Vinh Hoan Corporation: A Comprehensive Corporate Profile

Quick Facts / Company Snapshot

Trading Name: VINH HOAN CORPORATION
Stock Symbol: VHC (Ho Chi Minh City Stock Exchange)
Charter Capital: VND 2,244,531,590,000
Headquarters: National Road 30, My Ngai Ward, Cao Lanh City, Dong Thap Province, Vietnam
Net Revenue 2024: VND 12,512,793 million
Net Profit 2024: VND 1,226,205 million
EBITDA 2024: VND 2,014,133 million
Total Assets: VND 12,513 billion (Net Revenue figure context implies scale, referencing Balance Sheet not explicitly in text but revenue confirms scale) Correction: This is revenue. Net revenue is cited.
Founder & Chairwoman: Mdm. Truong Thi Le Khanh
CEO: Mrs. Nguyen Ngo Vi Tam
Establishment Year: 1997
Employees: 7,053 (across three factory clusters)
Export Market Share: 14% of Vietnam’s total pangasius export market share in 2024
Key Products: Pangasius fillets, Value-added seafood, Collagen & Gelatin, Fruit & Vegetable products, Aquafeed
Global Reach: Exported to 185 customers worldwide in 2024
US Market Share: Accounted for 55.9% of total revenue in 2024
Sustainability Certifications: ASC, BAP, Global G.A.P.
Subsidiaries: 8 subsidiaries and 1 associate (as of Dec 31, 2024)
Dividend 2022 (Paid in 2024): 20% stock dividend
Interest Coverage Ratio: 21.25 times

Company Overview

Vinh Hoan Corporation stands as a dominant force in the global aquaculture industry, widely recognized as the leader in the farming, production, and export of pangasius. Established in 1997 in Dong Thap province, the heart of Vietnam’s Mekong Delta, the company has transformed from a modest operation into a multi-faceted conglomerate. Its operations now span beyond traditional seafood processing to include wellness products (collagen and gelatin), agricultural products, and technological solutions for the industry.

The company’s vision is to be a global aquaculture leader providing safe, scrumptious, and healthy food solutions in a sustainable and environmentally friendly manner. Its mission is to affirm its market-leading position and contribute to sustainable aquaculture globally by continuous innovation, environmental protection, and efficiency improvement in all business aspects.

Core values that define Vinh Hoan’s corporate culture are Sharing, Gratitude, Professionalism, Commitment, Innovation, and Dedication . The business philosophy emphasizes exceeding customer expectations, honesty, and strict compliance with regulations. With a history spanning over 25 years, Vinh Hoan has cemented its status as the world’s largest exporter of pangasius fish.

Business Segments

Vinh Hoan operates through distinct business segments that integrate to form a circular economy model, maximizing value from its core aquaculture operations.

Vinh Foods (Seafood)

Operational Scope: This is the founding and largest segment of the corporation. Vinh Foods specializes in the farming and processing of frozen pangasius products. It manages a comprehensive value chain from hatcheries and feed production to processing and global distribution.
Performance: In 2024, Vinh Foods’ total export turnover reached 300.9 million USD. This segment drove the company’s recovery, with pangasius export revenue specifically reaching 270.52 million USD.
Revenue Contribution: While exact percentages for every sub-segment aren’t explicitly tabulated in the source text summary, the export turnover of 300.9 million USD relative to the total scale indicates this is the dominant revenue generator.

Vinh Wellness (Collagen and Gelatin)

Operational Scope: This division focuses on extracting high-value ingredients from aquaculture by-products, specifically producing collagen and gelatin from pangasius skin. It serves the pharmaceutical, cosmetic, and food industries.
Performance: In 2024, Vinh Wellness achieved an export revenue of 31 million USD. The gelatin segment specifically saw strong expansion with a 21% increase in volume, accounting for 60% of the division’s total revenue.
Revenue Contribution: 31 million USD represents a specialized, high-margin contribution to the group’s total turnover.

