According to its fourth quarter 2025 financial statement, Ha Long Canned Food Joint Stock Company, known as Canfoco, posted a net loss of VND 9.47 billion (about USD 390,000), down more than 229 per cent year on year.
Consolidated net revenue in the quarter reached VND 192.3 billion (about USD 7.86 million), up VND 37.6 billion, or 24 per cent, from a year earlier. However, profit turned negative as cost of goods sold surged by 47 per cent, while selling expenses fell 6 per cent and administrative costs rose 34 per cent.
For the whole of 2025, Canfoco recorded net revenue of nearly VND 663 billion (about USD 27.1 million), down 2.77 per cent from VND 682 billion in 2024. Cumulative profit reached VND 1.94 billion, up more than 26 per cent year on year.
By the end of 2025, the company’s total assets exceeded VND 390 billion (about USD 15.9 million). Cash and cash equivalents stood at more than VND 13 billion. Inventory rose sharply to over VND 188 billion (USD 7.67 million), from about VND 148 billion at the start of the year. Of this, raw materials accounted for more than VND 87 billion, or over 46 per cent, while goods consigned for sale were valued at nearly VND 14 billion.
The company’s difficulties followed an incident first uncovered by authorities in September 2025, when more than 130 tonnes of diseased pork were found in its warehouse. The issue only drew widespread public attention in December 2025, after concerns emerged over finished pate products, prompting strong reactions from consumers and partners, including product returns and suspended cooperation.
In an explanation dated January 22, Ha Long Canfoco said all more than 132 tonnes of violating pork materials were sealed and destroyed immediately after discovery and were not used in production or supplied to the market.
The company also voluntarily destroyed nearly 1.7 tonnes of finished pate, about 14,000 cans, held in inventory, despite the products not being made from the violating materials and having tested negative for African swine fever. The move was described as a precautionary measure.
Canfoco said the destruction did not have a material impact on its financial position or operations. However, after information about the case spread, many partners and customers demanded returns and halted cooperation, forcing the company to disclose the incident.
The firm’s factory in Haiphong City has been temporarily shut since January 12 after its ISO certification was withdrawn and its FSSC 22000 food safety certification suspended. When operations will resume remains unclear.