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Top largest fresh & frozen food companies in Vietnam

Top largest fresh & frozen food companies in Vietnam

Thursday 14, 07 2022
With a huge production scale and annual revenue of up to billions of USD, C.P Vietnam Corporation is the largest enterprise in the food industry in Vietnam in general and the fresh and frozen food industry in particular, according to VietnamCredit.


C.P Vietnam Corporation is a member of Charoen Pokphand Group (C.P. Group, established in 1921 in Bangkok, Thailand), operating in the fields of agriculture and food processing. The company provides fresh and frozen products such as pork, chicken, eggs, fish, shrimp, and processed products such as sausages or spring rolls.

With a huge production scale and annual revenue of up to billions of USD, C.P Vietnam Corporation is considered to be the largest enterprise in the food industry in Vietnam. In addition, this business also holds the leading position in the fresh and frozen food industry.

During nearly 30 years of investing and doing business in Vietnam, the company has cooperated with Vietnamese farmers in both livestock and aquaculture using modern agro-industrial models. The company has a value chain control system starting from input materials, breeding stock, animal feed to processing and distributing output food.

C.P Vietnam Corporation

In 2011, C.P. Vietnam built 10,000 retail points and stores across the country that provide clean food with the name C.P. Freshmart and C.P. Shop. In September 2015, C.P. Vietnam expanded into the fast food business with the Five Star brand, specializing in providing fried and roasted chicken. With the trolley and kiosk model, Five Star is currently franchising many small businesses with little capital in Vietnam.

Currently, C.P. Vietnam holds 7% market share of pork, 16% market share of industrial chicken eggs, 22% market share of industrial chicken meat, 18% market share of animal feed and is gradually asserting its brand position in the food processing industry.


Dabaco Group (DBC), formerly known as Ha Bac Agricultural Products Company, was established in 1996. In 2005, the company became a joint stock company. Dabaco operates in the agricultural industry, engaged in the production and wholesale of animal feed, livestock, contract farming, food processing, packaging, real estate and investment in infrastructure construction. The company is one of the earliest brands appearing in the Vietnamese animal feed market and is one of the largest feed manufacturers in the country.

In 2021, the company recorded revenue of VND 10,812.8 billion, profit after tax of VND 829.56 billion, up 7.9% and down 40.8% respectively over the same period in 2020. It is known that in 2021, DBC planned to achieve total revenue of VND 15,439 billion and profit after tax of VND 827 billion. Thus, at the end of the financial year, the company completed 100.3% of the annual profit plan.

Dabaco Group (DBC)

Not only did the business results of the company decrease, but its cash flow also experienced the same pattern. Specifically, in 2021, the cash flow from main business activities was positive at VND 630.8 billion, lower than the same period’s amount of VND 2,262.7 billion. Meanwhile, financial cash flow was negative VND 334.7 billion and investment cash flow was negative VND 340.2 billion. Thus, by the end of 2021, operating cash flow was not enough to serve investment activities as well as fulfill financial obligations.

As of December 31, 2021, DBC's total assets increased by 7.2% compared to the beginning of the year to VND 10,825.3 billion. In particular, assets which were mainly fixed assets reached VND 4,582 billion, accounting for 42.3% of total assets; inventories reached VND 4,201.9 billion, accounting for 38.8% of total assets.


The company was established in 1998 as a limited liability company with initial registered capital of VND 250 million. In 2005, it was equitized and the charter capital was increased to VND 6.2 billion. During its operation, the company continuously increased capital and expanded production and business. In October 2015, the company officially changed its name to The PAN Group Joint Stock Company with charter capital of VND 1,731,011,410,000.

Over 20 years of establishment and development, PAN has built a system of many subsidiaries and associated companies, with core activities in two fields: agriculture and food.

With the fundamental goal of maintaining Vietnam's traditional and spearhead businesses including agriculture, fisheries, and food, the PAN Group has so far achieved certain achievements when all of its subsidiaries are leading enterprises such as Vietnam Seeds Corporation (Vinaseed), Vietnam Fumigation Joint Stock Company (VFC), Sao Ta Food Joint Stock Company (Fimex VN), Bibica Joint Stock Company (BBC), Export Processing Joint Stock Company Long An Import Export Joint Stock Company (Lafaooco), Ben Tre Seafood Import Export Joint Stock Company (Aquatex Bentre), 584 Nha Trang Seafood Joint Stock Company, etc.