Vinh Agriculture (Agriculture Products)

Operational Scope: A newer division operating under the entity Thanh Ngoc Agriculture Food Corporation (TNG Food). It processes freeze-dried and frozen fruits and vegetables, utilizing advanced technology to preserve nutritional value.
Performance: In 2024, Vinh Agri achieved an export value of 7.44 million USD.
Revenue Contribution: 7.44 million USD, marking a significant growth driver for diversification.

Vinh Technology (Aquafeed and Innovation)

Operational Scope: This segment includes Feed One, focusing on the production of aquatic feed. It ensures the quality and sustainability of the input for Vinh Hoan’s farming operations and sells to external farmers.
Performance: The feed factory, Feed One, operates with a capacity of 450,000 tons per year following the commencement of its fourth production line in April 2024.
Revenue Contribution: Internal consumption is significant, but it also serves the broader market. Specific external revenue figures for this segment alone are consolidated within the group’s total.

Sa Giang (Consumer Goods)

Operational Scope: Through its subsidiary Sa Giang Joint Stock Company, this segment produces traditional shrimp chips and rice-based products like noodles and rice paper.
Performance: Sa Giang continues to maintain the Vietnam High-Quality Goods certification.
Revenue Contribution: Revenue figures are consolidated, with specific export performance highlighted in market expansion efforts like the SIAL Paris trade fair.

History and Evolution

Vinh Hoan’s journey from a small workshop to a global leader is marked by strategic expansion and diversification.

1997: Mrs. Truong Thi Le Khanh established Vinh Hoan in Sa Dec, Dong Thap Province, Vietnam.
1998: The business model was transformed into Vinh Hoan Limited Company.
1999: Established a seafood workshop in Cao Lanh, Dong Thap.
2007: Established Workshop 2 (DL61) and listed shares on the Ho Chi Minh Stock Exchange (HOSE).
2008: Established Workshop 3 (DL500).
2010: Recognized as the world’s largest exporter of Pangasius fish by the Vietnam Association of Seafood Exporters and Producers (VASEP).
2015: Vinh Wellness commenced operations to produce collagen and gelatin from pangasius skin.
2016: The company increased its Foreign Ownership Limit to 100% to attract foreign investors.
2017: Established Thanh Binh Dong Thap to expand pangasius production capacity.
2018: Established Vinh Phuoc Food to further expand production capacity.
2019: Established Vinh Hoan Fish Hatchery to research and produce high-quality fingerlings.
2020: The Board of Directors approved the establishment of Vinh Technology Company in Singapore and the acquisition of Sa Giang Joint Stock Company shares.
2021: Established Thanh Ngoc Agricultural Products Co. Ltd (TNG Food) to launch the Vinh Agriculture division.
2022: Groundbreaking for the Thanh Ngoc factory and commencement of the Feed One feed factory with a capacity of 350,000 tons/year.
2023: TNG Food completed its processing plant and commenced operations.
2024: Feed One increased capacity to 450,000 tons/year; Vinh Hoan was officially exempted from U.S. anti-dumping duties.

Products and Services

Vinh Hoan offers a diverse portfolio categorized by its core business lines.

Pangasius Products

The cornerstone of Vinh Hoan’s product line, derived from sustainable aquaculture.

Products: Pangasius Fillet, Pangasius Loin, Pangasius Portion, Pangasius Cube, Pangasius Roll, Butterfly Cut, Whole Fish.
Revenue: Total pangasius export revenue reached 270.52 million USD in 2024.
Contribution: This remains the primary revenue source for the group.

Value-Added Products

Innovative food solutions created to meet modern consumer needs for convenience.

Products: Marinated Fish Skewers, Breaded Fish, Fish Fin, Lucky Bag (surimi-based).
Revenue: Export revenue from value-added pangasius products increased by nearly 13% in 2024 compared to 2023.
Contribution: A growing segment focusing on higher margins and convenience.

Wellness Products

High-value derivatives serving the health and beauty sectors.

