Modified date: January 25, 2026

Nam Viet Corporation: The Comprehensive Profile

Quick Facts / Company Snapshot

Company Name: Nam Viet Corporation
Trading Name: NAVICO
Stock Code: ANV
Establishment Year: 1993
Transformation to Seafood: 2000
Headquarters: 19D Tran Hung Dao, My Quy Ward, Long Xuyen City, An Giang, Vietnam
Charter Capital (2024): 2,666,675,000,000 VND
Owners’ Equity: 2,666,675,000,000 VND
Total Assets (2024): 4,862,270,517,905 VND
Net Revenue (2024): 4,911,265,972,913 VND
Revenue Growth (YoY): 110.64%
Profit Before Tax (2024): 78,513,586,158 VND
Profit After Tax (2024): 47,832,173,647 VND
Farming Area: 1,100 hectares
High-Tech Farming Area: 600 hectares (Binh Phu)
Processing Facilities: 4 Factories
Feed Production Capacity: 1,000 tons/day
Export Reach: Over 160 countries
Employee Count: Over 6,000 personnel
Core Philosophy: Reconstruction – Creating Difference

Company Overview

Nam Viet Corporation, widely recognized by its trade name NAVICO, stands as a formidable entity in the global aquaculture and seafood processing industry. Originating from the nutrient-rich waters of the Mekong Delta, specifically the Hau River, the company has dedicated over three decades to mastering the art and science of pangasius (tra fish) farming and processing.

The corporation operates on a foundation of a vertically integrated, closed-chain production model. This “closed cycle” approach is the cornerstone of NAVICO’s operational philosophy, allowing the company to maintain absolute control over every stage of the value chain. From the initial breeding of fingerlings to the formulation of specialized aquatic feed, and from high-tech farming to sophisticated processing and global distribution, NAVICO ensures quality, traceability, and sustainability.

In 2024, the company reinforced its position with a massive workforce of over 6,000 employees and a substantial capital base, having increased its charter capital significantly to over 2.66 trillion VND. The company’s vision extends beyond simple profitability; it aims to become the number one brand in the world for pangasius processing and export. This ambition is supported by a commitment to sustainable development, environmental stewardship through circular economy practices, and social responsibility across the An Giang and Can Tho regions.

NAVICO is not just a seafood company; it has diversified into related high-value sectors including renewable energy (solar power), organic fertilizers, and advanced biotechnology products like Collagen and Gelatin, creating a robust, multi-dimensional business ecosystem.

Business Segments

Nam Viet Corporation operates through a diversified yet synergistic set of business segments. The company’s revenue structure is heavily dominated by its core seafood business, but strategic investments in energy and by-products are creating new value streams.

1. Finished Product Sales (Seafood Processing)

Revenue (2024): 4,813,410,742,803 VND
Percentage of Total Revenue: 97.45%

This segment is the undeniable engine of Nam Viet Corporation. It encompasses the processing and sale of pangasius products to both international and domestic markets. The operational scope involves harvesting fish from the company’s own farming areas—ensuring 100% autonomy in raw materials—and processing them at four major processing plants.

The scale of this segment is supported by a massive raw material base, including 1,100 hectares of farming area. The company produces a wide array of pangasius-based products ranging from standard fillets to value-added items. The growth in this segment is driven by maintaining market share in traditional markets while aggressively expanding into the US, EU, and China.

2. Solar Power Production

Revenue (2024): 109,284,916,207 VND
Percentage of Total Revenue: 2.21%

Aligning with global trends towards green energy and sustainable development, NAVICO has invested significantly in solar power. This segment operates through subsidiaries such as Nam Viet Solar, An Do Duong Solar, and Dai Tay Duong Solar.

The solar power segment serves a dual purpose: it generates revenue through the sale of electricity and contributes to the company’s ESG (Environmental, Social, and Governance) goals by offsetting carbon footprints. The infrastructure is often integrated with the company’s existing physical footprint, maximizing land use efficiency.

