Camimex wins appeal, keeps 175 billion VND seafood plant as Hung Vuong suit dismissed

Overview

Camimex (CMX) has won an appellate court ruling that overturns a previous decision requiring it to return a seafood processing plant it acquired at auction for 175 billion VND. The court dismissed the lawsuit filed by Hung Vuong (HVG), which had sought to reclaim the asset. This legal victory removes a significant overhang for Camimex, which is listed on the UPCoM exchange.

Key Facts

• The appellate court ruling was issued on 23/6/2026 by the People’s Court of Cần Thơ.
• The court overturned the entire first-instance judgment that had annulled the auction results and the sale contract, and had ordered Camimex to return the plant.
• The plant is located in An Hiệp Industrial Park, formerly in Bến Tre province, and was previously owned by Hùng Vương Bến Tre, a subsidiary 90% owned by Hung Vuong (HVG).
• The facility, operational since late 2015, sits on nearly 30,000 m² and has a daily processing capacity of about 250 tonnes of raw material.
• Camimex won the auction in October 2023 with a bid of 175 billion VND (approximately USD 7 million), after the first auction attracted no bidders.
• The land use rights were transferred to Camimex in September 2024.
• Hung Vuong’s lawsuit sought to annul the collateral processing documents, auction service contract, auction results, and the sale contract, and demanded the return of the property.

What Happened

The appellate court’s decision, announced on 23/6/2026, fully reversed the earlier ruling from the Bến Tre provincial court, which had sided with Hung Vuong and its subsidiary. The appellate panel annulled the first-instance judgment and dismissed the case, effectively confirming Camimex’s ownership of the plant.

The dispute originated from BIDV’s foreclosure on the plant after Hùng Vương Bến Tre defaulted on loans. The bank conducted an auction, which Camimex won in October 2023. Hung Vuong and its subsidiary argued that the asset handover was signed by an unauthorized person, that the board of members had not approved the disposal, and that the auction process had procedural violations. The appellate court rejected these arguments, upholding the auction and sale.

Market Context

Camimex (CMX) trades on UPCoM, with its stock closing at 4,610 VND on 30/7/2026. The legal dispute had been a key overhang for the stock, and this favorable ruling could improve investor sentiment. In the broader seafood sector, Vietnamese companies have been navigating legal and market challenges, but Camimex’s resolution of this dispute removes a specific risk factor.

Strategic Significance

For long-term investors, this ruling solidifies Camimex’s ownership of a strategic asset at a price that may be below replacement cost. The plant adds processing capacity and geographic diversification, supporting Camimex’s growth in the seafood export market. The dismissal of Hung Vuong’s claims also reduces the risk of future litigation, though HVG could still appeal to higher courts. This outcome strengthens Camimex’s balance sheet and operational stability.

What to Watch

• Any further appeal by Hung Vuong (HVG) to the Supreme People’s Court, which could prolong the dispute.
• Camimex’s next quarterly earnings report to assess the financial impact of retaining the plant.
• Utilization rates and production output from the acquired plant in subsequent quarters.
• Any changes in BIDV’s relationship with Camimex following the resolution of the collateral dispute.
• Regulatory or legal developments in Vietnam’s auction and collateral enforcement processes that could affect similar cases.