In a recent financial disclosure, JOS, a seafood processing and export company, reported a post-tax loss of 9.34 billion VND for the second quarter of 2026. This figure, while still a loss, marks an improvement compared to the 12.6 billion VND loss recorded in the same quarter of the previous year.

During Q2 2026, JOS's net revenue from sales and services amounted to just over 176 million VND, a drastic drop from 16.3 billion VND in Q2 2025. Cumulatively, the company’s total revenue for the first half of 2026 reached approximately 815 million VND, down from over 23 billion VND in the first half of 2025.

The primary reason for this financial downturn has been attributed to high financial costs, which stood at 9.3 billion VND in Q2 2026, entirely due to interest expenses. The management of JOS stated that the company has ceased its core business operations, with current revenue primarily generated from ancillary services. Additionally, overdue interest expenses owed to banks have significantly impacted the company's financial results.

As of June 30, 2026, JOS's total assets were reported to be less than 6.1 billion VND, a decrease from 6.5 billion VND at the beginning of the year. The company's liabilities have surged to over 518.9 billion VND, mostly in short-term debts. The accumulated losses not yet distributed by the end of Q2 2026 reached 769.7 billion VND, resulting in a negative equity of over 512.8 billion VND.

JOS originated from Workshop 3 of Camimex (Cà Mau Seafood Processing and Import-Export Company), was privatized in 1995, and fully divested from state ownership in 2003. Between 2009 and 2012, the company achieved annual revenues around 1 trillion VND, with its frozen shrimp products available in major retail chains such as Metro and BigC, and exported to the U.S., Japan, Europe, South Korea, and Taiwan. However, rapid growth led to ballooning debts and inventory, initiating a prolonged period of losses starting in 2012.