According to Ha Long Canned Food's Q1/2026 Financial Statements, the parent company's pre-tax profit in Q1/2026 was a loss of 4.416 billion VND, down 2.314 billion VND compared to the same period in 2025 (equivalent to 110%).
The main reason is that net revenue from sales and service provision decreased sharply by 88%, while cost of goods sold decreased by 82%. In addition, borrowing costs decreased by 9% due to reduced outstanding loans; selling costs decreased by 63% and business administration costs decreased by 44%.
In the consolidated report, pre-tax profit in the first quarter of 2026 was a loss of VND 2,237 billion, down VND 2.1 billion compared to the same period last year. The enterprise said that net revenue, mainly from exports, decreased by 24% while cost of goods sold only decreased by 13%.
Along with that, borrowing expenses increased by 43% due to increased outstanding loans, selling expenses decreased by 58% and business administration expenses decreased by 25%, leading to a consolidated profit loss of VND 2,237 billion before tax and VND 4.084 billion after tax.
Recently, the Hanoi Stock Exchange (HNX) issued Decision No. 593/QD-SGDHN dated May 11, 2026 putting CAN shares of Ha Long Canned Food Joint Stock Company under control due to late submission of separate and consolidated financial statements for 2025 that were audited for more than 30 days compared to the prescribed deadline.
Explaining the delay in information disclosure, the enterprise said it is coordinating with the investigating agency to verify and clarify a number of cases related to the company's operations. On March 31, 2026, the enterprise sent a document to the State Securities Commission and HNX to explain the objective reasons leading to the delay in disclosure of the audited 2025 financial statements and requested a temporary postponement of information disclosure.
According to Ha Long Canned Food Joint Stock Company, the State Securities Commission is currently coordinating with the investigating agency to consider the case and will respond in the near future to implement the next steps.
By May 22, 2026, the Company will announce the 2025 annual report. Accordingly, in 2025, the company's net revenue reached VND 662.915 billion, down VND 40.67 billion compared to the annual plan and down VND 18.9 billion compared to 2024. In which, domestic market revenue reached VND 486.733 billion, down VND 38.057 billion; export revenue reached VND 176.182 billion, up VND 19.611 billion compared to the previous year. Average monthly net revenue in 2025 is VND 55.243 billion/month, down VND 1.575 billion/month compared to the average level in 2024.
The enterprise also said that in the period of the end of 2025, the company will have some problems related to production activities, finished product quality and input material management. The Board of Directors has strengthened inspection and supervision and requested the Executive Board to review and fully explain issues related to finished product quality, input material source management and operating control system; thereby issuing necessary resolutions and directives to ensure that the Company's operations are handled promptly, in accordance with regulations and in a cautious, transparent direction, limiting risks arising in the coming time.
Previously, as Lao Dong reported, the Investigation Police Agency of Hai Phong City Police issued a decision to prosecute the defendant Truong Sy Toan (born in 1969, residing in Ha Lam ward, Quang Ninh province) - General Director of Ha Long Canned Food Joint Stock Company) for the crime of "Lack of responsibility causing serious consequences.
At the same time, prosecuting 3 employees of Ha Long Canned Food Joint Stock Company for the crime of "Violating food safety regulations", including: Pham Thi Thuy Lan (born in 1980, registered permanent residence in Hong Bang ward, Hai Phong, current residence in An Hai ward, Hai Phong) - Deputy Head of Quality Management Department of Ha Long Canned Food Joint Stock Company; Bui Thi Thoan (born in 1979, residing in Dong Hai ward, Hai Phong) - an employee assigned to directly manage the input material quality inspection team on issues related to the quality of raw materials before warehousing and putting into production); Lai Thi Thanh Huong (born in 1974, residing in Ngo Quyen ward, Hai Phong) - an employee working at the input department of the Quality Management Department, with the task of inspecting the quality of input materials for fresh pork.
The Investigation Police Agency also issued an order to temporarily detain Truong Sy Toan and the above 3 defendants to serve the investigation. On January 10, the City People's Procuracy approved the Emergency Arrest Warrant for the above 4 subjects.
Previously, the City Police informed that on September 8, 2025, the Economic Police Department - City Police discovered 2 cars and arrested Le Ba Doanh (born in 1977, residing in An Bien ward) and Trinh Ha Viet (born in 1991, residing in Ha Nam commune, both Hai Phong City) who were transporting and trading 1,274.5 kg of slaughtered pork, with a rancid smell, without origin, positive for African swine fever virus from the epidemic area to companies and establishments processing pork products in the area.
Test results determined that pork samples taken from Le Ba Doanh and Trinh Ha Viet's cars and pork samples in cold storages of Ha Long Canned Food Joint Stock Company tested positive for African swine fever virus. Through an emergency search of the headquarters and warehouses of Ha Long Canned Food Joint Stock Company, the City Police sealed 4 warehouses containing about 130 tons of frozen pork. The City Police Investigation Agency also issued a Decision to prosecute the case of "Violating food safety regulations".
