KHANH VIET CORPORATION LIMITED

Founded on January 5, 2011, and operating as a one-member limited liability company under the sole ownership of the People's Committee of Khanh Hoa Province, KHANH VIET CORPORATION LIMITED (TỔNG CÔNG TY KHÁNH VIỆT - CÔNG TY TNHH MỘT THÀNH VIÊN), commonly known as KHATOCO, represents one of the most recognizable state-owned enterprises in central Vietnam. With its headquarters located at No. 118 Hung Vuong Street, Loc Tho Ward, Nha Trang City, the company is a major economic driver not only in Khanh Hoa Province but across the southern and central coastal regions.

Registered under Business ID and Tax Code 4200486169, KHATOCO has long been associated with the manufacture of tobacco products, but its operations extend far beyond cigarettes. The enterprise is active in garment and textile production, crocodile and ostrich farming, food processing, and even tourism services. The group has developed a vertically integrated model that reflects state-owned enterprises’ traditional role in fostering local economic diversification.

As of the end of 2023, KHATOCO reported a charter capital of USD 97.2 million, with USD 96 million fully paid, and a workforce of nearly 3,000 employees. The corporation maintains branches in Ho Chi Minh City, Quang Nam, and multiple operational sites within Khanh Hoa Province, evidencing its expansive national reach.

The 2023 financial results, however, illustrate a year of contraction. Total sales declined sharply by 35.54%, dropping to USD 210.42 million, after reaching a peak of above USD 326 million the previous year. Profit also declined significantly, by 31.76%, to USD 7.98 million, despite historically stable margins. These losses were coupled with a 4.66% decrease in total assets, now at USD 234.19 million, and a 4.06% reduction in owner’s equity, which remains at a solid USD 96 million.

The downturn suggests broader structural challenges or market headwinds impacting the company’s core industries, especially tobacco, a sector increasingly regulated both domestically and internationally. That said, the corporation continues to maintain a healthy working capital of USD 31.99 million, supporting its liquidity and operational resilience.

Despite the difficult year, KHATOCO (TỔNG CÔNG TY KHÁNH VIỆT - CÔNG TY TNHH MỘT THÀNH VIÊN) remains a powerful regional entity. Its multi-sector engagement—from agriculture and manufacturing to hospitality and food processing—positions it uniquely among Vietnamese SOEs. As it adapts to shifting regulatory, economic, and consumer landscapes, KHATOCO’s ability to modernize its operations and diversify away from legacy tobacco revenues will be critical in determining its trajectory in the coming years.