3. Other Activities (Including Financial & Services)

Revenue (2024): 14,153,940,950 VND
Percentage of Total Revenue: 0.29%

This catch-all segment includes various auxiliary revenue streams that support the main business or utilize excess capacity. It includes revenue from the sale of waste/by-products, lease income, and other minor operational activities that do not fit into the primary categories.

4. Construction and Installation

Revenue (2024): 2,262,300,810 VND
Percentage of Total Revenue: 0.05%

Tracing back to its roots as a construction company in 1993, NAVICO retains a small operational footprint in construction. While no longer a primary focus, this segment likely supports internal infrastructure development and minor external contracts, contributing a fractional amount to the total revenue.

History and Evolution

The journey of Nam Viet Corporation is a testament to adaptability and strategic foresight, evolving from a local construction firm to a global seafood giant.

1993 – The Foundation: The company was originally established as Nam Viet Limited Liability Company. At its inception, the primary focus was on civil and industrial construction, a far cry from its current identity.
2000 – The Pivot to Seafood: Marking a critical turning point, the company shifted its strategic direction towards the burgeoning seafood industry. This transition was solidified by the establishment of the Nam Viet Cold Storage Plant (DL152), which had a modest processing capacity of 150 tons per day.
2006 – Going Public and Market Leadership: The company transformed into a Joint Stock Company (Corporation) with a charter capital of 660 billion VND. During this period, Nam Viet held the prestigious position of being the number one seafood exporter in Vietnam.
2007 – Stock Market Listing: In December 2007, Nam Viet officially listed its shares on the Ho Chi Minh City Stock Exchange (HOSE) under the ticker symbol ANV, opening its doors to public investment and greater transparency.
2011 – Backward Integration: Recognizing the volatility of raw material supply, the company began developing its own farming areas. This move was crucial in establishing the autonomy of input materials that defines the company today.
2012 – Feed Production: To further close the production chain, a fish feed processing plant was inaugurated with 4 production lines, boasting a total capacity of 400 tons per day.
2016 – Capacity Expansion: The feed production capacity doubled to 8 lines, reaching 800 tons per day. This expansion allowed the company to meet 100% of the feed demand for its then 250-hectare farming area, with surplus sold to the market.
2018 – High-Tech Agriculture: A massive leap forward was taken with the investment in the Nam Viet Binh Phu High-Tech Aquaculture Area. Spanning 600 hectares, this project represented a commitment to modern, sustainable farming practices.
2021 – Biotechnology Entry: The company broke ground on the Amicogen factory with a total investment of over 46 billion VND. This facility was designed to produce high-value Collagen and Gelatin with a capacity of 780 tons per year.
2022 – Market Expansion: NAVICO marked its return to the United States market, a significant milestone in its export strategy. Concurrently, the Amicogen factory was completed and began test runs.
2023 – Recognition: The company was voted into the Top 25 Leading F&B Brands by Forbes Vietnam.
2024 – Capital Injection: The company executed a significant capital increase, raising its charter capital from approximately 1.33 trillion VND to over 2.66 trillion VND, providing the financial muscle for future “Reconstruction and Difference.”

Products and Services

Nam Viet Corporation offers a comprehensive range of products, dominated by pangasius but expanding into high-tech biotech products.

1. Pangasius (Tra Fish) Products

This category represents the core of NAVICO’s commercial offering. The fish is processed into various specifications to meet diverse global culinary habits.

Fillets: The flagship product line.
- Skin-on Fillet: Catering to markets that prefer the texture and nutritional value of fish skin.
- White Fillet: The premium standard, prized for its clean appearance and versatility.
- Red Fillet: A variation catering to specific market preferences.
Whole Fish: Sold gutted or ungutted, targeting traditional markets and specific cuisines.
Butterfly Cut: A specific value-added cut for easy cooking and presentation.
HGT (Headless, Gutted, Tail-off): A convenient format for retail and food service.
Specialty Cuts:
- Fish Cubes: Pre-diced portions for convenience.
- Fish Chunks: Larger cuts for stews and curries.
By-Products: Maximizing the value of the fish, NAVICO processes and sells:
- Fish Stomach: A delicacy in certain Asian markets.
- Fish Bladder (Maw): High-value item used in soups and traditional medicine.
- Fish Skin: Sold for consumption or further processing.
- Fish Fins: Utilized in specific culinary applications.

