Seafood – Note – [NEUTRAL] – A clearer picture emerges

Pangasius: Exports in 2Q25 rose 11.5% yoy to USD559mn, led by the US (+12.5%) and Brazil (+10%), while China (-0.5%) and EU (-3%) weakened. Industry profits improved, with VHC’s NPAT-MI +57% yoy and ANV’s NPAT VND333bn on both core and non-core drivers. Shrimp: White-leg shrimp exports reached USD738mn (+10.9% yoy), driven by higher ASPs (+8.5%) and slight volume growth (+2.2%). Key markets (US +9.6%, EU +15%, Japan +21.7%) recovered. However, raw shrimp costs surged 18% yoy, limiting GM gains. FMC revenue +51% yoy, but NPAT-MI rose only 21% yoy due to high input costs and trade-related provisions.