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MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

Dear Shareholders, Investors, Partners, and Customers,

The years 2023-2024 have continued to present challenges for the global economy, with economic recessions, high inflation, and geopolitical conflicts. However, Vietnam’s economy has shown resilience, especially within the sugar industry, which has recorded positive signs of recovery.

In this context, LASUCO has achieved impressive results:

– Revenue: USD 123 Million, the highest in history.
– Profit: USD 7 Million
– Dividend: 12%
We are focusing on a sustainable development strategy that includes:

– Expanding raw material areas and improving productivity.
– Promoting import and export trade.
– Applying 4.0 technology in management and production.
– Repositioning and synchronizing brand identity.
– Ensuring the harmony of interests between employees, shareholders, and customers.

In the fiscal year 2024-2025, LASUCO will continue to strive to overcome difficulties and adapt flexibly to changing circumstances. We will:

Strongly cooperate with farmers to increase the area of raw materials.
Enhance production capacity and optimize existing factories.
Proactively identify risks and respond effectively to market fluctuations.
The Board of Directors would like to express our sincere gratitude for your ongoing support and partnership. With determination, a steadfast spirit, and core values, LASUCO is committed to continuing its sustainable development, working toward the goal of “Cooperation – Sustainable Development.”

On behalf of the Board of Directors,
Le Van Tan
Chairman of the Board of Directors

On behalf of the Board of Directors,
Le Van Tan
Chairman of the Board of Directors

THE FORMATION AND DEVELOPMENT OF LAM SON SUGAR JOINT STOCK COMPANY (LASUCO)
Early Stage (1980-1989):

1980

The Lam Son Sugar Factory was approved for construction with a capacity of 1,500 tons of sugarcane per day, utilizing French technology.

1999

December 6, 1999: Transitioned to a joint stock company with charter capital of VND 186 billion. For the first time, farmers were allowed to purchase shares (22.5%).

2001-2010

Increased charter capital from VND 200 billion (2001) to VND 400 billion (2010) and listed LSS shares on the Ho Chi Minh City Stock Exchange (2007).

2012

Increased the capacity of Sugar Plant No. 2 to 8,000 TCD.

2013

Developed the Lam Son High-Tech Agricultural Zone (VND 135 billion).

2020

Operated the Lavina Food factory, producing brown rice milk and sugarcane cellular nutrition water.

2023

Increased charter capital to VND 745.48 billion.

2024

Raised charter capital to VND 801.35 billion.

Built a stable raw material region of 15,000-20,000 hectares.

Owns two sugar factories with the largest capacities in Vietnam.

Developed premium products such as Mitaji brown rice milk.

Focused on sustainability through high-tech agriculture and environmental protection.

CREATIVITY – FRIENDLINESS – UNITY – COOPERATION – HONESTY
These values are the guiding principles that help LASUCO develop sustainably and maintain the trust and loyalty of partners, customers, and the community.

VISION

To become the leading corporation in Vietnam, pioneering the application of high technology to develop clean products from nature, meeting the nutritional needs and expectations of global consumers.

MISSION

To provide global consumers with high-quality, safe, and reliable products made from nature.
To create added value for shareholders, farmers, customers, and employees.
To actively contribute to the development of the community.

CORE VALUES

Creativity: Always seeking new ideas, daring to change and innovate for development.
Unity: Success only comes when everyone works together.
Cooperation: Developing for the benefit of the community and the environment.
Honesty: Committed to telling the truth, doing the right thing, and taking responsibility to the end.
Friendliness: Acting with humanity, building relationships without jealousy.

BUSINESS PHILOSOPHY

“Product quality is honor” LASUCO is committed to superior quality in each product, demonstrated through dedication and responsibility at every stage of production.

MAIN BUSINESS LINES

Manufacturing Industry:

Sugar and electricity production.

High-tech Agricultural Products:

High-quality vegetables, flowers, and fruits.
Organic rice production.

Industrial Production:

Construction materials.
Beverages and rice milk.

Production and Processing:

Alcoholic and non-alcoholic beverages.
By-products from sugar, agriculture, forestry products, and animal feed.
Plant and animal breeding and product consumption.
Food and agricultural product processing.

Service Business:

Transportation, mechanics, and raw material supply.
Hotels, catering, trade, and import-export.
Machinery and equipment repair and processing.
Land preparation services for agriculture and forestry.

Research and Development:

Agricultural and industrial science.
Clean water technology for production and daily life.

SCOPE OF BUSINESS AND ACTIVITIES

LASUCO conducts business activities within the framework of:
Business registration certificate and Company Charter, ensuring compliance with legal regulations.
Implementing effective measures to achieve the sustainable development goals of the enterprise.

Organizational chart

General Meeting of Shareholders:
Board of Directors (BOD)
Board of Supervisors
General Director: Oversees all activities of the company.
Deputy General Director
Main Departments:
Planning and Investment Department
Quality & Environmental Survey Department
Finance and Accounting Department (TKKT)
Organization and Human Resources Department (TCNS)
Warehouse Management Department (WMD): Manages inventory.
Project Department
Medical Station
Subsidiaries and Affiliates
Lam Son Sugarcane High-Tech Agro Company Limited.
Lam Son – Ba Thuoc Investment and Development Joint Stock Company.
Tam Phu Hung High-Tech Food Company Limited.
Lam Son – Sao Vang Company Limited.
Lam Son Fertilizer Joint Stock Company.
Lam Son Payment Schedule Service Company Limited.
Lam Son Import-Export and Trading Company Limited.
Thanh An – Lam Son Company Limited.

Personnel Organization and Labor Policies:

Labor Structure for 2023-2024:
Total number of employees: 1,000 (35 fewer than last year).
By education level:
Postgraduate: 1.4%
University or higher: 25.3%
College or intermediate: 22.1%
Technical workers: 43.4%
General workers: 7.8%

Member Companies:

Lam Son – Sao Vang Company Limited

Established: December 26, 2003.
Headquarters: Sao Vang Town, Tho Xuan District, Thanh Hoa.
Charter Capital: 20 billion VND, Lasuco holds 100% of the capital.
Business Lines: Growing sugarcane, rubber, fruit trees, construction materials, processing vegetables and fruits, and caring for agricultural seedlings.

Lam Son – Thieu Hoa Company Limited

Established: December 9, 2011, formerly Van Son Agricultural Industry Service and Trade Joint Stock Company.
Headquarters: Thieu Hoa Town, Thieu Hoa District, Thanh Hoa.
Charter Capital: 100 billion VND, Lasuco holds 100% of the capital.
Business Lines: Growing sugarcane, beans, ornamental plants, livestock, and post-harvest services.

Tam Phu Hung High-Tech Food Company Limited

Business: Seed processing, wood exploitation, meat processing, vegetables, forest products, and forestry services.

Lam Son – Ba Thuoc Development Investment Joint Stock Company

Established: February 18, 2011.
Headquarters: Canh Nang Town, Ba Thuoc District, Thanh Hoa.
Charter Capital: 18 billion VND, actual contribution of 13.5 billion VND, Lasuco accounts for 100%.
Business Lines: Growing sugarcane, spices, medicinal plants, wood exploitation, forest products, and manufacturing wooden furniture.

Lam Son Trading and Import-Export Company Limited

Headquarters: Lam Son Town, Tho Xuan District, Thanh Hoa.
Charter Capital: 26 billion VND, Lasuco’s capital contribution: 9.86 billion VND.
Business Lines: Retailing food, processing vegetables, meat, agricultural equipment, and import/export.

Lam Son Sugarcane High-Tech Agriculture Company Limited

Headquarters: Lam Son Town, Tho Xuan District, Thanh Hoa Province.
Charter Capital: 139 billion VND.
Business Lines:
Agricultural seedling care.
Growing sugarcane, vegetables, beans, flowers, fruit trees, and perennial plants.
Cultivation and post-harvest services.
Research and development of natural sciences and technology.

Lam Son Fertilizer Company Limited

Headquarters: Da Dung Village, Xuan Phu Commune, Tho Xuan District, Thanh Hoa Province.
Charter Capital: 32 billion VND.
Lasuco’s Capital Contribution: 43.59%.
Business Lines:
Production of fertilizers and nitrogen compounds.
Road freight transport.
Fertilizer trading.
Cultivation, livestock, and post-harvest services.

Lam Son Fertilizer Joint Stock Company

Headquarters: Thanh Hoa.
Business Lines: Trading in petroleum, processing, construction, freight, and passenger transport.

