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Top largest cooking oil companies in Vietnam

Top largest cooking oil companies in Vietnam

Thursday 02, 12 2021
There are currently about 40 cooking oil companies in Vietnam, however, most of the market share is held by 3 major companies including Calofic, which accounts for nearly 40% of the market share; Tuong An with 20% of market share and Kido - Nha Be with 11%.

However, the companies that really dominate the Vietnamese cooking oil industry are Vietnam Vegetable Oils Industry Corporation (Vocarimex) and Kido Group.

Vocarimex currently owns shares of all the largest enterprises in the market, including Calofic, Tuong An, and Kido - Nha Be. In particular, Vocarimex owns controlling shares in Tuong An and Tan Binh, owned 32% of share in Cai Lan and 49% in Kido - Nha Be.

However, Vocarimex is a bit different from other companies in the field. This company does not directly produce cooking oil to consumers. Instead, it trades in raw materials to process refined cooking oil products and sells them to its subsidiaries.

Kido Group is indeed the giant behind all of the above mentioned companies. Vocarimex is a member of which Kido Group JSC (Kido Group) owns 51% of the capital. Through Vocarimex, Kido Group is directly or indirectly holding controlling shares in all the largest cooking oil companies in the Vietnamese market. Specifically, it owns 75.99% of the share capital in Kido - Nha Be and 75.44% of the share capital in Tuong An.

Kido Group

Below is detailed information about top cooking oil companies in which Kido and Vocarimex are holding shares.

1. Calofic

Calofic Corporation was established in 1996 with an initial capital of 22 million USD. This is one of the pioneers in Vietnam’s vegetable oil production and processing industry. Currently, Calofic has 2 production factories located in Quang Ninh province and Ho Chi Minh City with a total capacity of up to 2,300 tons/day.

Since its establishment, Calofic has constantly promoted its product quality and continuously invested in building and installing modern machinery and equipment. In addition to consumer products, Calofic also offers specialized oils and fats which are packaged in a variety of different sizes for the food processing, pharmaceutical and other industries.

Calofic Corporation

Calofic is the owner of the most prestigious brands in the Vietnamese cooking oil market such as Neptune, Simply, MEIZAN, Cai Lan, Kiddy, Olivoià, Orchid & Satellite.

By the end of 2019, Calofic's total assets reached 3,723 billion VND with equity of 3,253 billion VND, up 13.9% and 18.5% respectively compared to the beginning of the year.

As of September 1, 2020, Colofic had a charter capital of more than 2,677 billion VND, including 2 capital contributors, Vietnam Vegetable Oils Industry Corporation (Vocarimex, holding 24% of charter capital) and Siteki Investment (a member of Wilmar Group based in Singapore, holding 76% of charter capital).

2. Tuong An

The company was formerly known as a State-owned Industrial Enterprise, established in 1977 under the Southern Vegetable Oil Company. In July 1984, Tuong An Oil Factory became a member unit of Vietnam Union of Vegetable Oil Enterprises. On June 4, 2004 Tuong An Oil Factory was transformed into Tuong An Vegetable Oil Joint Stock Company. In 2016, the company merged with Kido.

After more than 40 years of establishment and development, Tuong An has been constantly growing and creating a solid position in the market. The company is considered as one of the leading companies in Vietnam’s cooking oil market. Currently, Tuong An has 02 vegetable oil refineries with modern equipment and advanced technology. Oil refining technology is carried out by chemical refining method combined with physical refining method on oil refining equipment lines of Wurter & Sanger, Thyssen Krupp, Desmet firms from the US and Europe (Germany, Belgium).

Tuong An

Regarding the business performance of the company, despite positive results in the first 6 months of the year with estimated revenue of about 3,000 billion VND and pre-tax profit of 105 billion VND, up 37% and 23% respectively over the same period last year, Tuong An still only sets business targets close to 2020. Specifically, the company’s projected net revenue for 2021 is 5,266 billion VND, profit before tax is 232 billion VND, up slightly by 0.36% and 5%, respectively compared to 2020.

Tuong An's net revenue in 2020 reached 5,247 billion VND, an increase of 26.67% compared to 2019, the corresponding gross profit reached 762 billion VND, an increase of 15.22% compared to 2019. In particular, revenue came from mid-range and high-end segments increased by 23% compared to 2019.

3. Kido – Nha Be

Kido - Nha Be Company Limited, formerly known as Golden Hope Nha Be Cooking Oil Company established in 1992, was the first joint venture company in Vietnam's vegetable oil industry. The company was the joint venture between Vietnam Vegetable Oil Industry Corporation and Sime Darby Plantation. In 2019, Golden Hope Nha Be officially merged with Kido Group and changed its name to Kido Nha Be Company Limited. The company's main products are Marvela Cooking Oil, Soybean Oil, Ong Tao Oil, Olein Oil.

Kido – Nha Be

The company has a wide distribution network, ready to satisfy the needs of domestic and foreign customers.

Kido Nha Be's net revenue in the first 6 months of 2021 reached 829 billion VND, up 62% over the same period last year. Its gross profit was 31.8 billion VND and pre-tax profit was 5.8 billion VND.

Henry Tran - VietnamCredit

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