Fisheries Sector 2025 - UNPREDICTABLE MOVEMENTS
In 2024, the fisheries industry recovered from a low base with increased volume, while selling prices remained lower than the same period last year. In addition, high freight costs and the failure to receive anti-dumping duty refunds on shrimp in the US impacted the net margins of businesses in the industry.Moving into 2025, the fisheries industry will face unpredictable movement due to US tariffs on various countries. However, the pangasius industry expects growth as increased volume and competitive selling prices compared to Tilapia and US Alaska pollock. The shrimp industry is expected to grow by maintaining its competitive advantage with value-added shrimp products and awaiting the final decision of the anti-dumping duty in US. The gross margin of fisheries businesses is expected to improve due to an estimated 4% YoY decrease in soybean prices, a slight 3-5% YoY increase in selling prices in VND (USD/VND exchange rate is estimated to increase by 3% YoY), and improved supply of raw shrimp and fish materials due to favorable weather conditions with moderate rainfall.
Businesses' operating results are expected to grow by double digits; however, valuations differ between businesses. Specifically, VHC (ACCUMULATION, TP: VND 78,000/share), FMC (ACCUMULATION, TP: VND 50,000/share), ANV (Not rated).
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