2. Nutritional and Biotech Products

Collagen and Gelatin: Through its joint venture, Amicogen Nam Viet, the company produces high-quality collagen and gelatin derived from fish skin. This represents a strategic move into the health and beauty ingredient market.
Riser: A specialized product line mentioned in the corporate portfolio, likely associated with their value-added nutritional offerings.

3. Agricultural Inputs

Aquatic Feed: Produced primarily for internal consumption to ensure fish quality, but also available for the market.
Organic Fertilizer: Produced from the by-products of the aquaculture process, closing the loop on waste and providing inputs for agriculture.

Brand Portfolio

NAVICO manages a focused portfolio of brands that cover its seafood, nutritional, and industrial outputs.

1. NAVICO

Scope: The primary corporate brand and product brand for frozen seafood exports.
Significance: Recognized globally in over 160 countries, representing reliability, quality, and large-scale production capacity. It is the umbrella under which the vast majority of the company’s 4.8 trillion VND seafood revenue is generated.

2. Amicogen

Scope: The brand for biotechnology products, specifically Collagen and Gelatin.
Significance: Represents the company’s technological advancement and partnership with Korean expertise (Amicogen). It targets the high-margin health supplement and cosmetic ingredient markets.

3. Uri

Scope: A specific consumer-facing brand for Collagen products.
Significance: Positioned as a health and beauty solution, tapping into the growing demand for functional foods and supplements derived from marine sources.

4. Navifeed

Scope: The brand for aquatic feed products.
Significance: Ensures the quality of the raw material input. While primarily an internal enabler, it stands as a guarantee of the “clean food” promise by controlling the fish diet.

Geographical Presence

NAVICO constitutes a truly global operation, with a footprint that spans continents for sales and a concentrated, high-efficiency hub for production in Vietnam.

Export Markets

Exports account for the majority of the company’s revenue stream. In 2024, the export value reached 3,209,981,791,417 VND, constituting approximately 65.36% of total net revenue.

Asia: Including major markets like China, Thailand, Malaysia, Taiwan, Singapore, and India. This region remains a powerhouse for consumption.
Americas: A critical growth engine, including the United States, Brazil, Colombia, Mexico, Argentina, Chile, Dominican Republic, Costa Rica, and Canada.
Europe: A market demanding high standards, served in countries such as the UK, France, Belgium, Italy, Netherlands, Spain, Sweden, Greece, Romania, Russia, and Ukraine.
Oceania: Presence in Australia and New Zealand.
Middle East: Exporting to Iraq, Jordan, Kuwait, UAE, and Qatar.
Africa: Penetration into markets like Egypt and Morocco.

Domestic Market (Vietnam)

Revenue (2024): 1,701,284,181,496 VND
Percentage of Total Revenue: 34.64%

The domestic market remains a vital pillar, providing stability and cash flow. The company utilizes a deep distribution network to supply pangasius products across Vietnam.

Manufacturing and Operational Footprint

All production facilities are strategically located in the Mekong Delta region of Vietnam to ensure proximity to farming areas and logistics hubs.

Headquarters: Long Xuyen City, An Giang Province.
Farming Areas: 1,100 hectares total, concentrated in An Giang, including the massive 600-hectare high-tech zone in Binh Phu.
Processing Plants: Located in industrial zones such as Thot Not Industrial Park (Can Tho) and locations in An Giang.
Solar Power Sites: Integrated within the farming and factory premises in An Giang and Can Tho.

Nam Viet Corporation logo The Comprehensive Profile

Financial Performance Analysis

In a year described by management as extremely volatile for the global economy, Nam Viet Corporation demonstrated resilience and significant growth in its top-line figures for 2024.

