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Top 10 timber companies in Vietnam

Top 10 timber companies in Vietnam

Thursday 28, 10 2021
According to VietnamCredit, based on a number of financial indicators such as revenue, profit after tax and profit margin, Phu Tai Joint Stock Company is the largest timber company in Vietnam. Coming out second and third are An Cuong Wood - Working Joint Stock Company and Viet Nam Forestry Corporation Joint Stock Company.

Overview of Vietnamese wood industry

In previous years, the wood export market experienced a remarkable recovery, boosting the growth of enterprises to a new growth momentum. In the context of the Covid-19 epidemic affecting major consuming countries such as the US and Europe, Vietnam still maintains its position in the wood market.

The effects of bushfires in Australia and the complicated epidemic situation in Western countries boosted the consumption of wood, leading to Vietnam becoming a key wood exporter.

In December 2020, Vietnam's wood export value reached nearly 11.6 billion USD, up 16% over the same period last year. Wood export market share reached 8.9% billion USD, up 22% over the same period.

Due to the impact of Covid-19, most timber companies in Vietnam witnessed a decrease in revenue compared to 2019.

Top timber companies

Top timber companies in Vietnam

1. PHU TAI JOINT STOCK COMPANY

Phu Tai Joint Stock Company was established in 1995 on the basis of merging 3 economic units under Ministry of Defense. In 2005, the company completed equitization and officially became a joint stock company.

Over the years, the production and business performance of Phu Tai Joint Stock Company has always achieved good growth. Its market share has been expanded and stayed stable.

In general, the company’s business performance in 2020 was quite stable. Due to the Covid-19 epidemic, operating costs increased, which led to a decrease in profit over the same period. However, total revenue and EBT of the company still exceeded the set target, reaching 109% and 101% of the plan, respectively.

In 2020, the company recorded a positive growth in net revenue, which reached 5,601 billion VND, up 0.94% over the same period in 2019. In particular, revenue from the wood segment reached nearly 2,989 billion VND (42.95% yoy) thanks to increased exports to the US market.

Phu Tai Joint Stock Company

2. AN CUONG WOOD - WORKING JOINT STOCK COMPANY

An Cuong Wood – Working Joint Stock Company was established in 1994. It is one of the leading manufacturers and suppliers of interior decoration materials in Vietnam and Southeast Asia.

Currently, An Cuong is employing more than 4,300 employees with 22 showrooms nationwide and a manufacturing plant in Binh Duong. The company currently holds about 55% of the market share of industrial wood materials and decorative materials in Vietnam (middle and high-end market segments).

Regarding business results, in the period 2017-2020, An Cuong recorded revenue of 3,184 billion VND, 3,873 billion VND, 4,435 billion VND and 3,754 billion VND, respectively. The company maintains a profit after tax of approximately 500 billion VND per year.

An Cuong Wood – Working Joint Stock Company

3. VIET NAM FORESTRY CORPORATION JOINT STOCK COMPANY

Vietnam Forestry Corporation (Vinafor) was established on the basis of merging 10 corporations under the former Ministry of Forestry, now the Ministry of Agriculture and Rural Development.

In 2020, the company created 2,663 ha of new forests and harvested 2,691 ha of timber from planted forests.

The parent company's financial statements show that sales and service provision revenue in 2020 reached 769 billion VND; cost of capital accounted for 637 billion VND while gross profit reached 131 billion VND. Total revenue in 2020 reached 1,217 billion VND, exceeding 25% of the year plan; profit after tax reached 341 billion VND, exceeding 14% of the year plan.

Vietnam Forestry Corporation

4. MINH DUONG FURNITURE CORPORATION

Minh Duong Furniture was established in 2002. With nearly 20 years of experience in manufacturing and exporting wooden furniture, the company has been one of the 5 largest furniture export companies in Vietnam.

The company has 5 factories, 20 workshops, and 3,500 employees. Its export markets are the US, Japan, Korea and Europe. The company has also been a major supplier of COSTCO (US), DFP (UK) JB GLOBAL, PANASONIC, SENSHUKAI (JAPAN), BOLYUNG (KOREA) LAPEYRE (FRANCE), etc.

Currently, the company has more than 200 agents nationwide with a turnover of about 2.7 million USD/year.

MINH DUONG FURNITURE CORPORATION

5. VIET WOOD INDUSTRIES JOINT STOCK COMPANY

Viet Wood Industries Joint Stock Company was established in October 2006, specializing in the production of plywood, construction wood details and interior products. Being located in An Son hamlet, An Dien commune, Ben Cat town, Binh Duong is an advantage for the company because this area has a huge source of rubber wood materials for production, which helps reduce costs.

