Vissan falls short of public company criteria over concentrated ownership

Vietnam's leading meat producer Vissan has acknowledged that it fails to meet the requirements to qualify as a public company, citing its current shareholder structure and the absence of a divestment roadmap from state authorities.

Speaking at the company’s 2026 annual general meeting (AGM) on Thursday, CEO Le Minh Tuan said Vissan has yet to receive direction from the Ho Chi Minh City People’s Committee regarding the divestment of Saigon Trading Group (Satra), its major shareholder.

As of March 27, the record date for AGM attendance, Vissan had 1,072 minority shareholders holding 7.29% of voting shares. This falls short of the regulatory requirement that at least 10% of voting shares must be held by a minimum of 100 non-major investors for a company to maintain public status.

Vissan’s ownership remains concentrated among three key shareholders: Satra, Masan MeatLife (MML), and CJ Group (around 3%).

According to Tuan, the company has repeatedly submitted proposals to both Satra and CJ following the introduction of the Securities Law. However, any potential divestment by Satra would require multiple layers of approval from city authorities.

“At this point, there is no official roadmap from the people’s committee regarding Satra’s divestment, not just in Vissan, but across its holdings,” he said.

At the AGM, shareholders approved business targets for 2026. Vissan aims to generate VND3.27 trillion ($124.2 million) in revenue, a 10% increase from 2025, alongside pre-tax profits of nearly VND116 billion ($4.4 million), also up 10%.

The company projects processed food sales of nearly 20,400 tons, up 9.7% year-on-year, while pork output is expected to exceed 7,700 tons, a modest 1.7% increase. Beef sales are forecast at 538 tons, rising 5.3%.

Exports are set to play a larger role in growth. Vissan is targeting at least 300 tons in export volume, equivalent to $1.8 million in revenue, representing increases of 43% in volume and 58% in value compared to the previous year.

In the first quarter of 2026, the company reported revenue of VND780 billion ($29.63 million) and pre-tax profit of around VND29 billion ($1.1 million), fulfilling 24% and 25% of its full-year targets, respectively.

The AGM also approved changes to the board. Nguyen Huy Hung, born in 1986 and currently chief accountant at Masan Group, was elected to the board of directors, replacing Nguyen Quoc Trung, who stepped down effective March 27. Hung has previously held several senior roles within the Masan Consumer ecosystem.

Vissan is registered on the Unlisted Public Companies Market (UPCoM) as VSN, which closed Thrusday at VND14,200 ($0.54) per share.