A Vietnamese customs authority levied a fine against a food subsidiary of a major Philippine conglomerate, stemming from a labeling issue on imported goods. The penalty, equivalent to roughly 63,250 Philippine pesos, was issued to Gold Coin Feed Mill Ha Nam Co. Ltd. for non-compliance with local labeling regulations.
The infraction involved imported products arriving at Dinh Vu Port that lacked the necessary labeling as mandated by Vietnamese law. Authorities promptly instructed the company to remove the non-compliant goods from the country within a ten-day timeframe, alongside the financial penalty.
The parent company swiftly addressed the situation, confirming the fines have been paid and the process of re-exporting the affected products is underway. Importantly, officials emphasized that the issue was solely related to labeling and did not involve any concerns regarding product safety or quality.
Gold Coin, a key component of the broader Aboitiz Foods portfolio, maintains a firm commitment to adhering to all regulatory standards in every region where it conducts business. This dedication to compliance underscores the company’s responsibility as a major player in the food and agribusiness sector.
The Aboitiz conglomerate, with diverse interests spanning power, finance, real estate, and infrastructure, recently reported a significant surge in third-quarter profits. A substantial portion of this growth was fueled by the strong performance of its food and beverage division.
Despite the positive earnings report, the company’s overall nine-month consolidated net income experienced a slight decline. The food and beverage segment, however, remained a vital contributor, accounting for a quarter of the total earnings generated during the first nine months of the year.
Following the announcement of the fine and earnings report, the company’s shares experienced a modest dip in trading. The stock closed at P26.70 per share, representing a decrease of 0.74% or 20 centavos.
