VHC is the largest Vietnamese catfish (pangasius) exporter with a ~50% market share in the US – the most valuable market - in 2018, per our estimate. VHC is well positioned to ride on the long-term growth of global seafood consumption and the depletion of wild-caught supply, in our opinion. Strengthening demand, adverse weather and a reduction in whitefish supply turned the pangasius market to deficit and boosted VHC’s margins in 2018, a trend we expect to continue in 2019.