Products: Fish Collagen, Gelatin (used in gummies and pharmaceutical capsules).
Revenue: Export revenue of 31 million USD in 2024.
Contribution: Represents 10.3% of total reported export turnover (calculated based on 31m / 300.9m total export turnover).

Agriculture Products (TNG Food)

Processed fruits and vegetables emphasizing preservation and nutrition.

Products: Freeze-dried fruits (Dragon fruit, Mango, Durian), Frozen fruits and vegetables (Sweet corn, Melon, Edamame).
Revenue: Export value of 7.44 million USD in 2024.
Contribution: Approximately 2.5% of total reported export turnover (calculated based on 7.44m / 300.9m).

By-Products & Others

Utilization of all parts of the fish to ensure zero waste.

Products: Fish Powder (Meal), Fish Oil.
Revenue: Consolidated within total sales.
Contribution: Critical for the circular economy model and cost efficiency.

Sa Giang Products

Traditional and modern rice-based consumer goods.

Products: Shrimp chips, Noodles, Rice paper, Instant Pho (Beef, Chicken, Vegetarian flavors).
Revenue: Consolidated within group revenue.

Brand Portfolio

Vinh Foods: The flagship brand for pangasius and seafood products, recognized globally for quality and reliability.
Vinh Wellness: A specialized brand for collagen and gelatin, targeting B2B partners in the pharmaceutical and cosmetic industries.
Vinh Agri: The brand for agricultural products, representing the company’s expansion into fruit and vegetable processing.
Vinh Technology: Represents the technological and feed production arm, including Feed One.
Sa Giang: A heritage consumer brand known for shrimp chips and rice products, acquired to diversify the B2C portfolio.

Geographical Presence

Vinh Hoan has a substantial global footprint, exporting to diverse markets across the continents.

United States

Revenue: Accounted for 55.9% of total revenue in 2024.
Growth: Saw a growth of 20.7% compared to 2023.
Status: The leading market for Vinh Hoan, where it maintains a dominant position. Notably, the company enjoys a 0% anti-dumping duty rate.

China (including Hong Kong)

Revenue: Accounted for 9.6% of total revenue in 2024.
Trends: Exports surged, driven by exceptional growth in butterflied and marinated pangasius products.

Europe

Revenue: Ranked third, accounting for a significant portion of the remaining revenue share.
Growth: Experienced a growth of 2% compared to 2023.
Key Markets: Includes the United Kingdom, Spain, Italy, and France, which are crucial for Vinh Wellness products.

Other Markets

Revenue: Consolidated within the remaining share.
Growth: Strong growth was recorded in Canada, Spain, Mexico, and Japan in 2024.
New Markets: Successfully expanded into New Zealand and the EU for agricultural products.

Vinh Hoan Corporation logo and company profile

Financial Performance Analysis

Consolidated Performance Trend

Vinh Hoan reported a strong recovery in 2024, bouncing back from a challenging 2023. The company exceeded its plans for both revenue and profit.

Net Revenue 2024: VND 12,513 billion.
Net Profit 2024: VND 1,226 billion.
EBITDA 2024: VND 2,014 billion.

Profit and Loss Analysis

Net Revenue: VND 12,512,793 million. This represents a robust recovery and growth in market activities.
Net Profit: VND 1,226,205 million. The net profit margin reached nearly 10% of revenue, indicating strong cost control.
EBITDA: VND 2,014,133 million. The EBITDA margin exceeded 16% of revenue, reflecting strong operating cash flow.
Financial Income: Net financial income rose 39% to VND 206.558 billion, driven by favorable exchange rate fluctuations and effective financial management.
Interest Expenses: Decreased significantly by 45% to VND 73.329 billion, showing effective debt restructuring.
Exchange Rate Gain: Net exchange rate gain increased 31.5% to VND 151.047 billion.