Consolidated Net Revenue: The company achieved 4,911 billion VND, representing a robust growth of 110.64% compared to the previous year. This indicates a strong recovery in demand and successful market expansion strategies.
Profitability Trends: While revenue soared, profitability faced pressure from rising costs and financial expenses. However, the company still managed to grow its Profit Before Tax to 78.5 billion VND, a 21.7% increase over 2023.
Asset Base: Total assets decreased slightly by 4.9%, moving from 5,112 billion VND in 2023 to 4,862 billion VND in 2024, reflecting a consolidation of resources and debt repayment.

Profit and Loss Analysis

The 2024 income statement reveals the dynamics between aggressive revenue expansion and cost management.

Net Revenue: 4,911,265,972,913 VND.
Cost of Goods Sold (COGS): 4,350,893,868,111 VND. This represents 109% of the previous year’s figure, growing in line with revenue.
Gross Profit: 560,372,104,802 VND. The Gross Profit Margin stands at approximately 11.4%. The absolute gross profit grew by 125.24% year-over-year.
Financial Activities:
- Financial Revenue: 32,616,939,987 VND.
- Financial Expenses: 103,483,384,141 VND. Notably, interest expenses alone were 91,346,541,557 VND.
Selling Expenses: 280,323,845,208 VND. This surged by 148.78% compared to 2023, reflecting the high cost of logistics and market penetration efforts required to drive the revenue growth.
General & Administrative Expenses: 85,814,451,161 VND, an increase of 113.34%.
Operating Profit (Net Profit from Operations): 119,281,689,339 VND. This figure saw a dramatic increase of 254.75%, showcasing strong core operational improvement.
Other Profit/Loss: A loss of (40,768,103,181) VND, primarily driving down the final profit figures.
Profit Before Tax: 78,513,586,158 VND.
Net Profit After Tax: 47,832,173,647 VND.
Earnings Per Share (EPS): 179 VND.

Balance Sheet Analysis

The balance sheet for 2024 reflects a company restructuring its capital and managing its asset base efficiently.

Total Assets: 4,862,270,517,905 VND.
- Current Assets: 2,585,543,414,472 VND. This accounts for more than half of total assets, ensuring liquidity.
  - Cash and Equivalents: 219,090,199,195 VND, a significant increase from 39 billion VND the previous year, improving immediate liquidity.
  - Inventories: 1,653,282,219,581 VND. Inventory levels decreased from 2.3 trillion VND in 2023, indicating better sales velocity and inventory management.
- Non-Current Assets: 2,276,727,103,433 VND. This includes fixed assets and long-term unfinished assets (such as construction in progress), which stand at 974 billion VND.
Liabilities: 2,065,576,691,636 VND.
- Current Liabilities: 1,940,622,788,571 VND. Short-term borrowings remain a significant portion at 1,624 billion VND.
- Non-Current Liabilities: 124,953,903,065 VND.
Owners’ Equity: 2,796,693,826,269 VND.
- Charter Capital: 2,666,675,000,000 VND. The equity base is solid, providing a buffer against financial leverage risks.
Key Ratios:
- Current Ratio: 1.33 times (Current Assets / Current Liabilities).
- Quick Ratio: 0.48 times.
- Debt to Total Assets: 42.5%.
- Debt to Equity: 73.8%.

Cash Flow Analysis

The cash flow statement highlights a massive turnaround in operating cash generation.

Net Cash from Operating Activities: Positive 728,399,475,726 VND. This is a stark contrast to the negative (81.7 billion VND) cash flow in the previous year. The positive swing was driven largely by the decrease in inventories (releasing 680 billion VND in cash) and solid operating profits.
Net Cash from Investing Activities: Negative (110,952,839,053) VND. The company continued to invest in fixed assets (spending 160 billion VND), though it offset some costs through asset liquidation and collecting loans.
Net Cash from Financing Activities: Negative (438,365,813,597) VND. This reflects the company’s effort to pay down debt (principal repayments of 4.38 trillion VND against borrowings of 4.18 trillion VND) and pay dividends.
Net Increase in Cash: 179,080,823,076 VND. The company ended the year with a much healthier cash position of 219 billion VND compared to the beginning of the year.

