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On April 9, 2023, Vietnam Southern Food Corporation – Joint Stock Company held the Annual General Meeting of Shareholders in 2023 at Thong Nhat Hall (Independence Palace) – Gate 135 Nam Ky Khoi Nghia, Ben Thanh Ward, District 1, Ho Chi Minh City.
Attending the general meeting were leaders of the CPV Committee of National-level State-owned Enterprises’ Group, leaders of the Commission for the Management of State Capital at Enterprises, strategic shareholders of T&T Group Joint Stock Company and other shareholders and guests.
The 2023 Annual General Meeting of Shareholders heard the reports of the Board of Directors and the results of the Board of Directors in 2022; report of the Supervisory Board on the Corporation’s business results, the performance results of the Board of Directors, the General Director in 2022; Self-assessment report on the performance of the Supervisory Board.
The Annual General Meeting of Shareholders in 2023 also approved the AGM Statements: Audited financial statements for 2022 of the Corporation; Results of the business production plan in 2022; Profit distribution in 2022 and profit distribution plan in 2023; Statement for adding members of the Board of Directors for the term of 2018 – 2023.
According to information reported at the General Meeting, in 2022 the Corporation sold more than 1.2 million tons of rice, reaching 128% of the yearly plan; total revenue of more than 17.7 trillion dong, reaching 112.73% of the plan (in which the parent company’s revenue is more than 10 trillion dong, reaching 120.45% of the plan); profit is over 91 billion dong, reaching 104.11% of the plan.
Thus, in 2022, the Corporation has successfully completed the plan assigned by the 2022 Annual General Meeting of Shareholders, many targets have been met and exceeded the plan. Capital preservation coefficient in 2022 is equal, which is also the first year the Corporation has been profitable and preserved capital after equitization.
From this result, the Board of Directors of the Corporation directed the development of a production and business plan in 2023 for submission to the General Meeting of Shareholders, in which the parent company proposed a total revenue of VND 8,700,450 billion, total profit before tax is 2.5 billion dong; export turnover of 163.3 million USD. The consolidated revenue of the Corporation is 15,325 billion VND, profit before tax is 100.58 billion VND.
In order to complete the production and business plan in 2023, Vietnam Southern Food Corporation will implement many important solutions and continue to implement the centralized governance model that has been effective in 2022. In which, organize the arrangement and transfer of machinery and equipment and fully exploit the advantages of infrastructure, brand name and experience in rice business to bring into full play the resources of the Corporation. At the same time, rearrange the organizational apparatus; consolidate the leadership and management personnel and representatives participating in management and administration at companies with capital contribution of the Corporation.
Besides, maintain relationships with traditional customers; strengthen trade promotion, expand customer relations, implement flexible sales policies to develop new markets and new customers. Promote the development and production of post-rice products (vermicelli, pho, rice paper, powder…) along with the application of clean technology, in line with the trend of green economic development, improving product value. Especially, cooperation and linkage in rice production and consumption are associated with the application of digital technology for traceability and grow area codes in raw rice areas in the Mekong Delta.
Regarding financial issues, the Corporation will continue to maintain and develop credit relationships with banks to increase credit limits and ensure capital needs for production and business activities. At the same time, increase capital turnover to increase capital efficiency and actively and flexibly use capital in the context of credit tightened by the bank. Accelerate the liquidation of assets that do not need to be used to recover capital and divest investments according to the approved enterprise restructuring scheme to concentrate capital sources for production and business for efficiency.
At the General Meeting, the General Meeting of Shareholders also elected Ms. Ho Thi Cam Van to hold the position of Member of the Board of Directors of the Corporation for the term 2018-2023 with 496,306,269 votes, accounting for 99.99% of the voting rate.
Ending the General Meeting, Mr. Do Huu Huy – Vice Chairman of the Commission for the Management of State Capital at Enterprises delivered a guiding speech, the Board of Directors of the Corporation received comments to add to the objectives, tasks and Operational solutions of Vietnam Southern Food Corporation in the coming time, in which: Strengthening the management of capital and corporate assets and solutions to complete the production and business plan has been assigned by the owner’s representative and approved by the General Meeting of Shareholders; focus on the equitization settlement of the Corporation, soon implement to handle the shortcomings mentioned in the State Audit’s conclusion on the equitization settlement, and at the same time coordinate with relevant agencies to completing the arrangement and handling of houses and land for housing and land facilities that still have been in problems and exploiting and using maximum resources of land and assets to improve production and business efficiency of the Corporation; coordinate with the owner’s representative agency and related agencies to complete and approve the enterprise restructuring project for the period 2021-2025 according to regulations; deploying the application of science and digital technology to business administration and production to improve the operational efficiency and competitiveness of the Corporation./