Lam Son Fertilizer Company Limited MTV Thanh An – Lam Son

Headquarters: Tho Xuan Commune, Thanh Hoa Province.
Charter Capital: 1.8 billion VND.
Business Lines:
Mechanical services, auto repair.
Restaurant business, catering services.
Construction materials business, wine production.

Vietnam – Sweden Wine Joint Stock Company

Business Lines:
Production of non-alcoholic beverages and mineral water.
Trading of other wines and beverages.
Related technical consulting.

Sugar Products

The brand is now available in:
China, USA, Japan, EU, Middle East, Singapore, Malaysia…

Beverage products

The brand is now available in:
China, USA, Japan, EU, Middle East, Singapore, Malaysia…

Development Orientation of Lam Son Sugarcane High-Tech Agriculture Company Limited (Fiscal Year 2024-2025) Challenges and Opportunities:

In 2024-2025, despite facing numerous challenges from fluctuations in global sugar prices, natural disasters, floods, and unusual weather, the Company is determined to maintain and stabilize production and business operations. The Company will leverage the advantages and experience gained over the past 44 years to achieve its key targets for this fiscal year.
Key Targets for Fiscal Year 2024-2025:
Raw Sugarcane:
Output is expected to reach 700,000 tons.
Sugarcane quality is set to increase by 5% compared to 2023-2024.
Imported raw sugar output will be calculated to match production needs.
Sugar Production Output:
Total sugar production across all types is targeted to reach 126,400 tons.
Consumption Output:
Total consumption output is projected to reach 115,000 tons.
Sales Revenue:
Revenue is expected to reach VND 2,700 billion, a 100.3% increase over the same period.
Pre-Tax Profit:
Profit is projected to reach VND 145 billion, a 100.9% increase over the same period.
Dividend:
The expected dividend is 10-15%.

LASUCO’s Highlights in 2023-2024

Expanding Production and Business Scale:
LASUCO has significantly expanded its production scale, achieving high revenue and profit compared to the same period. This expansion not only creates many new job opportunities but also increases the average income of workers by 15-20%.

Import-Export Growth:
LASUCO reached a milestone by exporting 15,000 tons of sugar to 8 countries worldwide, marking a strong shift toward expanding its international market. In addition, MIATA canned sugarcane juice products are now exported to 9 countries, including Japan, Korea, the US, Germany, Finland, the Czech Republic, the Netherlands, China, and Dubai.

Investing in Technology and Improving Raw Material Quality:
The company has focused its resources on enhancing soil nutrition, innovating sugarcane varieties, and applying digital technology in raw material management. As a result, sugarcane productivity reached its highest level ever, and the quality of sugarcane production has continually improved.

Management Reform:
The new management structure has been officially operational since July 1, 2024, with an organizational structure aligned with the capacity and qualifications of employees, meeting the company’s development needs for the new period.

Developing Sports Culture and Connecting with the Community:
Cultural and sports initiatives have received strong investment, fostering a spirit of solidarity and cooperation. These activities also help the company connect with the sugarcane community, local authorities, and organizations, creating a solid foundation for the physical and mental development of all employees.

LASUCO’s production and business performance (2023-2024)

Major investments as of June 30, 2024

No.	Project	Amount (VND)
1	Thanh Tam Bamboo and Luong Ecological Park	272.308.494.381
2	Lam Son High-Tech Agricultural Area	13.339.683.931
3	Expansion of Lam Son High-Tech Agricultural Area	17.049.797.421
4	Investment in Concentrated Cane Juice System	17.695.671.956
5	Other Projects	12.286.678.625
Total		332.680.326.314

Key financial indicators

Indicator	This Year (Million VND)	Last Year (Million VND)	Change (%)
Total Liquidity Ratio	2,47	2,86	0,05
Immediate Liquidity Ratio	0,02	1,36	1,35
Current Ratio	1,36	1,35	0,01
Debt-to-Total Assets Ratio	4,56	1,67
Equity-to-Total Assets Ratio	4,09	1,19
Profit After Tax/Net Revenue (%)	5,34	2,2

