(032425) (1430063) (22DH123165)
(032425) (1430063) (22DH123165)
The export of agricultural products plays a vital role in promoting Vietnam's integration into
the global economy. Among these products, honey stands out due to its natural origin,
nutritional value, and increasing global demand. In this context, Huong Viet Honey
Company Limited has emerged as a notable exporter, known for its dedication to product
quality, modern production practices, and compliance with international standards.
Founded in 2013 and headquartered in Dong Nai province, Huong Viet Honey specializes in
producing and exporting refined honey to demanding markets, primarily the United States.
The company has built its reputation through partnerships with major U.S. importers such as
Sunland Trading Inc. and Honey Solutions, and by securing essential food safety
certifications like FDA, HACCP, and True Source.
This internship report provides an in-depth overview of the company's export operations. It
outlines the honey export process, highlights the company's strengths and weaknesses, and
analyzes challenges in technical barriers, logistics, and input price fluctuations. Based on
this analysis, Chapter 3 proposes practical solutions and strategic recommendations to
improve the company's export efficiency and expand its international market presence.
CHAPTER 1: INTRODUCTION TO HUONG VIET HONEY COMPANY LIMITED
- Quality Manager: The person with the highest authority in the production
and export management process. The Quality Manager is responsible for
supervising the entire inspection process, ensuring that the product meets
international standards (such as FDA, HACCP, True Source) before
exporting.
- Production Manager: Directly manages daily production activities, plans
production, controls progress, and reports to the Quality Manager. At the
same time, this person is responsible for machinery, equipment and human
resources at the factory.
- 5 production workers: The force directly performs the stages in the honey
processing and packaging process such as filtering honey, packing, and
internal transportation. The workers work under the guidance and
supervision of the Production Manager.
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Managing
Director
Production
Manager
- Vision
To become one of the leading honey export enterprises in Vietnam in the
international market, contributing to spreading the value of traditional, high
quality honey products meeting global standards.
- Mission
- Core value
Huong Viet Honey always puts the core value of quality and prestige on
top, constantly improving and developing the brand, providing clean, pure,
nutritious, and traditional Vietnamese honey that meets international
standards.
Huong Viet Honey Co., Ltd was established in 2013 in Dong Nai province with the
orientation of becoming a reputable honey export unit of Vietnam to the world
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market. Right in the first year of operation, the company achieved remarkable
milestones when signing a cooperation contract with three major partners from the
United States, Sunland Trading Inc. Honey Holding I, Odem International, Natural
Honey Importers. These are the leading honey import enterprises in the US market,
creating a solid foundation for Huong Viet to penetrate the international market right
from the early stages.
Since then, the company has always put product quality and reputation with partners
that make the core value in all activities. Huong Viet is constantly investing in
modern equipment and perfecting the quality control system meeting HACCP, FDA,
FSMA and True Source Honey - important certificates for export of honey into
fastidious markets such as the US, Japan and Europe.
In particular, 2023 marked a great development when the company achieved the
highest export volume ever with more than 850,000 kg of honey exported - mainly to
the US market.
Important development milestones:
- 2013: Establishing a company in Dong Nai; Signing an export contract with four
major partners including Sunland Trading Inc. Honey Holding I, Odem
International, Natural Honey Importers.
- 2015–2020: Increasing investment in modern production machinery, perfecting
the quality testing process; Achieved HACCP, FDA, True Source certifications.
- 2022: Maintaining stable export production, expanding cooperation with many
domestic materials purchasing units.
- 2023: Record export of 850,000 kg of honey; Affirming its position in Vietnam's
honey export industry.
- 2024: Continue to maintain export output, towards developing new product lines
and diversifying the market.
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1.3. Main fields of operation
Huong Viet Honey Co., Ltd. specializes in producing refined honey, which
undergoes a strict process of filtration, moisture reduction, and quality control
to meet international food safety standards such as FDA, HACCP, and True
Source Certified. The final product is natural, high-quality honey, mainly used
for export, food manufacturing, or retail distribution in demanding foreign
markets. The company’s honey is known for its purity, consistency, and
compliance with strict traceability and origin standards, making it competitive
in global markets.
