Major Vietnam rice stocks in distress despite rosy export outlook
Stocks of several major Vietnamese rice exporters, once prominent on exchanges, have dropped significantly as they grapple with financial distress.
This is happening despite industry insiders sketching a positive outlook for rice exports this year.
Trung An Hi-Tech Farming JSC, one of the first private rice exporters in Vietnam, suffered net losses of VND16 billion ($635,800) in 2023 and VND8.5 billion in the first half of this year, following a period of significant growth in 2016-2022.

Rice loaded onto ships for export. Photo courtesy of Tuoi Tre (Youth) newspaper.
The firm’s separate and consolidated financial statements for 2023 and the first half of 2024 were rejected by the auditing agency over unresolved stock-related issues pending inspection conclusions from the State Securities Commission.
Trung An’s ticker TAR has fallen below par value from VND22,000 ($0.79) in August 2023. This led to a mandatory delisting from the Hanoi Stock Exchange.
Although TAR was approved to re-register for trading on the Unlisted Public Company Market (UPCoM), transactions of its shares were allowed only on Fridays. Since then, TAR shares have fallen further from VND6,100 ($0.24) to VND4,400 ($0.17) each.
Down 75%
Loc Troi Group, another leading rice exporter, is also facing significant business challenges, resulting in cash flow issues. Its net profit dropped by 94% year-on-year last year, falling to VND17 billion ($675,540) in the unaudited earnings report after excluding returns from the purchase of Loc Nhan Food JSC shares at a cheap price.
The firm has also defaulted on payments to farmers because of debt repayment issues. As of end-2023, its short-term receivables from customers reached VND6.5 trillion (258.9 million), nearly triple from the beginning of last year. Overdue debt was VND808 billion ($32.1 million), 2.4 times higher than early 2023.
Loc Troi had to increase borrowings to maintain its working capital. The company nearly doubled its short-term debt to VND6.22 trillion ($247.49 million). The combined pressure of mounting debt and delayed payments from international customers has led to a cash flow strain, leaving the company unable to make timely payments to farmers.
Additionally, the company has experienced the resignation of several board members. Its former general director, Nguyen Duy Thuan, has been accused of deceptive practices and legal violations while in office.
Amid these challenges, Loc Troi shares, or LTG, plunged to their par value, falling 75% from VND40,000 ($1.59) per share in July 2023 – down 75% decrease over the past year.
Meanwhile, An Giang Import-Export Company (Angimex) has been struggling since 2022 after Do Thanh Nhan, chairman of Louis Holdings – a key investor in Angimex, faced legal proceedings over charges of stock market manipulation.
Angimex, listed on the Ho Chi Minh Stock Exchange as AGM, suffered annual losses of VND200 billion ($7.95 million) in 2022-2023. It posted a loss of VND98 billion ($3.89 million) in H1/2024, bringing its total accumulated losses to VND264 billion ($10.5 million), exceeding its charter capital of VND182 billion ($7.23 million).
If the company does not resolve its financial situation in H2 of this year, AGM shares may face forced delisting. The company has also defaulted on bond repayments totaling VND560 billion ($22.25 million) due to ongoing financial and business challenges.
AGM shares have plummeted from VND57,400 ($2.28) in 2022 to VND3,600 ($0.14) recently. The ticker was placed under control over negative equity reported in its latest consolidated financial statements.
In the first nine months of this year, Vietnam exported seven million tons of rice totaling $4.37 billion, up 9.2% in volume and 23.5% in value, according to the Ministry of Agriculture and Rural Development. Vietnam’s rice exports are expected to top $5 billion thanks to high demand in key markets.
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