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Top 5 largest paint & coating companies in Vietnam

Top 5 largest paint & coating companies in Vietnam

Thursday 17, 03 2022
In the list of 5 largest paint and coating companies in Vietnam prepared by VietnamCredit, there are 4 enterprises with foreign investment capital. This shows that Vietnamese paint businesses are much less competitive in their own home market.

1. 4 ORANGES CO., LTD.

4 Oranges Co., Ltd is a 100% foreign invested company belonging to ASIA LEADER INTERNATIONAL INVESTMENT.

Identifying Vietnam as a potential market and a foundation for development to other countries in the region, in 2004, 4 Oranges invested in a modern technology line with a production capacity of 100 million liters of paint and 60,000 tons of putty per year, with a cost of 14.5 million USD at Duc Hoa 1 Industrial Park, Long An province. This is one of the three largest paint factories in Southeast Asia today.

Regarding production materials, applying strict input inspection principles, most of the raw materials for production of 4 Oranges are imported from famous chemical corporations such as: Degussa (USA), Eliokem (France), Dow Chemical ( USA), Rohm & Hass (USA), Cray Valley (Maylaysia), Nuplex (Australia), etc.

4 Oranges Co., Ltd is the enterprise with the largest revenue in Vietnam's paint market in the period of 2018 - 2020 (VietnamCredit data). However, due to the impact of the pandemic, the revenue of this business decreased from 176.2 million USD in 2018 to 150.7 million USD in 2020.

4 Oranges Co., Ltd

2. JOTUN PAINTS VIETNAM COMPANY LIMITED

Jotun entered the Vietnamese market in 1994 and its first paint factory started operating in 1998. In 2004, Jotun Group continued to expand the factory with a modern technological chain system, increasing the total capacity to 13 million liters of paint/year. In 2013, after investing an additional 8 million USD, Norwegian Jotun A/S Group increased the total investment capital in Vietnam to 16.1 million USD and built an additional office and warehouse complex on the area of 16,000m2 in Song Than 1 Industrial Park, Di An Town, Binh Duong Province.

In addition, Jotun Paints Vietnam also completed the project of building material tanks and automating the filling process, significantly contributing to increasing the operating capacity and safety of the plant. In 2010, Jotun was the first paint company in Vietnam to achieve the Integrated Management System (ISO 9001:2008, ISO 14001:2004 & OHSAS 18001: 2007) certification by Moody International.

As one of the most popular Norwegian brands in Vietnam, Jotun is currently the market leader in the fields of industrial paints and marine paints and strongly develops in the field of decorative paints with modern computerized color mixing technology. With the powder coating industry, Jotun further affirms its strength and difference in providing "Total Paint Solution", meeting all the needs of paints and coatings of customers. With offices located in Binh Duong, Da Nang, Hai Phong and Hanoi, Jotun ensures professional products and services are provided quickly and easily.

With a turnover of about 123 million USD, this is considered the second largest enterprise in Vietnam's paint market by revenue.

Jotun Paints Vietnam

3. AKZONOBEL POWDER COATING LTD

AkzoNobel is a pioneer in the world’s paint and coatings industry, and a major producer of specialty chemicals. Currently, the company is providing industrial corporations and consumers around the world with innovative products and are always working to create sustainable solutions to meet the needs of customers.

AkzoNobel's product portfolio includes well-known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, Netherlands, AkzoNobel is consistently ranked as one of the leading corporations in the field of sustainable development. Operating in more than 80 countries, the company's more than 50,000 employees worldwide are committed to providing leading-edge products and technologies to meet the evolving needs of a rapidly changing world.

Particularly in the field of decorative paint, AkzoNobel Vietnam has continuously developed strongly over the years and rose to become the leading company in the domestic decorative paint industry. Two paint product lines DULUX and Maxilite are always mentioned as the pinnacle in the segment where AkzoNobel is competing. Dulux and Maxilite are also the first products on the Vietnamese paint market to meet the national technical standards for wall paint, certified by the Technical Center for Standards, Metrology and Quality 3 (QUATEST3).

In 2018, the revenue of this company in Vietnam reached over 150 million USD. However, this figure dropped to 104.8 million USD in 2020.

AkzoNobel

4. NIPPON PAINT (VIETNAM) CO., LTD

Established in 1881, Nippon Paint Corporation has become a leading paint and coatings brand in the world.

Present in over 16 countries, