Speaking at the AGM, Chung Ji Kwang, chairman of the boarda Traphaco, said, "Even though our performance did not meet 100 per cent of the 2023 plan, we were able to see some meaningful achievements for the future development of the company. In terms of business, the ETC business posted significant growth of more than 23 per cent against last year. Despite the current ETC business volume not accounting for a large proportion of Traphaco's total size yet, it is one of the most important functions that will lead to strong growth."

In addition, non-herbal products grew by 6 per cent against last year. The company also earned good revenue from pharmacy chains Pharma City and Long Chau. Meanwhile, business development products with Traphaco's main partners also exceeded the target and showed double-digit growth from 2023, including the first phase of technology transfer for its products.

"As a result of the restructuring that began in 2021, I believe that Traphaco families and major shareholders and external investors will acknowledge the performance of our innovative moves and strategies," the chairman said. "In addition to these business aspects, Trapahco has successfully implemented its digital transformation project to make our internal operations more transparent and effective."

Chung pointed out the core tasks Traphaco needs to accomplish. First is the EU-GMP upgrade project. In such a rapidly changing pharma market where continuous innovation and self-growth are inevitable, the highest level of GMP standard in the industry is not optional any more. Other competitors in Vietnam have already shown remarkable competitiveness in the field by upgrading EU-GMP for their facilities, and Traphaco cannot delay this project any longer.

Next, Traphaco will enhance its research and development (R&D) capabilities, including technology transfer. In the oriental medicine segment, the company has researched and launched high-end product lines. Last year, sales of premium oriental medicine grew five times compared to 2020, when Boganic Premium was first launched, proving that high-quality product lines have a firm place in the market.

Regarding the modern medicine segment, Traphaco is focusing on new technology products, bioequivalence, and its first generic drugs. These products are identified as high-quality western medicines, providing treatment for diseases with a large market and high demand, such as, cardiovascular, stomach, hepatobiliary, diabetes, and infections.

"The competitiveness of a pharmaceutical company is based on its R&D abilities. Traphaco has to demonstrate its excellent competitiveness in the R&D field through more technology transfer, and the development of generic and combination drugs. To facilitate this goal, we are ecruiting outstanding external R&D experts, investing more in internal departments, and enhancing our workforce," the chairman added.

In addition, Traphaco will focus on exporting products to the Southeast Asian market through Daewoong's global network.

Cha Jun Woo, a Daewoong director, said, "The performances that Trapaco has shown so far in Vietnam are truly amazing. Despite the sometimes stagnant economic situation in Vietnam, Traphaco's continued and steady growth shows its great strengths and capabilities.

I will do my best to accelerate technology transfer from Daewoong to Traphaco, expand the western pharmaceutical business, and increase Traphaco's global presence."

"With all my experience and knowledge in business development in the Southeast Asian market, especially in Vietnam, I will contribute to setting up a new path for a better future in terms of TRA’s domestic/overseas brand awareness and value. Through this, I hope Traphaco will be not only the No.1 company in Vietnam in herbal medicine, but also gradually affirm its position in the ETC market with innovative western medicine products," he added.

At the AGM, shareholders approved a 40 per cent cash dividend payment for 2023 and set a minimum cash dividend plan of 30 per cent for 2024. They also greenlighted a growth target with consolidated revenue of VND2.5 trillion ($99.8 million), and consolidated after-tax profit of VND303 billion ($12 million), up 7 per cent and 6 per cent, respectively, from a year earlier.