growth cycle. Resuming growth in leading firms In Q3, Vĩnh Hoàn Corporation reported a significant upturn, achieving a profit before tax of VNĐ402 billion (nearly US$16 million), an 82 per cent increase compared to the same period in 2023. This result marks a return to positive growth since Q4 2022, which had concluded a prior growth cycle in Việt Nam’s pangasius export sector. As a result, Vĩnh Hoàn’s cumulative profit before tax for the first nine months of 2024 has surpassed the previous year’s results. The US remains Vĩnh Hoàn’s largest market and growth engine, with export revenue to the US reaching over VNĐ2.9 trillion, a year-over-year increase of 23 per ...