Massive revenue of C.P. Vietnam revealed amid food safety scandal

According to CPF’s latest financial report, as of the end of 2024, CPF had held an 83.18-percent stake in C.P. Vietnam.

The Vietnamese market contributed some 21 percent to CPF’s total revenue last year, making Vietnam the largest international contributor to CPF’s earnings in 2024.

Over the past five years, revenue from Vietnam has consistently made up about 20 percent of CPF’s consolidated revenue.

In 2024, CPF’s international operations accounted for 63 percent of the company’s total earnings, maintaining a stable ratio compared to the previous year.

This growth, according to CPF, was driven in part by improved product pricing and a more balanced supply-demand environment in markets such as Vietnam, Cambodia, and the Philippines.

CPF, a subsidiary of Thailand’s Charoen Pokphand Group, one of Asia’s largest conglomerates, has invested in 17 countries and distributes meat and food products to over 50 nations.

Its global turnover in 2024 was THB580.74 billion ($17.8 billion), a slight decline from 2023, but its gross profit surged 50 percent year on year to more than THB85 billion ($2.6 billion).

Expansion beyond livestock

The Thai group’s investment in Vietnam started in 1988.

Initially operating a representative office in Ho Chi Minh City, the company later established C.P. Vietnam Livestock Co., Ltd. in 1993 and built a feed production plant at Bien Hoa Industrial Park in Dong Nai Province, southern Vietnam.

In 2009, C.P. Vietnam Livestock Co., Ltd. merged with Charoen Pokphand Vietnam Co., Ltd. to form C.P. Vietnam Corporation.

In 2021, C.P. Vietnam strategically partnered with the PAN Group, acquiring a 25-percent stake in Sao Ta Foods Joint Stock Company to strengthen its seafood business.

Allegations, controversy

C.P. Vietnam has recently faced allegations circulating on social media.

A man, identified as N., accused the company of mixing diseased pork into its products for sale to consumers.

The accusation, shared through social media accounts ‘Ngan Tech’ on Zalo and ‘Jonny Lieu’ on Facebook, included purported messages and images as evidence.

C.P. Vietnam responded swiftly, submitting an official request to the Department of Culture, Sports, and Tourism of Soc Trang Province in southern Vietnam to address the issue.

The company dismissed the claims as false and defamatory, asserting that the images were unclear and not related to its products.

It called for a legal investigation and demanded the removal of all misleading content, along with a public correction to restore its reputation.

Authorities in Soc Trang on Friday launched an investigation into food safety practices at Fresh Shop operated by C.P. Vietnam, following a viral social media post alleging the sale of contaminated meat.

Inspectors found no evidence of spoiled or expired pork or chicken.

However, the store's food safety certification had expired over two months ago.

Besides, it failed to show key documents such as the original business registration and food safety training certificates for staff.