SUSTAINABILITY REPORT 2024
SUSTAINABILITY REPORT 2024
SUSTAINABILITY REPORT
2024
Vietnam is entering a new era - a period of national resurgence driven by science, technology, and innovation as key engines of growth.
The PAN Group's sustainability efforts in 2024 re昀氀ect a spirit of pioneering leadership, anticipation of future trends, and the creation of new value, contributing to the sustainable development of Vietnam's agriculture and food sectors.
The image of PAN people "activating the innovation switch" illustrates the dawn of a modern agriculture - where farmers adopt advanced technologies, from precision farming and automation to arti昀椀cial intelligence (AI) and blockchain for traceability. These solutions not only enhance ef昀椀ciency but also reduce environmental impact, optimize resources, and protect agricultural ecosystems.
Beyond technology, PAN is also innovating in governance, supply chain management, and development strategy. Circular economy models, green production, and sustainable consumption are actively applied across the Group, aiming to build a modern, competitive, and environmentally responsible agricultural ecosystem.
Innovation is not merely a strategy - it is the lifeblood of every step we take. As we continue to "ignite creativity" among the 11,000 people of PAN, we are also committed to generating and spreading sustainable value to farmers, partners, investors, and stakeholders - reaf昀椀rming the global position of Vietnam's agricultural and food products.
1 THE PAN GROUP 2
TABLE OF CONTENTS
MESSAGE FROM THE CEO 06
2024 HIGHLIGHTS 08
72
PART III. SUSTAINABILITY PERFORMANCE RESULTS
SUSTAINABILITY PERFORMANCE INDEX GRI INDEX TABLE
156
162
584 584
NHA TRANG NHA TRANG
ENVIRONMENT 74
30
PART I. OVERVIEW 12
PART II. SUSTAINABILITY GOVERNANCE
Climate change 76
Water and wastewater management 88
Circular economy 94
General information
14 ECONOMIC DEVELOPMENT 32
Biodiversity
103
Journey to building a sustainable future 16
Business areas and distribution channels 18
Economic performance
Market presence
34
Regenerative agriculture
35
108
Supply chain
26 Indirect economic impact
SOCIAL 116
36
Association membership
28 Anti-corruption Tax
Human resource
38
Customers, partners, suppliers,
Technology and digital transformation Sustainability performance index
TOWARDS THE FUTURE
148
150
152
THE PAN GROUP
4
39 consumers
118
132
SUSTAINABILITY STRATEGY 40
Sustainability governance and 42
organizational structure
Financial risk management 47
Sustainable development strategy 52
Sustainability goal framework 56
Community value sharing PAN innovation awards
141
146
REPORT OVERVIEW 58
De昀椀ning report content 60
Report independence statement 70
Report information 71
3
SUSTAINABILITY REPORT 2024 MESSAGE FROM THE CEO
MESSAGE FROM THE CEO
Thanks to these persistent efforts, PAN has solidified its reputation: 5 consecutive years among Vietnam's Top 100 Sustainable Enterprises and 4 straight years in the Top
20 ESG performers on the stock market. This success is the result of unity, creativity, and tireless dedication from nearly 11,000 The PAN Group members.
In 2024, The PAN Group has written an inspiring new chapter in its journey towards sustainable development. Not only did we overcome challenges, but we also seized opportunities to reaf昀椀rm our position as a leading force in Vietnam's agriculture sector.
Amidst a volatile economic and market landscape, PAN has continuously innovated and adapted to grow. Innovation is not merely a choice-it is essential to our sustainable growth. Thanks to our well-de昀椀ned strategy, PAN achieved VND 16,182 billion in net revenue, up 23% year-on-year, and recorded an all-time high post-tax pro昀椀t of VND 1,167 billion. These achievements are especially signi昀椀cant given the global economic headwinds and unpredictable impacts of climate change.
Agriculture, being highly sensitive to external factors, requires creative and 昀氀exible solutions. Recognizing this, PAN has proactively built a sustainable business strategy focused on crop restructuring, technological advancement, and product quality improvement.
We made signi昀椀cant strides in expanding sustainable agricultural models. Highlights in 2024 include over 1,035 hectares of high-quality, low-emission rice cultivation in the Mekong Delta, alongside nearly 620 hectares of sustainable shrimp and pangasius farming in Soc Trang and Ben Tre. Internally, we promoted sustainable governance through our PANSI assessment program, implemented across 10 member companies.
Our spirit of innovation continued to thrive in the third season of The PAN Group Innovation Awards, which selected 23 outstanding initiatives from over 500 ideas. These innovations were realized in 2024, driving production ef昀椀ciency, product quality, and long-term value for the company. PAN's innovation and sustainability efforts have also been recognized by international 昀椀nancial institutions. During the year, Standard Chartered disbursed USD 20 million for our rice, aquaculture, and cashew projects, with an additional USD 10 million in green昀椀nancing agreed upon during COP28.
Thanks to these persistent efforts, PAN has solidi昀椀ed its reputation: 5 consecutive years among Vietnam's Top 100 Sustainable Enterprises and 4 straight years in the Top 20 ESG performers on the stock market. This success is the result of unity, creativity, and tireless dedication from nearly 11,000 The PAN Group members.
With these proud accomplishments, I would like to extend my heartfelt thanks to our valued shareholders, customers, and partners for their continued support. I also express my deepest appreciation to our dedicated employees, whose innovation and commitment deliver not only business value but also lasting impact on the community.
Looking ahead, PAN will remain steadfast in its ambition to become a leading agri-food company in the region and beyond, guided by innovation and sustainable development. Our success will not only be measured by impressive numbers but also by our ability to create, adapt, and deliver long-term value to society. Together, let us continue to "Inspire Innovation" and build a stronger, more prosperous The PAN Group.
Sincerely,
Chief Executive Officer
Nguyen Thi Tra My
5 THE PAN GROUP 6
VND 675.89 BILLION
contribution to state budget19.5% REDUCTION
in CO2 emissions intensity (tons per VND billion revenue)
2024 HIGHLIGHTS
VND 94.33 BILLION
in value generated from innovation initiatives 493,75140,000 farming households and 220 cooperatives
engaged in rice value chain contract farming
LÚA XANH LÚA XANH
farmer engagements in safe and effective pesticide training and knowledge transfer
1,035.3 ha of low-emission,VND 12.7 BILLION
spent on CSR programs
high-quality rice farmingN
17 ha
of restored wetland melaleuca forest
VND 16,182 BILLION
total net revenue in 2024584 584
HA TRANG NHA TRANG
21.3% REDUCTION
in water consumption intensity (1,000 m³ per VND billion revenue)
4.15 MWp
total installed solar
energy capacity as of 2024
7 THE PAN GROUP 8