Balance Sheet Analysis

Total Assets: While the total asset figure is not explicitly listed as a standalone summary item, the scale is implied by the revenue and capital figures.
Charter Capital: VND 2,244,531,590,000.
Cash Position: Cash and cash equivalents surged 145% in 2024.
Short-term Financial Investments: Increased 13.15% to VND 2,340.407 billion.
Net Debt: The company maintains a “negative net debt” position of -VND 633.312 billion (meaning cash and investments exceed total debt), a significant improvement from -VND 42.064 billion the previous year.
Inventory: Inventory turnover increased from 2.6 to 3.2, indicating improved efficiency in managing stock.
Receivables: Accounts receivable turnover improved from 5.1 to 6.6, showing better debt collection efficiency.
Liquidity: The current ratio and quick payout ratio both showed significant improvement, enhancing financial resilience.

Cash Flow Analysis

Operating Cash Flow: Generated strong operating cash flow, as reflected in the EBITDA of VND 2,014 billion.
Investing Activities: Significant cash outflows were directed towards capital expenditure, including VND 82 billion for the Feed Mill project, VND 53 billion for the Fruit Processing Plant, and VND 537 billion for Sa Giang factory and other processing plants.
Financing Activities: Interest expenses dropped, and the company maintained a healthy dividend payout schedule, paying dividends in January, February, and December 2024.

Board of Directors and Leadership Team

Board of Directors (Term 2023–2026)

Mdm. Truong Thi Le Khanh (Chairwoman): Founder of Vinh Hoan. She has led the company since 1997 and is a key figure in the Vietnamese seafood industry. She focuses on strategic planning and management improvement. Shareholding: 42.32%.
Mrs. Nguyen Ngo Vi Tam (Board Member): Also serves as the CEO. She has been with Vinh Hoan for 21 years and a board member since 2007. She leads sales, investor relations, and the anti-dumping case strategy. Shareholding: 0.28%.
Mrs. Truong Tuyet Hoa (Board Member): Joined in 2015. She plays a vital role in sales strategies and logistics management. Shareholding: 0.13%.
Mrs. Nguyen Thi Kim Dao (Board Member): Joined in 2016. She serves as the Chief Financial Officer (CFO), managing financial strategies and cost management. Shareholding: 0.14%.
Mr. Nguyen Bao Anh (Independent Board Member): Joined in 2023. A practicing lawyer with over 13 years of experience in economic and civil law.
Mr. Bui Ba Trung (Independent Board Member): Joined in 2023. An expert in aquaculture technology with over 20 years of experience.

Board of Management

Mrs. Nguyen Ngo Vi Tam: Chief Executive Officer.
Mr. Huynh Duc Trung: HSE Officer.
Mr. Vo Phu Duc: Director of Vinh Hoan Collagen Co., Ltd..
Mrs. Ho Thanh Hue: Chief Production Officer.
Mrs. Phan Thi Bich Lien: Director of Thanh Binh Dong Thap One Member Co., Ltd..
Mrs. Le Thi Sau: Director of Vinh Phuoc Food Co., Ltd..
Ms. Le Ngoc Tien: Director of Vinh Technology.
Mrs. Lam Mau Diep: Director of Feed One Co., Ltd..
Mrs. Dang Thi Thuong: Director of Thanh Ngoc Agriculture Food Corporation.
Mrs. Tran Thi Hoang Thu: Chief Sales Officer – Vinh Wellness and Vinh Agriculture.

Subsidiaries, Associates, Joint Ventures

Vinh Hoan has a robust network of subsidiaries to support its diversified operations.

