Many enterprises in the fisheries sector reported handsome profits in the first five months of this year and expect huge gains for the whole year as Vietnam’s seafood exports surge.

Vietnam exported some US$4.5 billion worth of seafood products in January-May, soaring 44.5 percent over the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The export revenue from tra fish (pangasius) and shrimp reached around $2.8 billion.

In addition, seafood stocks have captured the spotlight on the market over the past week. Their prices are continuously rising.

Despite facing many significant global volatilities, the fisheries sector has grown strongly, raising investors' expectations for these stocks in the sector.

On the Ho Chi Minh Stock Exchange (HoSE), three out of the 10 stocks with the highest rise over the past week were seafood stocks.

ANV of Nam Viet Corporation (Navico), the second-largest producer and exporter of tra fish in the world, recorded the highest growth, at 24.4 percent.

The two other seafood stocks in the top 10 were IDI of I.D.I International Development & Investment Corporation, and ACL of Cuu Long Fish Joint Stock Company with a respective growth rates of 21.4 percent and 17 percent.

Many other stocks in the fisheries sector are trading in large volumes, such as VHC of Vinh Hoan Corporation, FMC of Sao Ta Foods Joint Stock Company, and CMX of Camimex Group Joint Stock Company.

Most listed seafood firms made a profit in the first quarter and hold potential to generate high gains this year.

In the newly-released financial report for the first quarter of 2022, Navico informed that it earned revenue of nearly VND1.22 trillion ($52.3 million), surging nearly 73 percent year on year.

After deducting costs, the corporation had an after-tax profit of some VND207 billion ($8.9 million), 3.2 times higher than the figure recorded in the same period last year.

Amid the growth of the tra fish sector, Navico set a target of generating a turnover of VND4.9 trillion ($210 million) this year and a pre-tax profit of VND720 billion ($30.9 million), rocketing 40 percent and 377 percent, respectively, year on year.

As an outstanding stock, VHC of Vinh Hoan Corporation has been appraised at the highest level in the fisheries industry, at VND102,500 ($4.4) per share.

The business results of the firm, led by 'tra fish queen' Truong Thi Le Khanh, were also positive.

The corporation earned a net profit of nearly VND550 billion ($23.6 million) in the first quarter, a fourfold increase over the preceding year, according to its financial report.

In the first four months of the year, its revenue reached some VND4.92 trillion ($211.2 million), up 88 percent year on year.

“We are optimistic and glad about the market’s growth thanks to the shortage of supplies," Vinh Hoan chairwoman Khanh said at the company’s shareholder meeting in 2022.

"The company’s order number has been high to serve post-pandemic demand.

“In addition, exports to Europe and the U.S. have been positive.”

The firm’s profit target this year has been revised to VND1.6 trillion ($68.6 million) from VND1.5 trillion ($64.3 million).

In January-March, I.D.I International Development & Investment Corporation yielded a net profit of VND199 billion ($8.5 million), rising 10 times over the same period last year and meeting 22 percent of the full-year target.

This was I.D.I's best quarterly business performance since its listing.

This year, the corporation expected its revenue to reach VND8.3 trillion ($355.9 million), surging 45 percent, and its after-tax profit to hit VND900 billion ($38.6 million), 6.3 times higher than the figure last year.

If the revenue target is achieved, the firm will record the highest business results in its history.

In the first quarter of this year, Sao Ta Foods JSC fetched net revenue of over VND1.3 trillion ($55.7 million), up 37 percent, and the parent company’s after-tax profit was VND41 billion ($1.8 million), increasing 36.6 percent year on year.

In a document sent to HoSE and stakeholders explaining the stock price volatility, Pham Hoang Viet, general director of Sao Ta, said the Vietnamese economy is recovering well.

As the shrimp farming, processing, and exports are favorable, the firm’s profit target this quarter was expected to increase at least 20 percent over the same period last year to reach VND98 billion ($4.2 million).

This year, Sao Ta looked to earn VND5.29 trillion ($226.9 million) in revenue and VND320 billion ($13.7 million) in pre-tax profits, up 11.3 percent and 10.7 percent, respectively, versus last year.

Cuu Long An Giang Fish JSC also recorded a strong expansion.

According to its financial report, the company's after-tax profit neared VND63 billion ($2.7 million) in the January-March period of this year, nearly six times higher than the figure recorded in the same time span last year.

The company's first-quarter profit was even higher than the total gain last year, at VND43 billion ($1.8 million).

At its annual shareholder meeting, Tran Thi Van Loan, chairwoman of the firm, affirmed its profit target of VND200 billion ($8.6 million) this year was attainable.

If the situation remains favorable, the profit will be even higher, she said.

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