VINH HOAN CORPORATION

The subject - Vinh Hoan Corp operates in the field of processing and exporting pangasius and related products. Vinh Hoan Corp was ranked as an extremely large company, at 2nd among the top 10 largest companies in the industry. The company develops a processing series from hatchery production, feed production, farming, and processing. The subject has sold products to over 42 countries. The main export markets include USA (68%), China (6%), UK (5%), Canada (4%), and the rest for Belgium, Australia, Netherlands, Germany, Switzerland, etc.
In 2023, Vinh Hoan Corp's business performance declined due to difficulties caused by inflation pressure and economic recession. According to Vinh Hoan Corp’s business report, in Nov 2023, the subject recorded total revenue of VND 855 billion, equivalent to an increase of 14% compared to Oct 2023. Pangasius products still brought in the largest revenue for the company with VND 376 billion; however, this indicator dropped by 15% compared to the previous month. On the contrary, almost all remaining product groups recorded growth, especially for miscellaneous products which increased by 2.2 times to VND 217 billion and became the second-largest revenue item of the subject in the month. In terms of markets, Vinh Hoan Corp's largest export market continued to be USA with an increase of 26% to VND 213 billion. Revenue in the domestic market was recorded at VND 325 billion, up by 48% compared to Oct 2023. This partially helped to offset a decrease in export revenue to China (down by 24%) and EU market (down by 21%). In the context of the volatile market situation, Vinh Hoan Corp set backward business targets in 2023 (including a net revenue target of VND 11,500 billion and a profit after tax target of VND 1,000 billion).
Despite difficulties, the subject showed its effort in terms of spending tens of billions of dongs to expand farming areas. Specifically, on 14 Dec 2023, the Board of Directors agreed to transfer land use rights for aquaculture in Nhon My Commune and Long Giang Commune, Cho Moi District, An Giang Province with a total area of nearly 108.9 thousand square meters. The transfer amount is more than VND 20.5 billion for 6 land plots.