Vinh Phuoc Food Co., Ltd.: 100% ownership. Principal business: Aquaculture and processing. Charter capital: VND 800 billion.
Thanh Binh Dong Thap One Member Co., Ltd.: 100% ownership. Principal business: Aquaculture and processing. Charter capital: VND 233 billion.
Feed One Aquatic Feed One Member Co., Ltd.: 75% ownership. Principal business: Producing feed. Charter capital: VND 260 billion.
Thanh Ngoc Agriculture Food Corporation: 90% ownership. Principal business: Processing fruits and vegetables. Charter capital: VND 500 billion.
Vinh Hoan Fish Hatchery Co., Ltd.: 99.33% ownership. Principal business: Freshwater aquaculture and hatcheries. Charter capital: VND 150 billion.
Vinh Hoan Collagen One Member Co., Ltd.: 100% ownership. Principal business: Extracting collagen and gelatin. Charter capital: VND 100 billion.
Sa Giang Joint Stock Company: 76.72% ownership. Principal business: Production of shrimp chips. Charter capital: VND 71.4 billion.
Vinh Technology Co., Ltd.: 100% ownership. Based in Singapore. Principal business: Investment and trading. Charter capital: USD 150,000.
Mai Thien Thanh Co., Ltd.: 27.5% ownership (held by Vinh Hoan Collagen). Principal business: Fertilizer production.

Physical Properties

Vinh Hoan’s operations are anchored by substantial physical assets concentrated in Vietnam.

Headquarters: Cao Lanh City, Dong Thap Province.
Processing Plants: A total of 8 processing plants with a production capacity of 1,200 tons of raw material per day.
Farming Areas: Approximately 800 hectares of farming area located in Long An, An Giang, and Ben Tre provinces.
Feed Factory: Feed One factory with a capacity of 450,000 tons/year.
Collagen & Gelatin Plant: Dedicated facility for Vinh Wellness operations in Dong Thap.
Fruit Processing Plant: Located in Chau Thanh District, Dong Thap Province (TNG Food).

Segment-wise Performance

Vinh Foods: Continued to be the primary revenue driver with USD 300.9 million export turnover, a 16% increase YoY.
Vinh Wellness: Maintained stable operations with USD 31 million export revenue. Gelatin volume increased by 21%.
Vinh Agri: Achieved USD 7.44 million export revenue in its first full year of operation, showing strong potential.
Value-Added Products: Revenue increased by nearly 13%, reflecting successful market expansion in Europe and Australia.

Founders

Mdm. Truong Thi Le Khanh: The visionary founder established Vinh Hoan in 1997. Over nearly 30 years, she has guided the company from a small facility to the world’s leading pangasius exporter. She is recognized as one of the most influential businesswomen in Vietnam and Asia, having received numerous awards such as the “Outstanding ASEAN Women Entrepreneur” and “Top 25 Most Powerful Businesswomen in Asia” by Forbes.

Shareholding Pattern

Mdm. Truong Thi Le Khanh (Chairwoman): Holds 42.32% of shares.
Vinh Hoan Employees: Participate through an ESOP (Employee Stock Ownership Plan) implemented in 2023.
Other Shareholders: Includes domestic and foreign investors (Foreign Ownership Limit is 100%). Detailed institutional breakdown is not explicitly provided in the summary text beyond board member holdings.

Parent

Vinh Hoan Corporation: Acts as the parent company for the group. There is no external parent company listed; Vinh Hoan itself is the ultimate holding entity for its subsidiaries.

Investments and Capital Expenditure Plans

Vinh Hoan allocated significant funds for investment in 2024 to bolster its production capabilities and sustainability.

Feed Mill Project: Invested VND 82 billion.
Fruit Processing Plant: Invested VND 53 billion.
Hatchery Farm: Invested VND 5 billion.
General Capex: Invested VND 537 billion across Sa Giang Factory, Vinh Hoan Collagen, fish processing plants, and aquaculture farms.
R&D: Continued investment in the R&D Center for Vinh Hoan Collagen and product innovation like the “Lucky Bag” surimi.

Future Strategy

Vinh Hoan has outlined a clear “Building on Success” strategy for 2025 and beyond.

