Dong Hai Joint Stock Company of Ben Tre

What Dong Hai Joint Stock Company of Ben Tre does

Dong Hai Joint Stock Company of Ben Tre (DOHACO), listed on Ho Chi Minh Stock Exchange under ticker DHC, is a Vietnamese vertically integrated packaging manufacturer founded in 1994 and headquartered in the Mekong Delta province of Ben Tre. The company operates two linked business lines: industrial paper production (Testliner and Medium grades made primarily from recovered fiber) and downstream carton packaging converting. Its core manufacturing platform is a closed-loop recycling process in which post-consumer and post-industrial waste paper is re-pulped, formed into reels at the paper mill, and then fed into on-site corrugating and finishing lines that produce finished cartons sold to brand owners and converters. Capacity has been expanded in phases, with the most recent phase a paper machine commissioned in 2019 and a new 1,000-ton-per-day mill under construction with groundbreaking in Q1 2025 and targeted commercial operations in Q4 2027.

DOHACO holds FSC chain-of-custody certification alongside ISO 9001, 14001, 45001, and 50001 certifications, and its Giao Long Paper brand was awarded Vietnam National Brand status in 2022 and 2024, with the company also named to Forbes Vietnam's Top 50 Listed Companies and Forbes Asia's Best Under A Billion in 2022. The revenue model combines mill-gate sales of industrial paper to external converters with direct carton sales to enterprise end-customers across beverages (including Sabeco), frozen food, garments, electronics, and agriculture. The company maintains its own regional sales force covering southern Vietnam rather than going through agents or distributors, and supplements internal capacity with a dedicated packaging subsidiary established in 2020 and a joint-venture paper subsidiary formed in 2022.

Capital structure includes a VND 200 billion green trade credit facility from HSBC and a VND 450 billion charter capital increase at the Giay Giao Long paper subsidiary in 2025 to support working capital and the new mill ramp. The company is in a margin-recovery phase: revenue declined from approximately VND 4,164 billion in 2021 to around VND 3,506 billion in 2025, while Q1 2026 after-tax profit exceeded internal plan by 71.25 percent and grew 62.43 percent year-over-year, indicating the early stages of an earnings turnaround ahead of the new capacity coming online.

Name

Dong Hai Joint Stock Company of Ben Tre

Legal name

Công ty Cổ Phần Đông Hải Bến Tre

Website

https://dohacobentre.com.vn

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Dong Hai Joint Stock Company of Ben Tre (DOHACO) is a Vietnamese vertically integrated manufacturer of industrial paper (Testliner and Medium grades) and finished carton packaging, serving FMCG, beverage, frozen food, electronics, and agriculture customers across the Mekong Delta via direct enterprise sales.

Ownership category

akta.pro rank

Product category

Industrial Packaging

NAICS

Corrugated and Solid Fiber Box Manufacturing (322211), Paperboard Container Manufacturing (32221), Paperboard Mills (32213), Pulp, Paper, and Paperboard Mills (3221)

SIC

Paperboard Containers & Boxes (2650), Papers & Allied Products (2600)

akta.pro primary industry

Corrugated Packaging (Boxes, Sheets, Pads) (IMALACAA)

akta.pro secondary industries

Folding Cartons (Folding Boxboard, SBS/SUS) (IMALACAB), Corrugated Packaging & Boxes (RSC, die-cut, bulk bins) (IMAMAHAA), Folding Cartons & Paperboard Packaging Converting (IMAMAHAB)

Keywords

• Industrial paper packaging
• Carton box manufacturing
• Corrugated packaging
• Paper converting
• PE laminated packaging

Headquarters

HQ city

Ben Tre

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Industrial Paper Manufacturing and Sales: Manufacturing and sale of industrial paper products including Testliner and Medium paper, sold in bulk to packaging manufacturers and industrial users. Revenue is generated through direct sales of paper rolls produced at the Giao Long Paper Mill, with large-quantity supply capability.
2. Carton Packaging Manufacturing and Sales: Manufacturing and sale of custom carton packaging including 3-layer, 5-layer, and 7-layer boxes, partition walls, and PE-laminated cartons. Products are customized by size, flute type, and printing specifications per customer requirements. Additional revenue from carton board sheets (giấy carton).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Dong Hai Joint Stock Company of Ben Tre (DOHACO) manufactures industrial paper and corrugated carton packaging, including Medium and Testliner paper grades, 3-layer and 5-layer folding cartons, die-cut boxes, PE-laminated products, and carton partitions. The company serves industrial and manufacturing buyers requiring paper-based packaging materials.

