NAM VIET CORPORATION

The subject - Navico operates in many fields such as packages production, seafood processing, aqua feed production, solar power generation, etc. Among business fields, seafood processing is considered as main business activity of the subject. Accordingly, Navico focuses on processing frozen pangasius products. At present, the subject has built a closed process from farming to processing. Thus, the company ensures 100% aqua feeds for farming and 100% fish materials for its processing factories system with total designed capacity of 1,000 tons of fish materials per day.

In first half of 2022, the economic recovered after Covid-19 pandemic, the export of pangasius products strongly climbed when compared with 2021. Nevertheless, in second half of 2022, the global economy contained many challenges with far-reaching impact from Ukraine - Russia geopolitical tension. By many efforts, Navico still achieved a good growth in net sales and net income. However, the subject could not fulfill planned targets in that year.

Turn in 2023, according to Vietnam Association of Seafood Exporters and Producers (VASEP), in first 5 months, Vietnam's seafood exports just reached over USD 3.2 billion, continued to plummet by nearly 30% compared to the same period in 2022 and fell deeply by 10% - 50% in all main export markets. In which, the market that dropped the most was US market by more than 50%, EU market by nearly 32% and China by over 25%. The main products of Vietnam's seafood exports also decreased, such as shrimp down by nearly 36%, pangasius down by nearly 40% and tuna down by more than 30%. In general, fluctuations in global economy have continued to affect consumer demand as well as business plan for large export markets in Vietnamese seafood industry.