Nam Viet Corporation: Scale, Diversification, and a Test of Resilience

Among Vietnam’s publicly listed seafood giants, NAM VIET CORPORATION (NAVICO, stock code: ANV) stands out for both its scale and its bold diversification strategy. Based in Long Xuyen City, An Giang Province, NAVICO was established in 2006 and today employs over 6,100 people, making it one of the largest vertically integrated pangasius exporters in the Mekong Delta.

The company operates with total assets of USD 210 million and equity of USD 117 million . In 2023, NAVICO posted USD 182.37 million in revenue, down 9.34% from the previous year. Profit fell steeply to USD 1.61 million, a 94.18% drop, signaling a tough adjustment year after the exceptional performance of 2022.

NAVICO's core operations include seafood processing, aqua feed production, packaging, solar power generation, and real estate development. This multi-sector strategy aims to reduce dependence on commodity exports while leveraging synergies across production chains. The company also maintains a factory in Can Tho, expanding its presence across the Southern Key Economic Region.

Despite the profit dip, NAVICO preserved a strong working capital base of USD 34.82 million and maintained its status as a financially stable enterprise. Its net worth at the end of 2023 stood at USD 102.77 million, a sign of retained value despite market turbulence. Equity held relatively firm, declining just 1.19% year-over-year, while assets shrank modestly by 6.49%.

NAVICO’s shareholding is dominated by founder Mr. Doan Toi, who owns 53.85% of the company. His continued leadership as Deputy Chairman cum General Director ensures strategic continuity. The company is also transparent in its corporate governance, listed on the Ho Chi Minh Stock Exchange (HOSE) and regularly disclosing financials through platforms like VNBIS and CafeF.

NAVICO is currently repositioning for post-tariff competitiveness. With its integrated model and established brand across Asian and European markets, it remains a key player in the global pangasius supply chain. If the company can stabilize margins and leverage its solar and feed divisions, a performance rebound in 2025 is well within reach.