Asian Ingredients Corporation (AIG) (UPCoM: AIG) has just approved a series of changes to its senior management team. The AIG Board of Directors has unanimously decided to establish a Strategic Council, appointing Mr. Nguyen Thien Truc as Chairman. The Strategic Council will be responsible for formulating and implementing strategies for the Board of Directors, the Executive Management Team, and other critical decisions for AIG and its parent group.
Mr. Nguyen Thien Truc will step down from his position as Chairman of the AIG Board to take on this new role, effective March 1st, 2025, while retaining his seat on the Board. The incoming Chairman, Mr. Bernhard Hackl, will oversee the company’s strategic direction, international business operations, and operational optimization.
 Mr. Nguyen Thien Truc congratulates Mr. Bernhard Hackl on his new role as Chairman of AIG’s Board. Photo: AIG
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These changes were approved by the AIG Board during their first-quarter meeting on February 21st, 2025, with the aim of optimizing resources, accelerating business transformation, and seizing international cooperation opportunities.
Prior to this, AIG sought shareholder approval through a written ballot, with a deadline of 12:00 PM on February 20th, 2025. The ballot results showed that the AIG General Meeting of Shareholders approved a seven-member Board for the 2023-2027 term and elected Mr. Bernhard Hackl to the Board before his appointment as Chairman.
The new Chairman of AIG’s Board of Directors, Mr. Bernhard Hackl, was born in 1964 and holds German citizenship. He obtained his doctoral degree from the University of Regensburg and brings extensive senior management experience from prominent corporations such as Azelis, Brenntag Asia Pacific, Wacker Chemie AG, and Wacker Chemical Corporation. Mr. Hackl does not currently hold any AIG shares but was nominated to the Board by Mr. Nguyen Thien Truc.
Mr. Nguyen Thien Truc, born in 1971, has served as Chairman of AIG’s Board since July 2017. He is AIG’s largest shareholder, owning 30.32%, equivalent to over 51.7 million shares. As of AIG’s morning session on February 24th, his holdings were valued at approximately VND 2,500 billion. Mr. Truc is also a related party at Asian Food Ingredients Corporation (AFI), a subsidiary majority-owned by AIG.
Billion-dollar market capitalization evaporated after UPCoM listing
In the stock market, AIG made headlines when it debuted on UPCoM on November 11th, 2024, with a reference price of VND 63,000 per share, valuing the company at over VND 10,700 billion. Subsequently, AIG’s share price plummeted, hitting a low of VND 40,700 per share in late January 2025. However, the stock has rebounded, trading at VND 48,200 per share in the morning session on February 24th, a more than 18% increase over the last month.
| AIG’s share price performance since its UPCoM listing |
In terms of financial performance, AIG reported consolidated net revenue of nearly VND 12,387 billion in 2024, a modest 4% increase from the previous year. Net profit reached over VND 708 billion, an improvement of nearly 9%, mainly due to a 0.6 percentage point increase in gross profit margin compared to the previous year.
| AIG’s financial performance from 2018 to 2024 |
As of the end of 2024, AIG’s total assets exceeded VND 10,544 billion, including cash deposits in banks of over VND 2,659 billion, accounting for 25% of total assets. Meanwhile, total liabilities increased by 12% to over VND 4,523 billion, mainly due to short-term loans amounting to more than VND 2,748 billion. Retained earnings stood at over VND 3,264 billion.
AIG is recognized as a trusted ingredient supplier to prominent F&B companies such as Vinamilk, TH True Milk, and Vitadairy. With a paid-up capital of over VND 1,706 billion, a nearly 95-fold increase since its inception, AIG boasts an ecosystem of 16 subsidiaries and associate companies, notably including GCFood (GCF), which is also listed on UPCoM. As of the end of 2024, AIG employed a total of 1,306 workers.
– 10:18 24/02/2025
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