Navico, a leading Vietnamese exporter of catfish products, has reported a net revenue of 1,726 billion dong ( US$65.74 million ) for the second quarter of 2025, its highest quarterly net revenue ever and a 45% increase from the same period last year.

The pangasius exporter, financially backed by the Vietnamese arm of Singapore-headquartered United Overseas Bank ( UOB ) via a green trade financing agreement signed in April, also reported a profit after tax of 333 billion for Q2 2025, compared to a loss of 2.3 billion dong in the same period last year. This remarkable 145-fold increase marks its highest profit since 2018.

The company attributes its remarkable performance to the strong recovery of its export markets. Additionally, an increase of 3.6 billion dong in its revenue and a decrease of 7.9 billion dong in capital costs significantly contributed to its profit margin during the three months.

For the first half of 2025, Navico's net revenue reached 2,832 billion dong, up 28% year-on-year, with profit after tax soaring to 465 billion dong, nearly 32 times higher than a year ago.

Growth in Latin America

Navico is strategically positioning itself for further growth, particularly in Latin America. In early July, the company signed a strategic cooperation partnership with AV09 Comercio Exporter Ltda, a major Brazilian food importer, during the Brazil-Vietnam Business Forum in Rio de Janeiro.

The forum, held on the sidelines of the expanded Brics summit, saw the attendance of Vietnamese Prime Minister Pham Minh Chinh, as Vietnam is now a partner country of the economic bloc. Brics includes original members Brazil, Russia, India, China, and South Africa, and has expanded to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.

This new partnership is expected to significantly boost Navico's sales in Latin American markets. The first shipments to Brazil, set for the coming months of 2025, will include both Vietnamese pangasius and tilapia, another popular fish species popularly farmed in the Mekong Delta.

Commenting on the outstanding export performance this year, a Navico executive, speaking anonymously, says the Mekong Delta-based company has seen strong expansion in both Asian and US markets. While no specific details were provided, the executive confirmed that China remains a leading buyer in Asia.

Diversification strategy

Navico's success is rooted in its resilience and adaptability, particularly in navigating past trade disputes.

The company exports Vietnamese pangasius, which the country officially labels as such following a trade dispute with US catfish producers in 2001. The Catfish Farmers of America ( CFA ) had lodged an anti-dumping case against frozen Vietnamese catfish with the US Department of Commerce.

Navico was among the Vietnamese producers affected by this dispute but survived by diversifying both its products and export markets. The company currently operates four processing plants in the Mekong Delta, boasting a total annual capacity exceeding 120,000 tonnes.