The United States is the company’s primary export market, accounting for the
majority of annual sales revenue. The U.S. is a highly regulated and
competitive market, requiring exporters to comply with FDA regulations,
customs standards, and quality certifications. Huong Viet Honey has
successfully penetrated this market thanks to its consistent product quality,
food safety standards, and reliable supply capabilities. The company regularly
exports containers of honey to U.S.-based partners under long-term supply
contracts.
The U.S. market plays a critical strategic role in the company’s business model
and long-term development, for several reasons:
1.4.1. Typical partners and international certifications (HACCP, True Source, FDA...)
To successfully enter and maintain its presence in the highly regulated U.S.
market, Huong Viet Honey Co., Ltd. has established business relationships
with typical partners such as Sunland Trading and Honey Solutions. These
companies are reputable importers and distributors in the honey industry,
ensuring wide market coverage and long-term cooperation.
In order to meet strict export requirements and gain trust from international
buyers, Huong Viet has obtained several key international certifications,
including:
- HACCP (Hazard Analysis and Critical Control Points): Ensures food safety
throughout the production process.
- FDA Registration: Complies with U.S. Food and Drug Administration
standards for exported food products.
- True Source Certified: Guarantees traceability and authenticity of honey
origin, which is crucial in the U.S. market.
The table below summarizes the company’s balance sheet for the years 2022–
2024. It shows significant growth in cash and fixed assets, while inventories
declined in 2024. Total liabilities have gradually decreased, reflecting
improved financial stability. Retained earnings rose steadily, contributing to a
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stronger equity base. These figures indicate positive financial development
over the period.
I. Current assets
Payables to suppliers 0 0 0
Taxes and amounts payable to
0 0 0
government
Other payables 2,190,141,430 1,813,957,350 1,739,206,500
Other short-term liabilities 0 0 0
Long-term provisions 0 0 0
Other long-term liabilities 0 0 0
Total liabilities 2,190,141,430 1,813,957,350 1,739,206,500
V. Owner’s equity
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Other capital sources 0 0 0
Total equity and liabilities 15,476,892,730 15,506,890,350 16,859,155,280
Table 1.1: Balance Sheet of last three years (Unit: VND)
Cash and cash equivalents increased significantly from VND 100,000,000 in 2022 to
nearly VND 598,240,978 in 2024. Although the absolute value remains modest, the
rising trend indicates improvements in short-term cash flow management. This may
be due to faster payments from export partners, better cost control, or postponed
investment activities in response to market fluctuations. For an export-focused
enterprise like Huong Viet, maintaining sufficient cash reserves is crucial to handling
foreign exchange risks, seasonal fluctuations in production, and international payment
cycles.
Accounts receivable rose slightly in 2023 but then decreased in 2024. This decline
may suggest better debt collection performance or stricter credit policies imposed on
foreign buyers. It also indicates that the company was more selective in choosing
partners or prioritized payment terms over high-volume contracts, leading to reduced
exposure to overdue receivables by the end of 2024.
Net fixed assets steadily increased from VND 3,590,184,129 in 2022 to VND
4,407,351,000 in 2024, reflecting continued reinvestment in production infrastructure.
This includes equipment such as honey filtration systems, moisture reduction
machines, stainless steel storage tanks, and automated filling lines. Such investments
demonstrate the company’s long-term strategy to improve operational efficiency and
meet growing demand from international markets.
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On the liabilities side, short-term payables steadily decreased, from VND
2,190,141,430 in 2022 to VND 1,739,206,500 in 2024. This trend indicates a reduced
reliance on supplier credit or short-term borrowing. It is likely that Huong Viet used
retained profits to cover operational expenses, thereby lowering financial risk and
improving its relationships with domestic suppliers and service providers.
Owner’s equity remained unchanged at VND 10,000,000,000 over the three years.
However, retained earnings increased strongly—from VND 3,286,751,300 in 2022 to
VND 8,605,307,800 in 2024. This demonstrates the company’s ability to consistently
generate profit and reinvest it for future growth rather than distributing dividends.