Product overview

Dong Hai Joint Stock Company of Ben Tre (DOHACO) is a manufacturer and distributor of industrial paper and carton packaging products. The company operates two main product lines: (1) Industrial Paper including Giấy Medium and Giấy Testliner for use as outer and inner layers in carton packaging, plus Giấy carton in various layer configurations; and (2) Carton Packaging including Thùng xếp 3 lớp, Thùng xếp 5 lớp, Hộp bế, Sản phẩm cán PE, and Vách ngăn. Paper production capacity is stated at 0 tons/year on the main page (likely a display issue). The company also operates a subsidiary - Giao Long Paper Mill - with expanding production capacity.

Differentiator

Problem solved

Functional benefit

Brands

• Giấy Giao Long: Paper brand produced by subsidiary TNHH Giấy Giao Long

Products and services

• Giấy Medium (Medium Paper)

Quantifiable outcome

• Revenue exceeded 2025 plan by 3.74%; after-tax profit exceeded plan by 31.03%, growing 62.43% year-over-year
• +2 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Đại học Trà Vinh (Tra Vinh University)coreStrategic or Co-development Partner · 17 June 2026On June 17, 2026, DOHACO signed an MOU with Tra Vinh University for cooperation in training, research, and human resource development. The partnership aims to leverage each party's strengths in training, scientific research, technology transfer, and developing high-quality human resources. The collaboration includes accepting students for internships, company visits, recruitment connections, demand-driven training programs, and applied research initiatives for production.
• Công ty TNHH Giấy Giao Long (Giao Long Paper Company Limited)coreOthersA wholly-owned subsidiary of DOHACO established in July 2022 with charter capital increased to 450 billion VND in 2025. Operating the Giao Long Paper Mill expansion project with 1,000 tấn/ngày capacity and 1,800 billion VND total investment, expected to be operational by Q4/2027.

Scale indicators8 records

Recent moves15 records

Expansion highlights4 records

Broad incumbents

• Sonoco Products Company: US-based global packaging manufacturer serving consumer and industrial markets with paperboard containers, protective packaging, and industrial paper products. Comparable to DOHACO in multi-layer corrugated box production for industrial customers across food, beverage, and consumer goods.
• Mondi Group: Global integrated paper and packaging group with significant corrugated packaging operations. Comparable to DOHACO through vertically integrated pulp-to-packaging model and corrugated box production for industrial and FMCG customers, though at vastly larger scale and global footprint.
• Lee & Man Paper Manufacturing: Hong Kong-listed paper manufacturer producing containerboard, kraft paper, and tissue products across China and Southeast Asia. Directly comparable to DOHACO's Giao Long Paper Mill output of Testliner and Medium paper grades for the Asian packaging converter market.
• SCG Packaging (SCGP): Thailand-listed integrated packaging manufacturer (formerly SCG Paper) with packaging paper, corrugated, and consumer packaging operations across ASEAN. Most comparable to DOHACO in vertical integration from paper to packaging and regional Southeast Asian customer base, but at materially larger scale and broader geographic footprint.
• Smurfit Kappa Group: World's largest corrugated packaging producer with integrated paper mills and packaging operations across Europe and the Americas, with growing Asia presence. Comparable through paper-to-packaging vertical integration and corrugated box product line targeting FMCG, industrial, and e-commerce customers.
• Packaging Corporation of America (PCA): US-based vertically integrated producer of containerboard and corrugated packaging products serving industrial and consumer markets. Comparable to DOHACO's vertically integrated paper-mill-to-corrugated-box model with focus on industrial manufacturing customers and multiple-layer box configurations.
• Asia Pulp & Paper (Sinar Mas): Indonesia-based global pulp and paper conglomerate producing packaging paper, printing paper, and tissue across Asia. Comparable to DOHACO through large-scale containerboard production and corrugated packaging supply across Southeast Asian manufacturing corridors.
• Klabin: Brazil's largest integrated paper and packaging producer, vertically integrated from pulp through corrugated boxes and industrial bags. Comparable to DOHACO's vertical integration model, FSC-certified sustainable operations, and corrugated packaging product mix serving Latin American industrial and FMCG customers.
• Nine Dragons Paper Holdings: China's largest containerboard and kraft paper producer with significant ASEAN operations. Comparable to DOHACO as a major producer of Testliner and Medium paper used in corrugated packaging manufacturing, with overlapping customer base of converters and packaging manufacturers.

Regional players

• Visy Industries: Australia's largest privately-held packaging and recycling company with integrated paper mills and packaging operations. Comparable to DOHACO through closed-loop recycled paper production, FSC certification, and corrugated packaging supply to manufacturing customers in Asia-Pacific.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/DOHACO-Ben-Tre-266871760188620

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dong Hai Joint Stock Company of Ben Tre