Board of Directors and Leadership Team

The leadership structure is defined by experienced industry veterans who guide the strategic direction of the corporation.

Board of Directors (HĐQT)

Mr. Do Lap Nghiep: Chairman of the Board of Directors. He also serves as Deputy General Director.
Mr. Doan Toi: Vice Chairman of the Board of Directors and General Director (CEO). He is the central figure in the company’s history and operations.
Mr. Tran Minh Canh: Member of the Board of Directors and Deputy General Director.
Ms. Do Thi Thanh Thuy: Member of the Board of Directors.
Ms. Nguyen Thi Minh Y: Independent Member of the Board of Directors.

Executive Management (Ban Tổng Giám Đốc)

Mr. Doan Toi: General Director.
Mr. Do Lap Nghiep: Deputy General Director.
Mr. Tran Minh Canh: Deputy General Director.
Mr. Nguyen Van Vy: Deputy General Director.
Mr. Nguyen Thanh Liem: Deputy General Director.
Ms. Duong Thi Kim Huong: Deputy General Director.

Audit Committee / Internal Audit

Ms. Nguyen Thi Minh Y: Chair of the Audit Committee.
Ms. Do Thi Thanh Thuy: Member of the Audit Committee.
Mr. Le Tien Dung: Head of Internal Audit Board.
Mr. Duong Minh Phong: Member of Internal Audit Board.

Subsidiaries, Associates, Joint Ventures

NAVICO has established a network of subsidiaries to manage its diverse business lines, retaining 100% ownership in almost all entities to ensure complete control, except for its high-tech joint venture.

1. Indian Ocean One Member Co., Ltd. (Cong ty TNHH MTV An Do Duong)

Ownership: 100%
Charter Capital: 36,000,000,000 VND
Revenue (2024): 1,003,084 million VND
Role: Processing and preservation of aquatic products; fish oil and fish meal processing. This is a top revenue-generating subsidiary focused on processing.

2. Nam Viet Binh Phu Aquaculture One Member Co., Ltd.

Ownership: 100%
Charter Capital: 540,000,000,000 VND
Revenue (2024): 945,837 million VND
Role: Aquaculture. This entity manages the massive high-tech farming operations.

3. Nam Viet Solar One Member Co., Ltd.

Ownership: 100%
Charter Capital: 180,000,000,000 VND
Revenue (2024): 100,451 million VND
Role: Solar power production.

4. Amicogen Nam Viet Co., Ltd.

Ownership: 50%
Charter Capital: 138,480,000,000 VND
Revenue (2024): 38,120 million VND
Role: Production of Collagen and Gelatin. This is a joint venture with Amicogen (Korea).

5. Nam Viet Organic Fertilizer One Member Co., Ltd.

Ownership: 100%
Charter Capital: 5,000,000,000 VND
Revenue (2024): 12,312 million VND
Role: Production of organic fertilizer.

6. Dai Tay Duong Solar One Member Co., Ltd.

Ownership: 100%
Charter Capital: 5,000,000,000 VND
Revenue (2024): 11,579 million VND
Role: Solar power production.

7. Indian Ocean Solar One Member Co., Ltd.

Ownership: 100%
Charter Capital: 5,000,000,000 VND
Revenue (2024): 44 million VND
Role: Solar power production.

8. Nam Viet Aquatic Feed Processing One Member Co., Ltd.

Ownership: 100%
Charter Capital: 200,000,000,000 VND
Role: Production of animal, poultry, and aquatic feed.

Physical Properties

NAVICO’s asset base is extensive, designed to support its closed-cycle production model.

Farming Areas

Total Area: 1,100 hectares of farming land.
Key Facility: Nam Viet Binh Phu High-Tech Aquaculture Area (600 hectares) located in An Giang. This is a centralized, high-tech facility that ensures raw material stability.

Manufacturing Plants

Processing Factories: The company operates 4 specialized processing plants capable of handling large volumes of raw fish for export.
Feed Mill: Located in Thot Not Industrial Park, Can Tho. It features 10 production lines with a total capacity of 1,000 tons per day.
Collagen/Gelatin Plant: The Amicogen factory located in Thot Not Industrial Park, with a capacity of 780 tons/year.

