Aboitiz unit fined for labeling violation on imported goods in Vietnam

GOLD COIN Feed Mill Ha Nam Co. Ltd. (GCFHN), a food subsidiary of Aboitiz Equity Ventures, Inc. (AEV), was fined by Vietnamese authorities for failing to include the required labels on imported products, the company said on Thursday.

In a disclosure, AEV said that GCFHN was penalized 27.5 million Vietnamese dong (about P63,250) by the Dinh Vu Port Border Gate Customs for imported goods that did not meet Vietnam’s labeling requirements.

The company was also instructed to re-export the noncompliant goods from Vietnam within 10 days.

AEV said it has settled the imposed fines and is actively working on the re-export process.

In a statement, Gold Coin said that “no product safety or quality issues were identified.”

“As a responsible food and agribusiness company, we remain committed to full regulatory compliance in every market where we operate,” it added.

Gold Coin is a subsidiary of Aboitiz Foods Pte. Ltd., which is wholly owned by Singapore-based AEV International Pte. Ltd. and AEV.

The conglomerate operates primarily in power, food and beverage, financial services, real estate, and infrastructure.

AEV reported a 71% increase in third-quarter net profit to P8.9 billion, driven by strong performance in its food and energy units, although its nine-month consolidated net income declined 8% to P17.3 billion.

Its food and beverage segment, managed under Aboitiz Foods Pte. Ltd., contributed P5.2 billion, or one quarter of total earnings, in the first nine months.

AEV shares on Thursday fell 0.74% or 20 centavos to close at P26.70 apiece. — Beatriz Marie D. Cruz