Tuesday , October 3 2023

HAGL ‘has escaped death,’ says chairman

HAGL Group chairman Doan Nguyen Duc said his firm has “escaped death” and begun a new chapter after 10 years of operating in the agriculture sector.

“Our results had hit rock bottom, but now they are on track to recover. We are confident of our targets,” Duc said last Saturday at the launching ceremony of pork brand Bapi in HCMC.

Founded in 1990 as a small furniture producer, HAGL grew and diversified into other industries such as rubber, finance, property and sports. It became Vietnam’s largest property developer in 2010 and its profits peaked at VND1.56 trillion ($65.7 million) in 2014.

Two years later, the company’s results hit rock bottom with losses of VND1.83 trillion. Duc explained back then that HAGL had invested $2 billion in the rubber industry, but rubber prices fell from $5,000 to $1,000 a ton.

“It was not until 2020 that we found our two business pillars, pig and banana farming, and found our way back in the black,” Duc said.

HAGL posted after-tax profits of VND781 billion, or 69% of its annual plan, in the first eight months. Duc said he was confident that the group will achieve its targets this year.

The agri giant is planning to sell its products online, develop new product lines and open 1,000 stores by 2023.

Agriculture is one of the most profitable industries, but it is also one of the hardest to succeed in. As a latecomer, it is vital for HAGL to provide unique products to customers, he added.

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