Halong Canfoco Addresses Controversy Over Contaminated Pork
On January 8th, Halong Canfoco Joint Stock Company (Halong Canfoco, stock code: CAN, HNX) issued an official statement to the Hanoi Stock Exchange (HNX) regarding the controversy surrounding over 100 tons of contaminated pork found in their warehouse, as reported by the media.
In the statement, Halong Canfoco clarified that, according to information from relevant authorities, nine individuals were arrested and prosecuted for violating food safety regulations. These violations included purchasing pork infected with African Swine Fever, forging and legalizing quarantine documents to distribute the raw materials.
The company emphasized that the nine arrested individuals were external parties and not employees, managers, or staff members of Halong Canfoco.
Halong Canfoco stated that they were involved in the incident as the recipient of the raw materials, which were accompanied by complete and valid documentation provided by the seller and issued by authorized state agencies. This has been acknowledged by the authorities during their investigation and verification process.
Upon discovering the issue in September 2025, the company promptly reported and fully cooperated with the authorities throughout the investigation. They also strictly complied with the decision to quarantine and destroy the entire batch of contaminated raw materials.
Furthermore, Halong Canfoco reviewed their entire raw material control process and supplier selection to enhance risk prevention measures within their supply chain.
The company acknowledged that this incident was a serious supply chain issue that impacted their reputation and short-term operations. However, the contaminated batch was never used in production or supplied to the market.
All Halong Canfoco products currently on the market fully comply with food safety regulations and are strictly monitored according to internal procedures. The company’s factories maintain certifications such as ISO 22000 and FSSC 22000 and are regularly inspected by relevant authorities.
As of now, the company’s production and business operations remain stable, uninterrupted, and in full compliance with legal regulations.
Selected products from Halong Canfoco
Established in 1957 as Halong Canned Fish Factory, Halong Canfoco now operates three factories and three offices to support its production and business activities.
The company is renowned for its convenient canned products, including Hai Phong “lamp post” pâté, liver pâté, canned meat, and oil-packed tuna.
Halong Canfoco’s processed canned products are widely distributed across Vietnam through an extensive network and exported to numerous countries worldwide.
The company also owns four subsidiaries: Cot Den Food Company Limited, Halong Canfoco – Da Nang Company Limited, Halong Canfoco – Dong Thap Company Limited, and Halong Kindergarten.
Return to Profitability and Upcoming Factory Relocation
In the first nine months of 2025, Halong Canfoco reported net revenue of over 470 billion VND, a 10.8% decrease compared to the same period in 2024. However, a 17.2% reduction in production costs led to an 18.5% improvement in gross profit, reaching 115 billion VND.
After deducting expenses, the company recorded a post-tax profit of over 11 billion VND, a significant turnaround from the 6 billion VND loss in the same period of 2024.
Thus, Halong Canfoco achieved 67% of its annual revenue target and exceeded its profit goal by 10% for 2025.
As of September 30, 2025, the company’s total assets were valued at over 344 billion VND, an increase of approximately 56 billion VND from the beginning of the year.
On the liabilities side, total debt at the same time was nearly 187 billion VND, up by 46 billion VND from the start of the year. Short-term financial debt slightly decreased to nearly 74 billion VND, while long-term debt rose significantly to 6 billion VND.
Since 2007, the company has maintained a charter capital of 50 billion VND.
On December 11, 2025, Halong Canfoco held an extraordinary shareholders’ meeting with several key agenda items.
A highlight was the plan to offer existing shareholders a 1:1 rights issue, issuing an additional 5 million shares to increase the charter capital to 100 billion VND.
The offering price is set at 15,000 VND per share, significantly below the market price of 29,000 VND (as of January 8, 2026). The additional shares will be unrestricted and are expected to be issued in 2026, with the specific timing determined by the Board of Directors.
The total capital raised is expected to be 75 billion VND, with 50 billion VND allocated for the construction of a new canned food factory (42 billion VND for construction and 8 billion VND for equipment purchases). The remaining 25 billion VND will be used to supplement working capital for payments to suppliers and partners.
Halong Canfoco’s headquarters
As a result, the company is leasing a 2-hectare plot (CN26-06) in Nam Dinh Vu Industrial Park from Sao Do Investment Group to build a new factory. The lease term is 34 years (until 2059), with a total investment of over 166 billion VND, including 84 billion VND in equity. Construction is expected to begin in Q2 2026.
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