Two businesses in Dong Thap earn thousands of billions from exporting shrimp crackers and rice paper

Bich Chi's booth at a trade promotion fair - Photo: BCF

Sa Giang: "Son" of the king of catfish

Sa Giang Import Export Joint Stock Company is a subsidiary of the "pangasius king" Vinh Hoan, a large enterprise in Dong Thap province chaired by Ms. Truong Thi Le Khanh.

Established in 1960, Sa Giang is headquartered in Sa Dec, Dong Thap and specializes in producing shrimp chips and rice products.

This enterprise earned more than VND500 billion from exports last year, an increase of more than 71% compared to 2023, while the domestic market contributed nearly VND200 billion.

In addition to trading traditional products such as food, shrimp crackers, rice noodles, vermicelli, rice paper, etc., Sa Giang has just expanded its business portfolio, adding sauces, dipping sauces and fish sauces of all kinds.

Since the beginning of 2021, Vinh Hoan has maintained an ownership ratio of more than 76.7% of capital at Sa Giang.

As a subsidiary, Sa Giang can also buy and sell goods, combining advantages from companies in the same group.

After 65 years in the market, Sa Giang's management believes that the brand's long-standing reputation is a great advantage in promoting exports.

In addition, the company's products meet international quality standards such as HACCP, BRC, ISO 22000, HALAL, FDA, ASC, facilitating global market expansion. In the domestic market, the Sa Giang brand is known to consumers through shrimp crackers.

Bich Chi: Export revenue is three times higher than domestic revenue

Bich Chi Food Joint Stock Company is also a company headquartered in Dong Thap and most of its revenue comes from exports similar to Sa Giang.

Bich Chi was established in 1966, formerly a state-owned enterprise. The company's products are currently distributed through a system of agents and supermarkets nationwide and exported to more than 40 countries including the UK, USA, Korea, Japan, etc.

Last year, net revenue from export channels brought Bich Chi more than 567 billion VND, nearly three times the revenue from the domestic market.

According to the company's management, the promotion of major export markets such as Korea, the UK, and Japan, along with a slight increase in selling prices, helped the year's revenue increase by more than 28%. In addition, improved consumption output also contributed to a net profit increase of nearly 63%.

Currently, Bich Chi is focusing its resources on an important project, Bich Chi 2 factory, belonging to Bich Chi 2 Food Company Limited - Bich Chi's only subsidiary.

This factory is currently an unfinished construction project, with a total investment of nearly 200 billion VND, expected to operate from June 2025.

When completed, Bich Chi 2 will specialize in producing shrimp crackers, pho noodles, rice paper, sweet potato vermicelli and rice noodles.

Last year, Bich Chi had to borrow nearly VND85 billion from Vietcombank Dong Thap branch with an interest rate of 6.5%/year, for a period of seven years to supplement investment capital for Bich Chi 2.

Business results of Sa Giang and Bich Chi in 2024 (Unit: billion VND) - Source: Financial statements

Compare salaries and benefits

At Bich Chi, Mr. Pham Thanh Binh, a leader born in 1953, is a member of the board of directors (BOD) and general director, and is the largest shareholder, owning more than 14.4% of capital.

Following are Mr. Bui Van Sau, member of the Board of Directors (10.01%) and Ms. Nguyen Huong Lien, member of the Board of Directors (9.73%). Ms. Lien is also the sister-in-law of Mr. Mai The Khoi, Chairman of the Board of Directors of Bich Chi.

Mr. Khoi was born in 1991, graduated with a master's degree in capital management and is a representative at many enterprises such as BFIW Investment Joint Stock Company, Eco Giong, Bagang Technology and Thang Loi Water.

In 2024, Mr. Khoi's income and salary were 67.7 million VND, while Mr. Pham Thanh Binh's was more than 1.35 billion VND. Mr. Binh was a former soldier and started working at Bich Chi in 2003.

At Sa Giang, Chairman of the Board of Directors Nguyen Van Kiem was the leader with the highest salary last year, with 559 million VND.

The total remuneration of the members of the Board of Directors and the Board of Supervisors of this company in 2024 is more than 1.6 billion VND.

Of which, six members including Mr. Nguyen Van Sang (Board of Directors Secretary) received 130 million VND, equivalent to Ms. Truong Thi Le Khanh (Board of Directors member).

The total salary for three members of Sa Giang's board of directors last year was more than 2.4 billion VND.

This year, Sa Giang's Board of Directors plans to submit to the shareholders' meeting for approval a plan for after-tax profit of 100 billion VND, equal to the results of 2024.

In addition, if this year's after-tax profit reaches 90-100% of the plan, the executive management board will receive a bonus of VND2.3 billion. In case the net profit exceeds the plan, the maximum bonus will be up to VND3.8 billion.

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