VHC Reports 25% Decline in U.S. Market Revenue for November

Vinh Hoan Corporation (HOSE: VHC), a leading exporter of pangasius fish, has reported a double-digit decline in export revenue to the U.S. market. This downturn follows a period of accelerated shipments aimed at preempting potential tariff increases.

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According to a report released on December 22, Vinh Hoan recorded revenue of VND 963 billion in November 2025, a 10% decrease compared to the previous month and a 1% decline year-over-year. The downturn in business performance is primarily attributed to a 23% drop in pangasius sales revenue month-over-month and a 10% decrease year-over-year.

Comparing November to October of this year, revenue from the U.S. market plummeted by 25%. This occurred amidst the industry’s earlier rush to expedite exports to avoid the official imposition of retaliatory tariffs in this market.

Meanwhile, when compared to the same period last year, the decline in pangasius revenue during November was offset by increased sales from health-related products, value-added items, and by-products.

On the stock market, VHC shares have yet to recover from the volatility experienced in early April this year, stemming from retaliatory tariff issues. As of 10:55 AM on December 23, the stock was priced at VND 54,800 per share, marking a nearly 20% decline since the beginning of the year.

Vinh Hoan’s November 2025 Revenue Compared to the Previous Month
Unit: Billion VND

Source: VHC
Vinh Hoan’s November 2025 Revenue Compared to the Same Period Last Year
Unit: Billion VND

Source: Vinh Hoan

Thừa Vân

– 1:00 PM, December 23, 2025

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