Halong Canfoco announced the temporary closure of its Hai Phong factory for at least 14 days, effective from 12/1. This decision follows the discovery of 130 tons of diseased pork at the facility and the subsequent arrest of Chief Executive Officer (CEO) Truong Sy Toan by Hai Phong Police on 10/1.
Toan's arrest is part of an investigation into the alleged collection and storage of large quantities of contaminated pork in the company's cold storage facilities. Three other company employees, identified as having roles in inspecting and evaluating pork quality before storage and production, were also apprehended.
The company's Board of Directors (BOD) has appointed Cao Nhat Huy, Deputy Director of Production, as the interim manager for the Hai Phong factory. Huy is tasked with developing and implementing labor arrangements during the production halt. The BOD will review the situation to determine if the shutdown period needs to be extended or adjusted.
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The exterior of Ha Long Canned Food Factory in Hai Phong on 8/1. *Photo: Le Tan*
Established in Hai Phong in 1957 as Ha Long Fish Canning Factory, Halong Canfoco has been producing a range of products, including sausages, canned goods, and frozen foods, for nearly 70 years. The company, which listed on the stock exchange in 2021 under the code CAN, serves both domestic and export markets. Besides its main factory in Hai Phong, Halong Canfoco operates two other production facilities in Da Nang and Dong Thap.
Halong Canfoco's financial performance has seen fluctuations. The company recorded its peak revenue in 2021, exceeding 864 billion VND, but its pre-tax profit was only 38 billion VND due to high cost of goods sold and other expenses. Since then, revenue has generally declined, reaching 682 billion VND with a profit of three billion VND in 2024. In the first nine months of 2025, revenue stood at 486 billion VND, a nearly 10% decrease compared to the same period in 2024. However, the company reported a pre-tax profit of over 15 billion VND for this period, reversing a loss of over 5 billion VND from the previous year.
Anh Tu - Le Tan
