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Top 5 largest furniture companies in Vietnam (2022 update)

Top 5 largest furniture companies in Vietnam (2022 update)

Thursday 26, 05 2022
The list of the 5 largest furniture companies in Vietnam in 2022 is made by VietnamCredit based on the financial indicators of businesses in the field in the last 3 years. Topping the list is Phu Tai JSC, followed by An Cuong Wood-Working JSC, Kaiser 1 Furniture Industry, Hoa Phat Furniture and Truong Thanh Furniture.

1. PHU TAI JOINT STOCK COMPANY

Phu Tai Joint Stock Company was established in 1995. Four years later, the company merged with Thang Loi Company to expand the business scale and improve business efficiency. In 2005, the company completed equitization and officially changed its name to Phu Tai Joint Stock Company.

Over the years, the production and business situation of Phu Tai Joint Stock Company has always achieved good growth while its market has been expanded and stabilized. So far, the company has 7 member units, 4 factories producing paving stone, 1 factory producing construction stone, 2 factories producing furniture, 2 Toyota service establishments and a network of offices, agents, and stores across the country. The company's export capacity is about 40 containers of 20'SP stone and 70 containers of 40'SP wood per month. Currently, Phu Tai is expanding its operations and scale to meet the increasing demand both at home and abroad, affirming its position in the market.

Regarding business results in 2021, Phu Tai recorded a year-on-year net revenue growth of 15.9%, reaching VND 6,492 billion. Profit after tax increased by 38.6% to VND 526 billion.

Phu Tai Joint Stock Company

In the revenue structure of Phu Tai, the wood products business achieved a growth rate of 15% compared to 2020 and contributed about 53% to the total revenue, reaching VND 3,437 billion. Revenue from stone products reached VND 1,446 billion, similar to the same period last year and contributed over 22% to the total revenue.

2. AN CUONG WOOD - WORKING JOINT STOCK COMPANY

An Cuong Wood - Working Joint Stock Company is a leading manufacturer and supplier of interior decoration materials in Vietnam and Southeast Asia. The company is a manufacturer and distributor for a series of world leading famous brands from the US, Germany, Italy, Spain and Australia for decorative panels and industrial wood that are widely used in interior decoration of houses, apartments, schools, supermarkets, offices in Vietnam.

Currently, An Cuong has more than 4,300 employees, 22 showrooms nationwide and a manufacturing plant in Binh Duong in an area of ​​210,000 m2 with a system of agents around the world.

Products of An Cuong are diverse from materials to colors, meeting all the needs of different customers.

An Cuong has continuously invested in modern machinery and equipment, and at the same time expanded its factory with the aim of bringing the most comprehensive and modern interior wood solutions.

An Cuong Wood - Working

In 2021, the company recorded revenue of VND 2,039.3 billion and profit after tax of VND 458.62 billion, down 15.8% and 36.8% respectively over the same period last year. In terms of cash flow, the company's main business cash flow in the financial year was negative VND 56.2 billion over the same period.

As of December 31, 2021, the company’s total assets increased by 12.2% compared to the beginning of the year, to VND 4,035.19 billion.

3. KAISER 1 FURNITURE INDUSTRY (VIETNAM) CO., LTD

Kaiser 1 Furniture Industry (Vietnam) Co., Ltd., was established in 2004. It is a leading furniture manufacturing company, with 100% Taiwanese investment capital. The company mainly produces furniture items for bedroom, living room, dining room, pub and other kinds of items. Kaiser is located in My Phuoc 1 Industrial Park, Binh Duong Province. The area of the factory is 30 hectares, with total investment up to USD 100 million.

Materials in the company are mainly imported, and the most commonly used materials are rubber wood, birch wood and other high-grade woods. To ensure the quality of wood in terms of moisture, before being put into processing, newly imported wood will be taken to the drying room. In addition, the semi-finished goods are also taken to the drying room for monitoring and controlling humidity.

Kaiser 1 Furniture Industry

In order to shorten the delivery time and completely control the product quality, Kaiser also established a formation team. In the production process, from input to output, all are under the strict supervision of a quality management line.

4. HOA PHAT FURNITURE JOINT STOCK COMPANY

Hoa Phat Furniture Joint Stock Company, established on November 1, 1995, is the second member of Hoa Phat Group with the original name of Son Thuy Trading Co., Ltd. Under the initial leadership of Mr. Tran Dinh Long.

At first, the company specialized in distribution of imported furniture products. After a period of accumulating capital and experience as well as conducting market research and evaluation, from 1996 to 1999, the company continuously invested and built manufacturing factories of office swivel chairs and safes.

In 2000, the company focused on expanding its operations in different regions and investing in building more factories. On August 29, 2000, it officially changed its name to Hoa Phat Trading and Production Company Limited, headquartered at 113 Bui Thi Xuan, Hai Ba Trung District, Hanoi.

In particular, the year 2004 marked an important turning point of the company in production activities: it inaugurated Hoa Phat furniture production complex in Cat Lai industrial park, Ho Chi Minh City and put it into operation the natural wood furniture factory.

Hoa Phat Furniture

On October 26, 2006, with the aim of developing the scale of production and business activities, Hoa Phat changed its form from a limited liability company to a joint stock company.

According to a report by Hoa Phat Group in August 2021, the enterprise has transferred all 99.6% shares of Hoa Phat Furniture Company to Eden Vietnam Furniture Joint Stock Company.

5. TRUONG THANH FURNITURE CORPORATION

Truong Thanh Furniture Corporation, formerly a wood processing factory in the highlands of Dak Lak province, was established in 1993. In August 18, 2003, the company officially switched to the joint stock company model with the name Truong Thanh Furniture Corporation.

After the audit in 2021, the company recorded a decrease of VND 33.1 billion in revenue compared to the self-made report of VND 1,607 billion and profit after tax of parent company shareholders decreased by VND 17.5 billion to negative VND 8.7 billion. Thus, after the audit, the parent company's profit after tax changed from a profit of VND 8.8 billion to a loss of VND 8.7 billion.

The main cause is the increase by VND 54.9 billion to VND 139.9 billion in administrative expenses while other profit decreased by VND 11.2 billion to only VND 21.8 billion. Net revenue decreased by VND 33.1 billion to VND 1,607 billion. In 2021, the revenue of the company increased by VND 393.5 billion to VND 1,607 billion.

Truong Thanh Furniture Corporation

As of December 31, 2021, the company's short-term debt was VND 2,341.5 billion and short-term assets were VND 2,089.7 billion VND. Thus, short-term debt was VND 251.82 billion larger than current assets and the company was using short-term debt to partially finance long-term assets.

Alice Hoang Thao - VietnamCredit

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