In recent days, public attention has surged after Hai Phong police uncovered a ring suspected of collecting more than 120 tons of pork infected with African swine fever (ASF) and bringing it into the warehouse of the Ha Long Canned Food Company (Halong Canfoco), with around two tons reportedly processed into canned meat.

The Investigation Police Agency has initiated proceedings against nine suspects for violating regulations on food safety, and is continuing to expand the investigation to clarify the responsibilities of individuals and organizations involved.

Before becoming entangled in the suspected 120-ton pork case, what did Halong Canfoco’s business picture look like?

In some years, profit barely topped VND 2 billion

Before the current controversy, Halong Canfoco (HNX: CAN) was widely known as a food-processing company with a history spanning nearly 70 years.

After nearly seven decades of operation, the ecosystem includes not only the parent company, Halong Canfoco, but also Halong Canfoco Da Nang One Member Co., Ltd. and Cot Den Food One Member Co., Ltd.

According to Halong Canfoco’s 2024 business results report and its 2025 plan, the company’s net revenue reached more than VND 681.8 billion in 2024, down nearly VND 60 billion from 2023 and significantly below its target.

Domestic revenue reached VND 525.24 billion, up VND 12.63 billion from 2023, while export revenue stood at VND 156.57 billion, down nearly VND 72.4 billion.

Halong Canfoco’s pre-tax profit in 2024 was just under VND 3.15 billion, down VND 13.62 billion from 2023. After-tax profit came to nearly VND 2.13 billion, down more than VND 9.94 billion year-on-year.

Explaining these figures, company leaders said business performance in early 2024 showed limited improvement. In the second half of the year, demand for canned food surged due to Storm No. 3 (Yagi), prompting the company to raise production capacity and increase sales revenue.

“Even so, our management was not truly effective, so the 2024 results did not meet our revenue and profit targets,” Halong Canfoco’s leadership acknowledged.

The report noted that in 2024, beyond the company’s main sales channels-GT, MT, Café, and Ecom-it opened two Cot Den Pate Banh Mi stores, one central kitchen in the Ho Chi Minh City area, and a chain of 10 nem stores in Hanoi.

Entering 2025, Halong Canfoco set an ambitious plan, targeting consolidated revenue of nearly VND 703.6 billion. It aimed for pre-tax profit of VND 13.2 billion, up 230% from 2024, and after-tax profit of VND 10.47 billion, up 393%.

For the parent company alone, the revenue target was VND 528.9 billion, with pre-tax profit projected at nearly VND 8.85 billion and after-tax profit at VND 6.72 billion.

However, financial statements show that in the first nine months of 2025, the company’s revenue reached only VND 486.9 billion, down nearly 10% year-on-year. Even so, after-tax profit was recorded at VND 11.5 billion, a sharp increase compared with the entire previous year.

Patê cot den Hai Phong is among Halong Canfoco’s best-known products.

Leadership turbulence and major shareholder exits

Halong Canfoco’s 2024 results and 2025 plan also show that total assets stood at nearly VND 286.7 billion by the end of 2024, down VND 116.2 billion from the start of the year. Equity was nearly VND 146 billion, down VND 5.82 billion over the same period.

Notably, the company’s shareholder structure and personnel also shifted sharply in 2025. Nearly two million CAN shares-equivalent to 40% of charter capital-changed hands over a short period as major shareholders and board leaders simultaneously sold down and resigned.

In March 2025, a group of large foreign shareholders and related individuals sold off their entire holdings. Landial Pte. Ltd. sold all 732,400 shares (equivalent to 14.65% of charter capital) on March 3. On the same day, Low Say Pun also sold all 384,500 shares held.

Wilson Cheah Hui Pin-at the time a board member-sold all 119,300 personal shares. In the same period, his wife, Le Minh Ha, also sold all 274,190 shares.

Another major individual shareholder, Pham Huu Quy Lam, likewise sold all 438,120 shares.

The leadership structure also saw significant changes. On April 11, 2025, board members including Kek Chin Ann (chairman), Wilson Cheah Hui Pin, and Bui Quoc Hung submitted their resignations simultaneously.

Currently, Nguyen Anh Tuan (born in 1975 in Hanoi) serves as chairman of the board and the company’s legal representative.

Before taking the chairman role at Halong Canfoco, Nguyen Anh Tuan worked in marketing and as a head of sales at multiple companies.

Before April 10, 2025, he was Deputy CEO of Mavin Group JSC and chairman of Central Veterinary Medicine JSC No. 1.

Regarding the case involving more than 120 tons of pork, Halong Canfoco stated that all violating materials were not used in production, and that products currently circulating on the market fully meet food safety regulations. The company said its production and business activities are continuing normally without any material disruption.

Tam An