Northern Food Corporation will divest all capital in 14 enterprises.

According to the restructuring plan for the period up to 2025, Vinafood 1 will divest 100% of its capital contributions in 14 enterprises.

Deputy Prime Minister Le Minh Khai has approved the restructuring project of the Northern Food Corporation (Vinafood 1) until the end of 2025. The goal of the project is to build Vinafood 1 into a strong enterprise, maintaining its position as one of the top 3 enterprises in Vietnam in rice purchasing and exporting.

According to the project, the parent company, the Northern Food Corporation, will continue the model of a single-member limited liability company with 100% state capital; existing branches will remain the same.

The Corporation will divest all capital in 14 enterprises including: VNF1 Retail Distribution Joint Stock Company; Ha Son Binh Food Joint Stock Company; Ha Bac Food Joint Stock Company; Nam Dinh Food Joint Stock Company; Dien Bien Province Food Joint Stock Company; Tuyen Quang Food Joint Stock Company; Central Salt and Agricultural Products Processing Joint Stock Company; Central Salt and Trade Joint Stock Company; Food Packaging Trading Joint Stock Company; Southern Salt Group Joint Stock Company; Hanoi Food Processing and Trading Joint Stock Company; Lao Cai Food Joint Stock Company; Hanoi - Nam Dinh Beer Joint Stock Company; Visalco Joint Stock Company.

In addition, Vinafood 1 must continue to evaluate and rearrange personnel in the management apparatus. The enterprise is also oriented to innovate technology to serve production and business, high-quality processing, environmental protection, and has a roadmap for partial technology improvement.

Last year, the total export turnover of the whole company was estimated at 310 million USD, exceeding the plan by 5.3%, of which the parent company alone reached 262 million USD. The total revenue of the whole corporation reached more than 16,169 billion VND, profit reached 283 billion VND, of which the parent company achieved 8,967 billion VND and 268 billion VND respectively.

Duc Minh

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