Vissan at risk of losing public company status

Vissan at risk of losing public company status Published: 06 Apr 2026 16:00 Vissan Joint Stock Company (Vissan, UPCoM: VSN) announced information that it does not meet the conditions to be a public company due to a concentrated shareholder structure. Specifically, according to the list of rights holders entitled to attend the 2026 annual general meeting of shareholders on March 27, Vissan has 1,072 non-dominant shareholders holding 7.29% of voting shares. Because the minimum 10% of shares must be held by at least 100 non-dominant shareholders, the company currently does not meet the criterion of a public company. The company is continuing to work with major shareholders to find a suitable resolution in line with regulations. Profit growth target of 10%, no dividend According to AGM materials, the Vissan Board of Directors plans to present a target total revenue of VND 3.27 trillion, up 10% from 2025; pre-tax profit is expected to rise 10%, to nearly VND 116 billion. The company expects processed food sales to reach nearly 20.4 thousand tonnes, up 9.7% year on year; over 7.7 thousand tonnes of various pork products, up 1.7%; and 538 tonnes of beef, up 5.3%. In addition to strengthening the domestic market, export is expected to be boosted. VSN targets export volume of at least 300 tonnes and revenue of about USD 1.8 million, corresponding to 43% growth in volume and 58% growth in revenue versus the previous year. Assessment of the 2026 business environment indicates macroeconomic conditions are likely to remain volatile with risks of global trade slowdown and policy/tariff uncertainty. Cost pressures for raw materials, energy, and transportation may stay high. In the meat sector, live pig prices are forecast to stay elevated due to herd reductions and African swine fever (ASF), narrowing margins. Domestically, purchasing power is recovering slowly, while competitive pressure from financially stronger rivals continues to intensify, with ongoing discounting and promotional activities. Therefore, the company said it has identified the need to accelerate legal processes and implement key investment projects. For the relocation and modernization project of the Vissan slaughterhouse and meat processing plant in Tay Ninh, the provincial People’s Committee approved amendments to the investment policy and extended land-use rights by 24 months. The company aims to complete procedures to commence construction in Q4 2026. The Tay Ninh project and the Vissan Breeding Farm in Binh Duong, with a total investment of VND 230 billion and a herd size of 32,000, are also being prepared to commence in Q3 2026. Regarding profit distribution, VSN plans to propose a cash dividend of 2% for 2025, amounting to over VND 16 billion. However, the company intends not to pay a dividend for 2026 to strengthen its financial capacity to fund the projects. The AGM is also expected to elect one additional board member to replace Mr. Nguyen Quoc Trung, who resigned on March 27. VSN’s AGM for 2026 is scheduled for the morning of April 23 at the company’s hall at 420 No Trang Long, Ward Binh Loi Trung, Ho Chi Minh City. Chau An