Several of Vietnam’s major shrimp and pangasius companies reported mixed financial results in the fourth quarter of 2025, as a record-breaking export year concluded with mounting pressure from input costs and U.S. trade policies.
Their results were released after the country announced in January that its seafood exports reached an all-time high of nearly USD 11.3 billion (EUR 9.6 billion) in 2025, rising 12.4 percent from 2024.
Shrimp remained the top seafood product sent abroad by Vietnam last year, accruing sales values of USD 4.6 billion (EUR 3.9 billion), which marked a 19 percent spike year over year.
Shrimp-farming firm Minh Phu Seafood reported Q4 net profits of VND 132 billion (USD 5.1 million, EUR 4.3 million), which was up from a loss of VND 190.5 billion (USD 7.3 million, EUR 6.2 million) in Q4 2024. The company said it significantly scaled up the production and sales of value-added products in the quarter, driving substantial growth in both gross and net margins. Furthermore, its disciplined cash flow management and effective cost controls further bolstered bottom-line profitability. For the full year, Minh Phu’s net profits exceeded VND 533 billion (USD 20.5 million, EUR 17.3 million), though this represented only half of its annual target.
Looking forward, many Vietnamese shrimp firms have to deal with new antidumping rates set by the U.S. Department of Commerce (DOC). Though Minh Phu has been excluded from any antidumping duty order since 2016, CEO Le Van Quang told SeafoodSource that his company will closely monitor market developments following the ruling to strategically plan its export activities in the U.S. this year.
Elsewhere, Sao Ta (Fimex) showed strong momentum in the closing quarter of 2025 through enhanced operational efficiency and cost control. As a result, Fimex’s Q4 net profits rose 43.9 percent year over year to VND 158.5 billion (USD 6.1 million, EUR 5.2 million).
Sao Ta exported 24,540 metric tons (MT) of shrimp in 2025, up 10.7 percent from 2024.
Despite a volatile 2025 and significant headwinds in the U.S. market affecting the shrimp industry, the company’s growth underscored its strategic resilience, the firm said in a statement, adding that its performance reflected a clear long-term vision and the operational agility to navigate unexpected market disruptions effectively.
Regarding the recent DOC final decision on antidumping duties for shrimp from Vietnam, Fimex said that although the results are less favorable than those of competitors, there is a sense of relief that Vietnamese shrimp has maintained its presence in the U.S. market. Fimex said it remains optimistic about the outlook for late this year, when the next review is released, as the company is expected to achieve a significantly improved duty rate.
Camimex, a smaller shrimp exporter, saw its net profit surge 36.2 percent year over year to VND 52.07 billion (USD 2 million, EUR 1.7 million), and Thuan Phuoc Seafoods and Trading earned Q4 net profits of VND 10.14 billion (USD 389,660, EUR 329,817), marking an increase from a loss of VND 1.94 billion (USD 74,550, EUR 63,101) in the same quarter in 2024, driven by increased sales to Europe and a decline in financial expenses.
Regarding pangasius, Vietnam, which is the world’s largest pangasius producer, exported nearly USD 2.2 billion (EUR 1.9 billion) of the species in 2025, which was up 8 percent from 2024.
Pangasius firm Nam Viet outperformed competitor Vinh Hoan in terms of earnings growth. Its Q4 net profits skyrocketed to over VND 251 billion (USD 9.6 million, EUR 8.2 million), supported by a three-fold increase in gross profit to VND 425 billion (USD 16.3 million, EUR 13.8 million). The surge was driven by higher sales volumes and prices alongside a reduction in the cost of goods sold. The company's Q4 revenue also increased 56 percent year over year to VND 2.119 trillion (USD 81.4 million, EUR 68.9 million).
In contrast, Vinh Hoan faced significant headwinds in the last quarter of 2025. Its sales value dropped 15 percent year over year to VND 2.7 trillion (USD 103.8 million, EUR 87.8 million) while its Q4 net profit plunged 46.8 percent to VND 222.2 billion (USD 8.5 million, EUR 7.2 million). The company attributed these declines to rising raw material prices and lower sales volumes.
Vinh Hoan said its sales value fell 13 percent year over year to VND 894 billion (USD 34.4 million, EUR 29.1 million) in December 2025 in particular, fueled by drops of 42 percent in the U.S. and 50 percent in China.
Smaller pangasius firms also reported varied outcomes in Q4 2025.
While Cuu Long An Giang saw its net profit climbing more than 7 times to VND 15.51 billion (USD 596,019, EUR 504,483), Ben Tre Aquaproduct reported a drop of 16 percent to VND 32 billion (USD 1.2 million, EUR 1 million).
