Fisheries industry –Fish industry Q2/2025 performance grows strongly under tariff fluctuations
• Revenue and NPATMI in Q2/2025 of 6 fishery enterprises recorded strong growth of 9% and 153% YoY, respectively. In which, ANV business grew the strongest 14 times as the addition of tilapia and red tilapia besides pangasius. While VHC enterprises grew lower but still maintained a high level of 57% YoY.• Accumulated 6M2025, NPAT- MI increased by 126% YoY with gross profit increasing by 55% YoY. Gross margin improved, businesses improved as the growth in selling prices in all markets. The selling price of the whole market/US/China/EU/Brazil in 1H2025 recorded a growth of 4%/1%/2%/3% while feed prices decreased by 6% YoY.
• In 2H2025, VHC expects to maintain strong growth momentum in HoH while ANV is somewhat weaker due to the sharp decline in the selling price of tilapia products. Pangasius production is expected to increase again in 2H2025 because the US tends to pre-stock tilapia in 1H2025 when China's tariffs are expected to be higher than Vietnam's.
• In 2H2025, the fish industry expects growth thanks to the gradual decrease in raw pangasius prices in HoH while the selling price converted to VND increase HoH when (1) year-end holiday consumption demand is still still due to the total production of imported pangasius in 1H2025 only increasing by 5% YoY and (2) the average selling price through the US is still lower than 3 USD/kg and (3) the exchange rate is estimated to increase 3% YoY.
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