TG FISHERY HOLDINGS CORPORATION

TG Fishery Holdings Corporation is one of the most recognizable seafood processors in Vietnam’s pangasius industry. Based in Sa Dec Industrial Park, TG Fishery Holdings Corporation oversees a large scale workforce dedicated to frozen fillet production and export processing. After nearly two decades of operation, TG Fishery Holdings Corporation remains a meaningful contributor to Vietnam’s fishery supply chain, though recent performance highlights several areas investors must examine closely.

Leadership Continuity and Strategic Oversight
The company is led by Chairman and General Director Le Ba Ty, who plays a central role in both day to day operations and long term planning. His dual leadership position indicates a concentrated management structure that can be effective during stable cycles but may also expose the business to single-point decision dependence. With more than two thousand employees across Dong Thap and Ho Chi Minh City, oversight complexity is high, making leadership continuity an important factor for operational stability.

Operational Strengths and Exposure in the Pangasius Export Chain
TG Fishery operates in a sector defined by thin margins, intense competition, and heavy dependence on global demand cycles. The company’s core competency lies in frozen pangasius fillet processing, supported by a range of registered activities including aquaculture, road and waterway freight transport, food wholesale, and agricultural raw material trading. Its location in Dong Thap Province, Vietnam’s pangasius heartland, provides access to raw materials and export logistics. However, reliance on a single species and on key export markets leaves the company exposed to market volatility and shifting import regulations.

Financial Signals Investors Must Not Overlook
The financial charts on page one present a mixed picture. Total sales declined from 89,801,637 USD in 2022 to 75,911,960 USD in 2023, and the company moved from a 2,735,855 USD profit in 2022 to a 2,895,847 USD loss in 2023. Equity fell from 20,085,082 USD in 2022 to 17,189,235 USD in 2023, while working capital decreased more than thirty one percent, leaving the buffer thinner. These shifts signal margin compression, global demand weakening, or internal cost pressures. The sharp profit reversal is particularly notable, as it indicates either pricing pressure, inefficient cost control, or disruptions in procurement cycles. TG Fishery’s financial trajectory suggests that recovery will require a more disciplined approach to inventory, processing cost structure, and short term liquidity management.

Shareholder Composition and Governance Implications
Nearly half of the company, 49.19 percent, is owned by Ocean Packers Inc of Canada, according to the shareholder pie chart on page two. This makes TG Fishery one of the more internationally linked seafood processors in Vietnam. However, foreign majority ownership combined with management being led by a Vietnamese majority shareholder creates a dual desire alignment that investors must evaluate. Local owners, including Le Ba Ty with 15.16 percent and two other Vietnamese shareholders, contribute nearly twenty four percent combined. This structure brings both diversity and complexity to voting rights, long term funding decisions, and expectations on business direction.

Business Insight
The most notable pattern in this report is the combination of three simultaneous pressures: declining sales, declining equity, and a swing from strong profitability to a multi-million dollar loss. Individually, these are manageable. Together, they indicate a company entering a correction phase after years of growth. Yet an overlooked detail on page one is the asset stability. Total assets fell only slightly, from 59,897,253 USD in 2022 to 57,710,601 USD in 2023, suggesting that the company did not liquidate major infrastructure and remains operationally robust. This means TG Fishery may be structurally sound but temporarily strained by market conditions. Investors who understand pangasius cycles will recognize this pattern as a common downturn phase that can produce long term opportunities if the company manages liquidity effectively. The full VNBIS report provides the granular breakdown investors need to determine whether TG Fishery is positioned for stabilization or deeper restructuring.

VNBIS Support and Investment Decision Tools
Vanguard Business Information LLC provides full financial statements, solvency analysis, liquidity diagnostics, ownership mapping, litigation screening, and operational verification for TG Fishery Holdings Corporation. The VNBIS Company Comprehensive Report offers the clarity required for credit decisions, supplier risk assessments, or partnership evaluation. Investors seeking a full understanding of TG Fishery’s financial resilience and strategic direction should obtain the complete report at www.vnbis.com.