The Vietnam Northern Food Corporation (Vinafood 1) said it has basically met or exceeded many key targets in 2022, of which its revenue reached nearly VND16.17 trillion, equaling 106.03 per cent of the yearly plan.

Vinafood’s profit last year was VND283 billion, 1.3 per cent higher than the annual plan. Its export turnover also exceeded the annual plan by 5.27 per cent to US$310 million.

In the year, Vinafood 1 sold more than 1.5 million tonnes of food, 3.63 per cent higher than its yearly plan, of which 700,000 tonnes were rice.

Besides rice, the corporation sold 362,000 tonnes of wheat, completing the plan set out at the beginning of the year.

Total production of cassava shacks by the corporation in 2022 was 207,000 tonnes, equaling 141.7 per cent of the year plan. Up to now, all cassava shacks were sold out, and Vinafood 1 are preparing for the purchase of the new 2023 crop.

The corporation’s business performance results in 2022 were positive as its production and business activities in the first months of 2022 were generally adversely affected by input costs and inflation. Exports of rice, which was the corporation’s key export staple, faced many difficulties in the period due to weak demand and low prices compared to the end of 2021.

Leaders of Vinafood 1 said the corporation will strive to maintain its position as one of the major rice exporters in 2023. It will persistently negotiate issues related debts with Cuba to keep this market besides further working to remove obstacles and maintain relations with Iraqi partners. In addition, it will closely follow the policies and needs of the Philippines and Malaysia to increase the amount of rice winning tenders in the markets.

Vinafood 1 will also strengthen trade promotion to expand foreign markets in the direction of increasing the proportion of fragrant rice and high-quality rice.

Besides, the corporation will promote domestic consumption through maximising its large network nationwide to help farmers sell agricultural produces.

The corporation targets to maintain and develop market share of cassava chips for domestic alcohol factories besides exploiting the maximum capacity of wheat processing plants to continue to improve the efficiency of invested projects and meet market demand, aiming to maintain the leading market share in the wheat flour market in the northern region.

In the business restructuring, Vinafood 1 will implement the restructuring plan to accelerate the divestment of capital in poor-performed business segments and focus on core ones after being approved by the competent authority. — VNS