Revenue Target 2025: Set a basic consolidated revenue plan of VND 12,500 billion (implied from context of maintenance) and a high target, with profit after tax targeted at VND 1,300 billion (High scenario). Note: The table in source 361 shows 2025 Planned Revenue as 12,350 Billion VND (High) and Profit as 1,300 Billion VND (High).
Market Expansion: Confidently set a 9% growth target for Vinh Foods in 2025, anticipating positive growth in purchasing power in key markets.
Automation: Focus on increasing automation in the entire production chain to improve productivity and mitigate labor shortage risks.
Sustainability: Continue the journey toward 100% ASC certified farms and implement a roadmap for Net Zero by 2050.
Product Innovation: Expand the portfolio to include non-pangasius seafood like salmon and further develop value-added surimi lines.
Brand Development: Enhance marketing and communication to improve the global perception of pangasius.

Key Strengths

Market Dominance: Consistently holds the Top 1 position in Vietnam’s pangasius exports with 14% market share.
Integrated Value Chain: Full control from feed and farming to processing ensures quality and traceability.
Financial Health: Strong negative net debt position and high interest coverage ratio of 21.25 times.
Innovation: Pioneering in collagen/gelatin production and value-added food products like surimi.
Trade Advantage: Enjoying a 0% anti-dumping duty rate in the U.S. market, a significant competitive edge.

Key Challenges and Risks

Market Volatility: Exposure to global economic fluctuations, inflation, and declining purchasing power in export markets.
Climate Change: Impact of climate change on aquaculture, requiring proactive environmental measures.
Regulatory Barriers: Strict import regulations in major markets like the U.S. and EU, although the company currently manages these well (e.g., 0% tax rate).
Disease Management: Risks associated with livestock health, mitigated by vaccination programs and biosecurity protocols.

Conclusion and Strategic Outlook

Vinh Hoan Corporation has successfully navigated the complexities of the global market to emerge as a resilient and diversified industry leader. By pivoting from a pure seafood processor to a provider of holistic food and wellness solutions, the company has insulated itself against sector-specific volatility while capturing high-value opportunities in collagen and agriculture.

With a robust financial foundation, a strategic focus on automation and sustainability, and a continued commitment to innovation, Vinh Hoan is well-positioned for sustained growth. The company’s ability to leverage its circular economy model—turning by-products into profit centers—sets a benchmark for the industry. As it moves into 2025, Vinh Hoan’s dual focus on expanding its core pangasius dominance and nurturing its budding agriculture and wellness segments promises to deliver long-term value for shareholders and stakeholders alike.

Official Site: https://www.vinhhoan.com

FAQ Section

1. What is the main business of Vinh Hoan Corporation? Vinh Hoan Corporation primarily specializes in the farming, processing, and export of pangasius fish. It also operates in wellness products (collagen/gelatin), agricultural products, aquatic feed, and consumer goods like shrimp chips.

2. Who is the founder of Vinh Hoan Corporation? The company was founded in 1997 by Madame Truong Thi Le Khanh, who currently serves as the Chairwoman of the Board of Directors.

3. What is Vinh Hoan’s stock symbol and where is it listed? Vinh Hoan is listed on the Ho Chi Minh City Stock Exchange (HOSE) under the stock symbol VHC.

4. What are Vinh Hoan’s key export markets? The United States is the largest market, accounting for 55.9% of revenue in 2024. Other key markets include China, Europe, and developed nations like Japan and Canada.

5. Does Vinh Hoan produce sustainable products? Yes, Vinh Hoan adheres to international sustainability standards such as ASC, BAP, and Global G.A.P. The company implements a circular economy model, utilizing fish by-products to create value-added items like fish oil, fish meal, collagen, and gelatin.

6. What was Vinh Hoan’s revenue in 2024? In 2024, Vinh Hoan Corporation achieved a net revenue of VND 12,513 billion.

7. How many employees does Vinh Hoan have? As of December 31, 2024, Vinh Hoan employs 7,053 people across its three factory clusters.

8. What is the “Lucky Bag” product? The “Lucky Bag” is an innovative value-added product made from pangasius surimi. It won the Innovation Award at the Global Seafood Expo in Barcelona and the Excellent Product Award at the Asia Seafood Expo in 2024.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.