Financial situation

This Year (Million VND)	Last Year (Million VND)	Change (%)
2.970.259	2.542.062	16,80%
2.692.398	1.807.631	48,90%
151.033	38.237	295,00%
-7.274	1.506	-583,00%
143.759	39.743	261,70%
121.359	30.129	302,80%

ENVIRONMENTAL AND SOCIAL IMPACT REPORT

1. MATERIAL RESOURCES MANAGEMENT:
a) Total amount of raw materials used:
Total sugarcane: 563,734.9 tons
Total bagasse: 155,800.6 tons
Total ash: 15,999.24 tons
Total sludge: 15,078.68 tons
b) Raw material recycling rate:
Sugarcane bagasse: 100% recycled as fuel for boilers, steam supply, and electricity generation for production. Bagasse is also used to supply electricity to the national grid.
Sludge ash: 100% recycled into fertilizer for the raw material area.
Wastewater: 60-70% of treated wastewater is reused, returning to serve production.
2. ENERGY CONSUMPTION:
a) Energy consumption:
Direct energy consumption: Using self-generated electricity from the production process.
Indirect energy consumption: Using electricity from the national grid.
b) Energy savings through initiatives to use energy efficiently:
CDM cogeneration project: Helps save bagasse for burning in the power plant, supplying electricity to the national grid.
c) Results of energy-saving initiatives:
Solving the problem of production waste by reusing waste as raw materials for other manufacturing industries.
Reducing air pollution and fossil fuel use.
Saving waste treatment costs, reducing electricity costs, and generating profits from selling electricity.
3. WATER CONSUMPTION:
a) Water supply:
Water source: From the Chu River through the Nong Giang Canal, using automatic pumps.
Water usage: 600,000 m³ for the 2023-2024 pressing season.
b) Water reuse:
Water recycling and reuse rate: Wastewater from the cooling process is recovered and pumped for use in production.
Wastewater treatment: Wastewater with a pollution index of 50-70 mg/L is treated and reused for agriculture and production.
4. EMISSIONS:
Smoke and dust from three boilers are effectively treated by cyclone and electrostatic systems with an efficiency of 95%.
Small dust from transport vehicles and road dust is thoroughly controlled.
5. SOLID WASTE:
Domestic waste: Includes trash and leaves, generated insignificantly.
Production waste: Mainly ash from burning bagasse and filter sludge, used as fertilizer for sugarcane growing areas.
Hazardous waste includes items such as rags, asbestos cardboard, grease, bottles, and neon bulbs, which are processed under a contract with a specialized company.

ASSESSMENT RELATED TO SOCIAL RESPONSIBILITY

Commitment to Reducing Greenhouse Gas Emissions: In response to Vietnam’s Net Zero target by 2050, Lasuco conducts annual greenhouse gas inventories and implements “Green” solutions in production. Notably, the company has launched renewable energy projects utilizing sugarcane bagasse, significantly contributing to the reduction of greenhouse gas emissions.

Development of Renewable Energy: With over 8,000 hectares of sugarcane fields, Lasuco not only reduces emissions but also creates a sustainable source of renewable energy, aligning with green development goals.

Social Activities and Sponsorships: The company regularly undertakes sponsorship programs, including building “gratitude houses” for disadvantaged families, particularly in areas affected by floods. Additionally, Lasuco provides support to Heroic Vietnamese Mothers and organizes visits and assistance for families of war martyrs, affirming its commitment to social responsibility.

LASUCO Strategic Plan 2024-2025

LASUCO Strategic Plan 2024-2025
Main Objectives:
Revenue: VND 2,700 billion
Pre-tax Profit: VND 145 billion
Dividends: 10-15%
Operational Directions:
1. Sugarcane Industry:
– Enhance the care and improvement of raw material areas to increase sugarcane quality and productivity.
– Optimize production efficiency, saving energy and raw materials.
2. High-Tech Agriculture Sector (CNC):
– Improve the quality of key products such as golden melons and orchids.
3. Rice Industry:
Expand partnerships in raw material regions and seek export partners.
4. Bamboo and Eco-Park Projects:
Complete legal procedures and construction works for the projects.
5. Trade and Market Development:
Expand the distribution system, promote exports, and develop Lavina Food’s commercial network.
6. Management and Finance:
Enhance organizational structure, improve human resource management, and apply digital transformation and IT to increase operational efficiency.