The PAN Group Joint Stock Company

The PAN Group manufactures and sells products and services through its subsidiaries and affiliates. The group operates nationwide with a network of 450 distributors and 145,000 points of sale, 3,800 supermarkets and mini-marts. In addition, its products such as rice, seafood, fresh flowers, cashews, dried fruits, and coffee are also exported to many countries around the world (Japan, Europe, the United States, Canada, Australia, Hong Kong, Middle East, China, …)

The PAN Group still maintains a large proportion of revenue from food products (fish sauce, seafood, confectionery, dried fruit seeds). On average, these items account for over 80% of revenue. Other agricultural products such as crop seeds and rice (from NSC) account for 20% of total sales.

Revenue in 2021 of the company reached VND 9,972 billion (+19.7% YoY), EAT reached VND 510 billion (+53.2% YoY). Good growth in revenue as well as operating efficiency of PAN in 2021 came from the segment of plant seeds, agro-pharmaceuticals and fishery products.


Vinh Hoan Corporation was established on December 27, 1997 in Cao Lanh city, Dong Thap province, in the Mekong Delta. The company is the preferred choice of foreign importers for pangasius, basa fillets and value-added products from pangasius and basa.

The company is organized according to a closed production model from fingerling fish, fish food production, raw fish farming to processing frozen fish fillets. Vinh Hoan's subsidiaries operate in the fields of aqua feed production, rice production and collagen extraction from fish skin, actively supporting the parent company's main business lines.

In 2021, Vinh Hoan's net revenue reached more than VND 9,054 billion, while its profit after tax was VND 1,110 billion, up 28% and 54% respectively compared to 2020. With this result, Vinh Hoan exceeded 4.7% of the target revenue and exceeded 84% of the year's profit target.

Vinh Hoan Corporation

At the end of the year, Vinh Hoan had VND 1,192 billion in term deposits, a decrease of VND 173.5 billion compared to the beginning of the year. The company spent nearly VND 80 billion investing in securities. During the year, the enterprise recorded a net profit of VND 36.2 billion from trading securities.

Total assets of Vinh Hoan reached VND 8,734 billion, an increase of more than VND 1,500 billion.


Sao Ta Foods Joint Stock Company, formerly an enterprise with 100% capital from the Finance and Administration Department of Soc Trang Provincial Party Committee, came into operation on February 3, 1996. In early 2003, the company conducted equitization with the name Sao Ta Foods Joint Stock Company. On December 7, 2006, its shares were listed on the Ho Chi Minh City Stock Exchange with stock code FMC.

Sao Ta Foods is one of the most reputable seafood production, processing, trading and import-export enterprises in Vietnam. After nearly 30 years of operation, the company has laid a solid foundation in two major markets, Japan and the US; at the same time, it is keeping a pretty good market share in EU, Korea.

Since 2008, the company has established an agricultural product processing factory (An San Food Factory), mainly consumed in the Japanese market with the main products being kakiage, vegetables mixed (vegetable mixed), potatoes sweet potato, okra, eggplant, bell pepper in steamed, fried, fresh, mixed forms.

Sao Ta Foods Joint Stock Company

Realizing the growing shrimp farming situation, from the beginning of 2015, Sao Ta Foods built a frozen shrimp processing factory (Sao Ta Seafood Factory – STSF), increasing processing capacity by 60%. Sao Ta Foods also has its own shrimp farming area of ​​160 hectares that meets BAP and ASC standards.

In terms of business results in 2021, Sao Ta achieved nearly VND 5,200 billion in revenue, up 17.8% over the previous year. The company's profit after tax increased by 27% to VND 287 billion.

As of December 31, 2021, Sao Ta Foods had VND 534 billion of undistributed profit after tax. In addition, the company had VND 593 billion of share capital surplus.

Alice Hoang Thao - VietnamCredit


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