Asia Coconut Processing Joint Stock Company (Vietnam)

The subject is one of subsidiaries of Aig Asia Ingredients Corporation (AIG). AIG is a distributor of food and functional ingredients in Vietnam and also owns extensive manufacturing facilities and an in-house laboratory for product development, which positions it as a unique integrated food solutions provider. At the end of 2023, AIG announced that Marubeni Growth Capital Asia Pte. Ltd. (MGCA) has become a strategic partner via the acquisition of a significant minority interest in the company. Following this deal, Marubeni becomes a strategic business partner of AIG. The Japanese company is committed to supporting AIG's strategic business transformation and further expansion.Being a member of the ecosystem of AIG, the subject plays the role of manufacturing and trading coconut products (desiccated coconut, coconut water, coconut cream, coconut oil and coconut milk powder, etc.). Its products are exported to many markets including Australia, EU, South Korea, Japan, China, Taiwan, Malaysia, the USA, and so on. According to the Q4/2023 separate financial data of parent company, the subject brought AIG for VND 27.3 billion in dividends as at 31 Dec 2023.With the new corporation of the parent company and Marubeni, it is expected that the business result of AIG in general and the subject in particular will get a better result because Vietnam's food market is one of the fastest growing markets with an annual growth rate of approximately 8% supported by the country's emerging economy, which is projected to become the second largest in Southeast Asia by 2036.