Accumulated retained earnings are a healthy indicator of the company's financial
resilience and strategic orientation toward expansion. To complement the analysis of
the company’s balance sheet, the following Income Statement illustrate the
company’s business performance from 2022 to 2024, which is helpful in
demonstrating how Huong Viet Honey’s export operations contribute to actual profit,
how efficiently the company manages its production costs, and how financially
healthy it remains through consistent reinvestment.
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net profit after tax of approximately VND 2.64 billion, which increased to VND 4.32
billion by 2024 — a growth of over 63% in net earnings.
This improvement can be attributed to several key factors:
In addition, the increase in retained earnings seen in the balance sheet is consistent
with the profit levels shown here, reinforcing the fact that Huong Viet Honey has
chosen to reinvest profits rather than distribute dividends. This strategy supports
long-term growth through investments in equipment, quality control, and export
documentation infrastructure.
Overall, this financial performance reflects a well-managed and export-driven
enterprise, with strong fundamentals and increasing capacity to expand into new
markets.
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CHAPTER 2: PRACTICAL ANALYSIS OF THE EXPORT OPERATIONS AT
HUONG VIET HONEY CO., LTD
The honey export process at Huong Viet Honey Co., Ltd. is a multi-stage operation
combining rigorous quality control, international compliance, and detailed
documentation. Below is the refined and traceable workflow with references to
actual documentation (see Appendices)..
SHIPMENT
PRE-EXPORT
PURCHASING RAW EXECUTION AND
COORDINATION
HONEY EXPORT
PROCESS
DOCUMENTATION
HONEY PUMPING
HONEY PRE-
AND STORAGE IN
PROCESSING
DRUM
MOISTURE
HONEY QUALITY
REDUCTION
TESTING
PROCEDURE FOR
PROCEDURE
EXPORT HONEY
The process begins with sourcing raw honey from trusted local beekeeping
farms. Upon receipt, each batch is recorded in the Goods Received Note
(Appendix 1), which includes details such as the supplier name, honey type,
quantity, and date of receipt. This form ensures traceability and inventory
control from the first step.
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Before storage, the honey undergoes coarse filtration to remove visible impurities,
then is stored in drums awaiting lab testing. The information from Appendix 1
directly supports warehouse entries and traceability in later export documentation.
In this stage, drums of raw honey are grouped into composite batches — a
representative sample of around 50 tons — to streamline the lab testing
process. These composite samples are sent to Hoan Vu Laboratory.
The test results are recorded in the Honey Lab Test Result (Appendix 2). This
document provides results on:
Moisture content: Should be <18% (FDA & EU standard)
HMF (Hydroxymethylfurfural): Max 40 mg/kg (EU), ideally <30 mg/kg
for premium quality
Antibiotic residues: Must be "Not Detected" under EU & FSMA
Sugar composition: Must match natural honey ratios (no adulteration)
If the composite sample passes, the full batch is approved for further
processing. However, if it fails, individual batch re-testing is conducted.
This step is supported by the Export Honey Test Certificate (Appendix 3) — a
legal document verifying final approval. It confirms that:
The next step involves processing the approved honey through moisture
reduction equipment, which reduces water content to below 18%, as required
by U.S. and EU markets.
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This step is essential for:
Once reduced, honey is pumped into cleaned, food-grade export drums, sealed,
and labeled..
Each sealed drum is labeled with a unique batch number, which links it to
earlier documents (Appendix 1 & 3). These drums are then stored and ready for
shipment.
The Marking Label Photo (Appendix 4) shows how traceability is maintained
through clear labeling. This label plays a crucial role in customs clearance and
lab testing.
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[Link]. Testing Confirmation and Result Notification
Following the collection of samples, Hoan Vu Lab promptly confirms
receipt of the samples to both the company and the customer. This
confirmation includes a crucial detail: the anticipated date by which the
test results will be available. This proactive communication ensures that
all parties involved are kept informed of the timeline for the final
quality assurance step. The transparency in this process builds trust and
allows for efficient planning for the subsequent stages of shipment.