Go Viet now provides stable jobs for more than 800 workers, and owns 7 factories equipped with advanced machinery on an area of 8.5 hectares.

VIET WOOD INDUSTRIES JOINT STOCK COMPANY

6. TRUONG THANH FURNITURE CORPORATION

Truong Thanh Furniture Corporation, formerly a wood processing factory in the highlands of Dak Lak province, was established in 1993. On August 18, 2003, the company officially became a joint stock company.

The company's strong point is its ability to design most of its products itself, which gives it an advantage in price negotiation. Currently, the company is constantly expanding production and business to maintain its position as the leading wood processing manufacturer in Vietnam.

In 2020, the company recorded revenue of 1,214.5 billion VND, an increase of 68.6% compared to 2019. Its profit in the same year was 22.7 billion VND.

As of the end of 2020, TTF still had an accumulated loss of 2,983.9 billion VND, while the charter capital is 3,112 billion VND. According to current regulations, if the accumulated loss exceeds the charter capital, the enterprise will be forced to cancel the listing.

TRUONG THANH FURNITURE CORPORATION

7. DUC LONG GIA LAI GROUP JSC

Duc Long Gia Lai Group Joint Stock Company is one of the leading private economic groups in Vietnam, operating under the model of parent-subsidiary company with more than 30 member companies, 4 affiliated companies operating in different fields. In particular, the Group has 5 member companies located in China, Hong Kong, Korea and the US.

At the end of 2020, Duc Long Gia Lai’s net revenue reached 2,034.5 billion VND, down 838.8 billion VND (equivalent to a decrease of 29.19%) compared to 2019. The financial expenses increased by 436.9 billion VND (equivalent to an increase of 112.95%) compared to 2019 and business administration expenses increased by 224.9 billion VND (equivalent to an increase of 75.32%) compared to 2019, resulting in a loss of profit after tax of 929.8 billion VND.

DUC LONG GIA LAI GROUP JSC

8. THUAN AN WOOD PROCESSING JOINT STOCK COMPANY

Thuan An Wood Processing Joint Stock Company, formerly a 100% state-owned company, was established by 10 state-owned enterprises under the Vietnam Rubber Corporation. It specializes in manufacturing and exporting interior and exterior wood products.

In April 2005, following Decision No. 193/QD-KHDT dated March 2, 2005 of the Board of Directors of Vietnam Rubber Group, Thuan An Wood Processing Joint Stock Company sold 49% of its shares of founding shareholders to other investors.

The company's total revenue in 2020 reached 591,392 million VND, reaching 91.33% of the year plan. Total pre-tax profit was 22,957 million VND, reaching 100.25% of the year plan.

In 2021, it expects that the total revenue will reach 593,610 million VND and the total profit before tax will reach 23,648 million VND.

THUAN AN WOOD PROCESSING JOINT STOCK COMPANY

9. DUCTHANH WOOD PROCESSING JOINT STOCK COMPANY

Duc Thanh Wood Processing Joint Stock Company (GDT for short) was established on May 19, 1991. The main source of raw materials of GDT are all kinds of planted tree wood. It absolutely does not use natural forest wood to practically contribute to environmental protection.

GDT has continuously grown from a small company with a charter capital of 105 million VND to a well-known enterprise with more than 1,200 employees, charter capital of 179.8 billion VND and revenue of more than 400 billion VND.

Accordingly, the revenue of this business in June 2021 reached 41 billion VND, bringing the total revenue of the first 6 months to 210 billion VND, up 25% over the same period last year.

By the beginning of July 2021, Duc Thanh wood had received export orders with a total value of more than 14.5 million USD, completing 86% of the year plan. This year, this business aims to increase total revenue by 15% compared to 2020 (about 460 billion VND) and profit after tax of 86.4 billion VND, an increase of about 8%.

DUCTHANH WOOD PROCESSING JOINT STOCK COMPANY

10. BKG VIETNAM

BKG Vietnam Investment Joint Stock Company, formerly known as DTA Equipment Joint Stock Company, was established in 2015. In 2017, the company decided to increase charter capital and invest intensively in the field of furniture.

Along with the expansion of scale and the development of production and business activities, in November 2018, the total charter capital of BKG Vietnam reached 320 billion VND.

At the end of 2020, the Company recorded net revenue of 361 billion VND, reaching 77.46% of the plan. Pre-tax profit was at 22 billion VND, reaching 96.65% of the plan. Total asset value reached over 450 billion VND.

BKG VIETNAM

Alice Hoang Thao - VietnamCredit

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