Press Releases of the Vinacontrol Annual General Meeting of Shareholders

On June 26^th 2020, Vinacontrol Group Corporation hold the Annual General Meeting of Shareholders 2020 at the International Conference Center with the participation of the General Manager, Board of Directors, Board of Supervisors, and shareholders of Vinacontrol Group. The Annual General Meeting of Shareholders has approved the report on business results and profit distribution of 2019, the business plan for 2020, and other important contents. 

Regarding business results in 2019, Vinacontrol Group received 90,934 evaluation requests, issued 146,535 certificates, up 6.02%, and 6.48% respectively, compared to the same period last year. The total consolidated revenue of Vinacontrol reached VND 565.79 billion, profit after tax reached VND 34.94 billion, respectively 100.34% and 103.26%, compared to 2018.

Revenue of inspection, testing, and certification services of Vinacontrol for key fields such as agricultural products, food safety, coal, petroleum, machinery and equipment, animal feed, textile products, ... maintained stability over the years. Besides, Vinacontrol continues to be appointed by the Ministries for specialized inspection activities, issuing certificates of conformity, ensuring the quality of goods under the provisions of the State. In particular, the revenue from inspection of used machinery, equipment, and technological lines imported in 2019 increased sharply, by 151.96%, compared to the same period last year.

2020 is a turbulent year because of the Covid-19, affecting not only economic activities but also the supply chain. By the end of the first 5 months of 2020, the signs of decline in import and export turnover and production of some key fields have changed the business plan of Vinacontrol.

However, Free Trade Agreement between Vietnam and the European Union (EVFTA), which was finalized by the European Council on April 24, 2020, is particularly crucial for the Vietnamese economy and the Vietnamese business community after the effects of the Covid-19 epidemic.

In 2020, Vinacontrol continues to exploit specialized inspection support services, which is accounting for a large proportion of revenue; invest in analytical and testing capacity for several key fields/commodities to meet rapidly increasing inspection and certification demands of export and import enterprises after the EVFTA and EVIPA officially came into force.

Facing macro difficulties, especially the impact of Covid-19 epidemic, Vinacontrol adjusted business plan of 2020 to slightly decrease, compared to the same period last year, specifically, revenue reached VND 550 billion, profit after tax reached VND 33.8 billion and a minimum dividend rate of 12% on charter capital.