Vissan targets revenues of VND3.99 trillion ($179.2 million) this year, rising to VND5.25 trillion ($235.4 million) in 2020. — Photo vissan.com.vn

HCM CITY (Biz Hub) — The Viet Nam Meat Industries Company (Vissan), a subsidiary of the Saigon Trading Group (Satra), held its first shareholders meeting in HCM City on May 28.

Business plans were approved for the remaining months of the year as were tentative strategies for 2017-20.

The company invest more in processing technologies to improve production capacity, come up with new products and synchronise its equipment with HACCAP standards.

The company plans to build a food-processing cluster in Long An Province, high-quality piglet and pig farms, an animal feed plant and others, which would enable it to create a safe food chain called 3 F (feed-farm-food), Van Duc Muoi, the company's general director, said.

It would expand its national distribution system and gradually enter into e-commerce, he said.

After acquiring new technologies and building high-quality pig farms, the company would focus on exporting to Asian countries and the US, Australia and Japan, he said.

The company has set itself a target of becoming the country's largest food producer, processor and distributor, creating a food chain with increasingly diverse products that meets hygiene and food safety standards in both the domestic and export markets in the next 10 years.

Vissan has a chartered capital of over VND809 billion (US$36.27 million), 67.76 per cent of which is owned by the State, 14 per cent by a strategic investor and the rest by the public.

Vissan targets revenues of VND3.99 trillion ($179.2 million) this year, rising to VND5.25 trillion ($235.4 million) in 2020.

While it expects a net profit of VND99.17 billion ($4.44 million) this year, it will be dragged down to VND52.2 billion ($2.34 million) in 2020 due to interest payments and depreciation as the processing cluster in Long An begins operating in 2019, according to Muoi.

At the meeting, the shareholders elected a new five-member executive board and a three-member supervisory board.

Nguyen Phuc Khoa, deputy general director of Satra, was elected chairman. — VNS