HÀ NỘI — Việt Nam’s seafood exporters are under pressure as rising US trade duties and tighter regulations slow growth for key markets, squeezing profits despite overall export gains.

According to the latest statistics from the Department of Customs under the Ministry of Finance, seafood exports reached US$8.4 billion in the first nine months of 2025, marking a 16 per cent increase compared to the same period last year.

Certain product categories experienced robust growth, with shrimp exports up by 22 per cent, squid and octopus by 18 per cent, and crabs and other crustaceans by 23 per cent.

However, the shrimp export market is fraught with difficulties.

As of August 7, a 20 per cent countervailing duty and stricter regulations on imported seafood into the US have impeded growth, causing exports to stagnate or decline for many Vietnamese companies.

One firm particularly under stress is Sao Ta Foods JSC, which derives about 33 per cent of its exports from the US—roughly $80 million in 2024. Its core export markets also include Japan (28 per cent) and Europe (21 per cent).

While the company posted a 5 per cent revenue growth in the third quarter to nearly VNĐ3 trillion ($113.9 million) and reported a 36 per cent increase in gross profit to VNĐ418 billion, its margin remains under pressure. The gross margin reached only 14 per cent.

Over the first nine months of the year, Sao Ta recorded revenue of VNĐ6.85 trillion, up 23 per cent year-on-year, but profit after tax rose only 7 per cent to VNĐ251.2 billion.

The slower-than-expected profit growth is largely attributed to surging costs.

Sao Ta's selling expenses doubled to VNĐ511 billion in the period while it recorded anti-dumping tax liabilities of nearly VNĐ98 billion and countervailing tax liabilities of VNĐ60 billion, up 98 per cent and 158 per cent respectively. These taxes are connected to US regulatory actions against Vietnamese shrimp exporters.

Another company under pressure is Stapimex, which is among the top Vietnamese shrimp exporters to the US.

Its exports to this market fell by 35 per cent in the first eight months of 2025 compared with the same period in the previous year, underscoring the sharp contraction in that market.

In the pangasius (tra fish) segment, Vinh Hoan Corporation recorded a troubling drop in US sales in August. The company's total revenue for the month fell 8 per cent year-on-year to nearly VNĐ1.1 trillion, while revenue from the US market shrank 36 per cent to VNĐ271 billion.

The China market saw revenue down 31 per cent at VNĐ73 billion, but Europe grew 20 per cent to VNĐ244 billion and domestic sales increased 10 per cent to VNĐ324 billion.

In contrast, Nam Viet Corporation (Navico) bucked the trend, with Q3 results showing profit after tax of more than VNĐ283 billion, ten times that of the same period last year.

In the first nine months of the year, Navico reported a robust 36 per cent increase in revenue, surpassing VNĐ4.8 trillion. The company's profit after tax reached VNĐ748 billion, an impressive rise of more than 13 times from last year.

In addition to its focus on catfish, Navico is making a strategic shift towards another promising market segment - tilapia.

According to updates from SSI Securities, tilapia sales have surged, accounting for approximately 20 per cent of revenue since the start of the year, while catfish remains the dominant segment at around 70 per cent.

The company's largest farming area, Bình Phú, has adapted its capacity allocation to 70 per cent for tilapia and 30 per cent for catfish.

Navico is also exploring the development of its own brand and aims to deepen its penetration into the white fish market in the US. Notably, it is the only Vietnamese company currently exporting tilapia to Brazil.

Unlike Vinh Hoàn, Navico's primary export markets do not include the US. CEO Doãn Tới disclosed in June that the company's main markets are China, the Middle East, Brazil, Asia and Mexico.

Nonetheless, Navico's leadership recognises that the US presents a significant potential export market for the company, particularly for its two flagship products: catfish and tilapia.— BIZHUB/VNS