Nam Viet profit forecast to top VND1 trillion as catfish and tilapia exports grow
Rong Viet Securities forecasts Nam Viet’s 2026 net profit attributable to parent-company shareholders at VND1.087 trillion, its first result above VND1 trillion. Higher catfish and tilapia volumes are expected to support revenue, although weaker tilapia prices and rising logistics costs remain pressure points.
First profit above VND1 trillion forecast
Vietnamese seafood producer Nam Viet is forecast to earn more than VND1 trillion for the first time in 2026 as export growth broadens across catfish and tilapia. Rong Viet Securities estimates full-year revenue at about VND8.382 trillion, up 21% from 2025, and net profit attributable to parent-company shareholders at VND1.087 trillion, up 9%.
For the second quarter of 2026, Rong Viet expects net revenue of approximately VND2.589 trillion, representing a 50% year-on-year increase and a 41% rise from the first quarter. Net profit attributable to parent-company shareholders is projected at around VND408 billion, up 23% from a year earlier and more than double the first-quarter result.
Catfish gains from stronger whitefish demand
Catfish remains Nam Viet’s main product. Its second-quarter catfish export value is forecast at roughly $41.2 million, up 32% year on year. Export volume is expected to approach 18,800 tonnes, an increase of 28%, including more than 14,200 tonnes of catfish fillets, up 35%.
The average catfish export price is projected at about $2.2 per kilogram, 3% higher than a year earlier. According to Rong Viet, demand for whitefish products in the United States is improving as lower fishing quotas constrain cod supply and push up cod prices. That environment could strengthen the competitive position of Vietnamese catfish.
Catfish profitability is also expected to benefit because selling prices are rising faster than production costs. Feed and soybean residue prices are forecast to increase slightly, but the rise is not expected to create significant input-cost pressure.
Tilapia adds volume but faces price pressure
Tilapia is emerging as Nam Viet’s second growth engine. Second-quarter export value is forecast at about $17.6 million, up 20% year on year, while sales volume could exceed 4,300 tonnes, a 44% increase. Brazil was the company’s largest tilapia market in the first quarter of 2026, accounting for about 66% of its tilapia export value, compared with approximately 20% for the United States.
The changing market mix reduces Nam Viet’s dependence on a single destination, but tilapia margins remain under pressure. Rong Viet forecasts an average second-quarter price of about $4 per kilogram, down 17% year on year. Raw-material prices are expected to fall by only about 14%, leaving the cost decline behind the drop in selling prices.
At company level, second-quarter gross margin is forecast at about 26%, two percentage points below the previous year but substantially better than in the first quarter. Gross profit could rise 39% to around VND678 billion. Selling expenses, however, are projected to jump 71% to about VND162 billion because of higher export volumes and increased logistics costs as Nam Viet serves more distant markets.
Revenue growth may outpace earnings in 2027
Rong Viet forecasts 2027 revenue of approximately VND9.375 trillion and net profit of VND1.136 trillion. Profit growth is expected to trail revenue because of lower tilapia prices, persistently high freight costs and narrower margins compared with the elevated 2025 base.
For 2026, gross margin is estimated at about 22%, one percentage point below 2025, while net margin is forecast to decline from 14% to 13%. Return on equity is nevertheless expected to remain near 25%. The outlook leaves Nam Viet less reliant on catfish alone, but the benefit of rising export volumes will depend increasingly on tilapia pricing and control of logistics costs.