Agri firm invokes divine inspiration with new moniker

The Mekong Delta province of Dong Thap-based An Giang Plant Protection Joint Stock Company (AGPPS) has publicly changed its name to Loc Troi Group, a name that literally means “God’s Gift”. It is based on the fact that local farmers, for thousands of years, have believed that God endows them the vast fields and fertile lands to grow crops. God’s Gift, as such, is the original source of life.

“The name AGPPS dates back to the year 1993, when the company was first established. It originated from the distribution of crop protection chemicals (CPC) to farmers by the An Giang Department of Plant Protection. After 22 years of development, the name AGPPS is no longer suitable for the company’s operation and vision.” said Huynh Van Thon, Loc Troi Group chairman and CEO.

“The name change aims to provide new context to our development of a sustainable agricultural value chain, and give our staff a whole new spirit,” he added

“The company is pursuing a vertically-integrated value chain in agriculture and food production and consumption, and CPC distribution is an integral part of the entire value chain,” said senior associate Luong Thi Thu Ha of Mekong Capital – the private equity firm that invests in AGPPS under its Vietnam Azalea Fund.

“Furthermore, the geographic scope of business is no longer limited in An Giang province. The company has a production and distribution network throughout Vietnam and Cambodia, and has exported its products to more than 30 countries in the world, including Japan, Singapore, Hong Kong, China, Laos, and Cambodia,” added Ha.

Known and trusted by local farmers for the past 22 years, Loc Troi has grown from a distributor of agricultural products to a well-rounded agriculture value chain, which keeps farmers at the heart of its business.

Loc Troi is currently the largest domestic distributor and manufacturer of crop protection chemicals in Vietnam. It has a nationwide distribution network of 25 branches, 500 wholesale agents, and a team of over 1,200 agronomists. The company takes on approximately 28 per cent of Vietnam’s market share in crop protection chemicals.

“The company has been doing well. Since Mekong Capital’s investment from 2008 to 2014, AGPPS has enjoyed a compound annual growth rate (CAGR) of revenue and net profit by 33.9 per cent and 22.9 per cent, respectively,” noted Ha.

According to Thon, after the company name was changed, Loc Troi also launched its new corporate vision to 2045. By then, it expects to become a world-class agriculture corporation with a sustainable value chain.

In addition, this new vision comes with a number of major commitments. First of all, the company has committed to transform itself into a world standard food and agricultural company, providing safe, quality products to consumers.

Second, Loc Troi will intensively invest in R&D, to develop high quality seeds and continuously improve planting technologies that will increase the value of agriculture products.

And last but not least, Loc Troi continues to work closely with farmers to offer them total solutions that will ensure both high yield and minimal use of chemicals, working ultimately toward organic farming.

“We will continue to assist Loc Troi to apply the best practices in management and agribusiness, including the introduction of international experts to act as advisors to the company,” stressed Ha.