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2.1.7. Shipment Execution and Export Documentation
The final phase of the export process encompasses the physical movement of
the honey and the meticulous preparation and submission of all required
documentation.
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[Link]. Container Loading and Port Delivery
Honey is loaded into containers, sealed, and transported to the port —
meeting the cut-off time of the vessel’s shipping schedule.
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2.2.1. Strengths
From the initial purchase to export shipment, all honey batches are traceable via
structured documentation such as the Goods Received Note (Appendix 1) and Export
Test Certificates (Appendix 3). This traceability aligns with True Source Certified
requirements and minimizes risks of non-compliant products entering the supply
chain.
The company applies both composite sampling and individual batch re-testing,
ensuring quality consistency before export. Collaboration with Hoan Vu Lab
strengthens credibility, and the presence of official test results (Appendix 2 & 3)
builds confidence with foreign partners.
Huong Viet strictly adheres to moisture content limits (<18%) through advanced
moisture reduction equipment and only releases honey that passes HMF and
antibiotic tests. These measures ensure readiness for demanding markets like the U.S.,
as evidenced in Appendix 3 and the Veterinary Certificate (Appendix 12).
The company maintains an organized export file system covering all required
documents — from the ISF Declaration (Appendix 5) to the Commercial Invoice
(Appendix 7). This enhances customs clearance speed and reduces potential for delay.
Despite being small in scale, Huong Viet’s process is tight and adaptive. Each stage
— from testing to booking and sealing — is clearly defined and supported by written
procedures and internal controls
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2.2.2. Weaknesses
Some steps, such as labeling drums (Appendix 4) and coordinating container checks
(Appendix 6), remain manual and time-consuming, reducing efficiency and increasing
the likelihood of mistakes or inconsistencies under time pressure.
Currently, over 90% of honey exports are shipped to the U.S. This market dependence
creates a strategic vulnerability: any regulatory changes or economic disruptions in
the U.S. could severely impact the company’s export performance.
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CHAPTER 3: SOLUTIONS – RECOMMENDATIONS TO IMPROVE EXPORT
ACTIVITIES
To address the internal weaknesses identified in the company’s honey export operations, the
following solutions and recommendations are proposed. These measures are designed to
optimize operational efficiency, reduce procedural risks, and diversify the company’s market
exposure without requiring an overhaul of its current structure.
Rather than hiring new full-time employees, Huong Viet can cross-train
internal staff to handle key export functions such as ISF submission, document
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filing, and booking follow-ups. This approach ensures continuity during staff
absence and reduces reliance on a single employee.
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CONCLUSION
Through this internship at Huong Viet Honey Company Limited, I have gained a practical
and detailed understanding of how agricultural exports — particularly honey — are managed
from source to shipment. The export process is not only technical but also heavily regulated,
requiring compliance with international standards, precision in documentation, and strict
quality assurance.
This report has provided a step-by-step analysis of the company’s honey export process,
supported by authentic documentation such as lab results, ISF declarations, veterinary
certificates, and export invoices. Each stage — from raw honey procurement to final
shipment — was verified through tangible records, ensuring transparency and traceability.
The analysis in Chapter 2 revealed operational strengths such as a robust traceability system,
a multi-stage quality testing process, and a clear documentation workflow. However, it also
uncovered areas for improvement, including over-reliance on external labs, limited staffing
in critical roles, and high dependence on the U.S. market.
Chapter 3 addressed these issues with realistic solutions tailored to the company’s current
scale — such as building a backup lab network, digitalizing drum labeling, cross-training
staff, and piloting exports to alternative markets like the EU or Japan. These targeted
improvements aim not only to strengthen the company’s resilience but also to enhance its
long-term competitiveness in global trade.
Overall, this internship provided me with valuable hands-on experience in international
business operations. It has deepened my understanding of export logistics, food safety
compliance, and the practical challenges faced by Vietnamese agricultural exporters. The
knowledge and insights gained will serve as a solid foundation for my future career in global
trade and export management.
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