Energy Infrastructure

Solar Installations: Rooftop solar power systems installed across the factories and farming areas (Nam Viet Solar, An Do Duong Solar, Dai Tay Duong Solar) totaling substantial generation capacity for internal use and grid sale.

Offices

Head Office: 19D Tran Hung Dao, My Quy Ward, Long Xuyen City, An Giang.

Segment-wise Performance

Seafood (Finished Products): This segment showed resilience with revenue of 4,813 billion VND. The gross profit margin for the overall business improved, driven by cost optimizations in this primary segment. The shift towards value-added products is a key performance driver here.
Solar Energy: Generating nearly 109 billion VND, this segment provides high-margin, stable cash flow and buffers the company against energy cost fluctuations.
Financial Investment (Cromit Co Dinh Thanh Hoa): The company holds a long-term investment of 20.3 billion VND in this entity, though it is not a primary operational segment.

Founders

Mr. Doan Toi is the central figure and founder of Nam Viet Corporation.

Role: He currently serves as the Vice Chairman of the Board of Directors and the General Director (CEO).
Legacy: Starting with a construction business in 1993, Mr. Toi steered the company toward the seafood industry in 2000, foreseeing the global potential of Vietnamese pangasius. His leadership has been characterized by bold decisions, such as the shift to a closed production cycle and the recent push into biotechnology and high-tech farming.
Influence: He remains the controlling force behind the company’s strategy and operations.

Shareholding Pattern

The shareholding structure of NAVICO is highly concentrated, reflecting strong founder control.

Total Shares Outstanding: 266,667,500 shares.
Domestic Shareholders: Hold 98.71% of total shares.
- Individuals: 97.83% (260,479,616 shares).
- Organizations: 0.88% (2,330,918 shares).
Foreign Shareholders: Hold 1.29% of total shares.
- Organizations: 1.03%.
- Individuals: 0.26%.
Major Shareholders (Promoters & Family):
- Mr. Doan Toi: Holds 53.85% (143,610,000 shares) after receiving bonus shares.
- Mr. Doan Chi Thanh: A major shareholder holding significant equity (specific % implied as high based on history).
- Mr. Do Lap Nghiep: Holds 0.35%.
- Mr. Tran Minh Cảnh: Holds 0.19%.
- Mr. Nguyen Thanh Liem: Holds 0.25%.

Parent

Nam Viet Corporation (ANV) acts as the Parent Company in the group structure. It does not have a separate external parent company listed in the disclosures; rather, it is the holding entity for its various one-member limited liability subsidiaries (Indian Ocean, Nam Viet Solar, etc.) and the joint venture. The ultimate controlling party is Mr. Doan Toi through his majority shareholding.

Investments and Capital Expenditure Plans

NAVICO is in an active phase of capital deployment to secure its future competitiveness.

Amicogen Phase 2: The company plans to implement Phase 2 of the Collagen and Gelatin plant. This investment aims to expand capacity and further penetrate the high-value biotech market.
High-Tech Farming (Binh Phu): Continued investment in the 600-hectare Binh Phu high-tech farming area is a priority. This involves upgrading infrastructure to support high-density, sustainable farming.
R&D: Focus is placed on diversifying products and researching value-added processed items (Riser, Collagen) to move away from raw fillet commodity cycles.
Digital Transformation: Investment in digitizing management and operations to improve efficiency and adopt the “Just-In-Time” (JIT) manufacturing model.

Future Strategy

The management has outlined a strategic roadmap for the period 2022-2026, with specific goals for 2025 and beyond.

