HÀ NỘI — Once a major player in Việt Nam's shrimp processing industry with annual revenue of around VNĐ1 trillion (US$38 million), Minh Hai Export Frozen Seafood Processing JSC has reported quarterly revenue of less than VNĐ200 million as its core business continues to contract.

According to the company's second-quarter 2026 financial statements, Minh Hai posted net revenue of just over VNĐ176 million, down nearly 99 per cent from VNĐ16.3 billion recorded in the same period last year.

Revenue from its core operations has virtually disappeared, with most income during the quarter generated from other revenue sources and services.

For the first six months of 2026, the company generated approximately VNĐ815 million in revenue, a sharp decline from more than VNĐ23 billion in the corresponding period of 2025.

The steep fall in revenue extended the company's loss-making streak. 

Minh Hai reported a net loss of VNĐ9.34 billion in the second quarter, improving from a loss of VNĐ12.6 billion a year earlier. Cumulative net losses for the first half of the year totalled nearly VNĐ9 billion, compared with losses of more than VNĐ13 billion in the same period last year.

The company attributed the continued losses primarily to the suspension of its main business activities, saying current revenue comes only from a limited number of service operations. Meanwhile, financial expenses remained high because of overdue interest payments on bank loans.

Financial expenses reached VNĐ9.3 billion during the second quarter, consisting entirely of interest expenses and nearly matching the company's net loss for the period.

In addition to its deteriorating financial performance, the company's shares remain subject to regulatory measures on the UPCoM market.

The Hanoi Stock Exchange (HNX) announced that JOS shares would be placed under warning from July 14 after the company failed to disclose the resolution of its 2026 annual general meeting of shareholders within the required deadline. 

Previously, on April 3, the stock had been placed under trading restrictions because of negative shareholders' equity as reported in its audited 2025 financial statements.

Minh Hai was among Việt Nam's leading shrimp processors between 2009 and 2012, generating annual revenue of around VNĐ1 trillion. 

Its frozen shrimp products were distributed through major retail chains, including Metro (now MM Mega Market) and Big C (now GO! and Tops Market), while exports reached markets such as the US, Japan, Europe, South Korea and Taiwan (China).

However, rapid expansion led to rising debt and inventory levels. Since 2012, the company has recorded prolonged losses, with business operations gradually shrinking to the point where it now generates little revenue from its traditional core business. — BIZHUB/VNS