Vietnam’s leading seafood exporter, Vinh Hoan Corporation (code: VHC), has released its April 2025 business results, highlighting a rare bright spot in the domestic market. The company witnessed a slight 1% year-on-year growth in domestic revenue, totaling VND 285 billion, making it the second-largest contributor to total revenue.
In contrast, key export markets experienced declines. The US, accounting for 36% of total revenue, saw a 10% drop compared to the previous year, generating VND 371 billion in April. Revenue from the European and Chinese markets followed suit, with VND 179 billion and VND 43 billion, respectively, reflecting an 11% and 19% decrease from April 2024.
Consequently, Vinh Hoan’s total revenue for April stood at VND 1,019 billion, a 7% decline year-on-year.
Regional revenue breakdown, source: Vinh Hoan
The US has long been one of the most crucial export markets for Vinh Hoan, consistently contributing the largest share of the company’s revenue.
In 2024, the US market brought in the highest revenue for Vinh Hoan, amounting to VND 3,937 billion, accounting for 31.4% of total revenue and reflecting a significant 33% growth from the previous year.
Nevertheless, the cumulative domestic revenue for the first three months of 2025 stood at VND 817 billion, surpassing US revenue (VND 686 billion) and contributing 31% to the company’s total revenue.
Vinh Hoan is not alone in navigating an uncertain business environment due to the Trump administration’s tax policies. A positive development is the postponement of high tariffs, pending negotiations, which provides Vietnamese seafood exporters with more time to penetrate the US market.
Regarding concerns about tariffs, VHC’s CEO, Nguyen Ngo Vi Tam, reassured that the company remains optimistic about tra fish exports and has carefully assessed the impact of countervailing duties on profitability.
“We have provided the most conservative forecast to ease investor concerns. The subsequent developments will depend on the market, but we remain confident in surpassing this plan,” shared Ms. Tam.
VHC is confident in achieving a 9-10% growth in tra fish exports, attributed to the declining production of other whitefish and the increasing market share of Vietnamese tra fish, especially with the bans on cod and Alaska pollock fishing.
Additionally, Chairwoman Truong Thi Le Khanh stated: “Whether the tax rate is set at 10% or rises to 46%, we need to observe the response of US consumers. We maintain that import taxes are the responsibility of importers, and it is challenging for us to share this burden.”
The leadership affirmed that there is no reason to be pessimistic or withdraw from the US market. During the 90-day tariff suspension, the company will seize the opportunity to boost exports.
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