In terms of the industry structure, except for value-added products (reaching 8 billion VND, down 36%), most of the revenue from the main products has shown positive growth. Specifically, exports of the main product of basa fish reached 448 billion VND, a 64% increase compared to the same period last year.
Revenue from subsidiary products reached 175 billion VND, an increase of 3.2 times compared to the same period. Similarly, the C&G (Collagen and Gelatin) product brought in 74 billion VND, an increase of 3.4 times. The products from rice (16 billion VND), rice crackers (40 billion VND), and other products (160 billion VND) also increased by 149%, 78%, and 142% respectively.
 Source: VHC
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Exports to major markets all showed positive growth in January. Specifically, exports to the U.S. market reached 185 billion VND, an increase of 59%; the Chinese market also had an impressive increase of 259% to 117 billion VND. The European market recorded 154 billion VND in the first month of the year, a 33% increase.
In the domestic market (Vietnam), Vĩnh Hoàn recorded revenue of 325 billion VND, a 137% increase.
 Source: VHC
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Looking back at 2023, the decline in exports to the U.S. market has led to less favorable business results for VHC compared to the previous year. According to a recent report by Vietcombank Securities (VCBS), the proportion of exports to the U.S. market in the revenue structure in 2023 was 30% of total revenue, while the proportion of revenue from exports to China and Europe both increased.
Net profit in 2023 of the “queen” of basa fish, Vĩnh Hoàn, decreased by 55% compared to the record high of 897 billion VND in the previous year.
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Business results of Vĩnh Hoàn in 2023 by market and product
Source: VCBS
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The analysis team of VCBS believes that the export market of VHC will have many favorable factors in 2024. Specifically, in the U.S. market, the company benefits from an anti-dumping tax rate of 0%, and the price of basa fish improves due to recovery demand; gross profit margin is also improved thanks to lower input costs for fish feed.
According to the report, Vĩnh Hoàn has expanded the production line of its C&G factory in the past year, and the capacity of this segment is expected to increase by 50% after completion, mainly serving the European market.
In mid-December 2023, the Board of Directors of VHC also approved a spending of over 20.5 billion VND for 6 plots of land in An Giang province to expand the farming area.