2025 Targets:
- Revenue: 6,200 to 7,000 billion VND.
- Profit Before Tax: 500 billion VND.
- Dividend: 10% (compared to 5% in 2024).
Product Diversification: The strategy “Reconstruction – Creating Difference” focuses on creating value-added products like pre-processed meals and convenient foods to meet modern consumer trends.
Market Expansion: A concerted effort to expand market share in the Asia-Pacific region, while maintaining strongholds in the US and EU.
ESG and Green Growth: The company is committed to circular economy principles, utilizing by-products for fertilizer and energy, and integrating solar power to reduce its carbon footprint.
Vertical Integration: Maintaining 100% autonomy in feed and raw materials remains a non-negotiable strategic pillar to control costs and quality.

Key Strengths

100% Self-Sufficiency: NAVICO is one of the few companies that controls its entire supply chain, from feed (1,000 tons/day) and farming (1,100 ha) to processing. This insulates it from raw material price volatility.
Global Reach: With exports to over 160 countries, the company has diversified market risk.
Product Quality Standards: The company holds prestigious international certifications such as ASC, BAP, and Global G.A.P., essential for entering premium markets like the US and EU.
Diversified Revenue: Beyond seafood, the inclusion of solar power and potential growth in collagen provides revenue stability.
Financial Health: A significantly increased charter capital base (2.66 trillion VND) and positive operating cash flow in 2024 provide resources for growth.

Key Challenges and Risks

Economic Volatility: Global economic instability, inflation, and tightening monetary policies in major markets (US, EU) affect consumer demand for seafood.
Exchange Rate Fluctuations: As a major exporter (65% revenue), currency fluctuations (USD/VND) impact profitability. While sometimes favorable (realized gains of 24.5 billion VND in 2024), losses also occur (realized losses of 11.9 billion VND).
Protectionism: Increasing trade barriers and protectionist policies in import markets pose a constant threat to export volumes.
Operational Risks: Disease outbreaks in farming areas are an inherent risk in aquaculture, though high-tech farming mitigates this.
Competition: The industry is highly competitive, with NAVICO facing pressure from other major Vietnamese exporters and international whitefish producers.

Conclusion and Strategic Outlook

Nam Viet Corporation (NAVICO) stands at a pivotal juncture in 2024. Having successfully navigated a volatile economic landscape with a revenue growth of over 110%, the company has proven the resilience of its vertically integrated business model. The strategic decision to double down on high-tech farming and diversify into biotechnology (Collagen) and renewable energy positions NAVICO not just as a seafood processor, but as a modern, sustainable agro-industrial conglomerate.

With a solidified capital base, a return to positive operating cash flow, and ambitious targets for 2025 to reach up to 7,000 billion VND in revenue, NAVICO is poised for substantial growth. The company’s relentless focus on “Reconstruction – Creating Difference” suggests a future where it competes not on price, but on value, sustainability, and innovation.

Official Site: Nam Viet Corporation

FAQ Section

1. What is Nam Viet Corporation’s main business? Nam Viet Corporation (NAVICO) primarily engages in the farming, processing, and export of pangasius (tra fish). It operates a closed-cycle model including breeding, feed production, and processing.

2. What was NAVICO’s revenue in 2024? In 2024, NAVICO achieved a consolidated net revenue of 4,911 billion VND, marking a growth of 110.64% compared to 2023.

3. Does Nam Viet Corporation produce renewable energy? Yes, the company generates solar power through subsidiaries like Nam Viet Solar and An Do Duong Solar, contributing over 109 billion VND to its 2024 revenue.

4. What is the ownership structure of NAVICO? The company is majority-owned by domestic shareholders (98.71%), with Founder and CEO Mr. Doan Toi holding approximately 53.85% of the shares.

5. What are NAVICO’s targets for 2025? The management has set a target for 2025 with total revenue ranging between 6,200 and 7,000 billion VND and a profit before tax of 500 billion VND.

6. Does NAVICO sell products domestically in Vietnam? Yes, while 65% of revenue comes from exports, the domestic market contributed over 1,700 billion VND (approx. 34.6%) to the revenue in 2024.

7. What value-added products does NAVICO produce? Beyond standard fish fillets, NAVICO produces collagen and gelatin through its joint venture Amicogen Nam Viet, as well as organic fertilizers and specialized fish cuts.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.

By Raveendran

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