Ha Long Canned Food swings to profit before 120-ton diseased pork scandal

Ha Long Canned Food JSC (Halong Canfoco), which has been found linked to a recent 120-ton diseased pork scandal, reported a net profit of VND11.6 billion ($441,620) in the first nine months of 2025, compared to a loss of VND5.8 billion in the same period of 2024.

On Wednesday, police in the northern city of Hai Phong said they had initiated legal proceedings against nine suspects on December 24, 2025 for violations of food safety regulations.

According to police, they uncovered a ring that had purchased pork infected with African swine fever (ASF). Halong Canfoco, listed on the Hanoi Stock Exchange (HNX) as CAN, had reportedly stockpiled more than 120 tons of pork infected with ASF in its warehouse, including many boxes of finished processed meat products.

Authorities collected evidence and destructed more than 120 tons of infected meat, while continuing the investigation to clarify and handle the case in accordance with the law.

In a statement sent to the Hanoi Stock Exchange on Thursday, the Hai Phong city-based company said all nine suspects were not its workers or executives.

According to the company, it was involved in the case only as a recipient of raw materials, based on documents and quarantine certificates provided by sellers that appeared complete and legally issued by competent authorities. This status has been acknowledged by investigators during the probe, it said.

How is the nearly 70-year-old brand’s business?

Halong Canfoco was established in 1957 in Hai Phong, originally named “Ha Long Canned Fish Factory.” The brand is well known in the processed food industry, providing millions of meals to Vietnamese consumers with products such as Hai Phong Cot den (Lighthouse) pâté and canned pork.

According to its website, after nearly 70 years of operation, the company has built a business ecosystem with three factories and three offices serving its production and business activities.

As of June 2025, the company had two major shareholders: Vietnam National Seaproducts Corporation (Seaprodex – SEA) with nearly 1.39 million CAN shares, equivalent to 27.75% of charter capital; and Nguyen Van Binh with 6.73%.

The consolidated financial statements for Q3/2025 show that although Halong Canfoco’s net revenue reached VND169.7 billion ($6.46 million), down 14.3% from VND198 billion in the same period last year, its cost of goods sold fell sharply by nearly 30% to VND126 billion ($4.8 million).

Several expenses were also reduced, including financial expenses and general and administrative expenses, which declined by 26.9% and 17.4%, respectively.

As a result, the company recorded pre-tax profit of VND9.9 billion ($376,850), skyrocketing 330% year-on-year, and after-tax profit of VND7.6 billion, nearly four times higher than the VND2 billion recorded in Q3/2024.

Cumulatively in the first nine months of 2025, the company reported an after-tax profit of VND11.6 billion ($441,560), compared with a loss of VND5.8 billion in the same period of 2024.

According to the company, the profit increase was mainly due to lower cost of goods sold, as it was still able to secure production materials, along with reduced management costs.

On December 30, Halong Canfoco announced a resolution of its board of directors approving the registration dossier for a public offering of shares to existing shareholders.

Of the VND75 billion ($2.85 million) in expected proceeds, VND50 billion will be invested in a new canned food making plant, while the remaining VND25 billion added to working capital to pay suppliers.

Previously, an extraordinary general meeting of shareholders approved all proposals, with focus on offering shares to existing shareholders at a ratio of 1:1, corresponding to issuance of 5 million shares to double charter capital to VND100 billion ($3.8 million).

The expected offering price is VND15,000 ($0.57) per share, only half of the current market price. The newly issued shares will not be subject to transfer restrictions, and the implementation is planned for 2026, with the board of directors authorized to choose an appropriate timing.

At the close of the trading session on Thursday, CAN shares fell sharply, at one point hitting the floor price of VND27,900 per share (down 10%). Unexpected buying demand then emerged, helping the stock rebound to VND29,000 ($1.1) per share, down 6.45%.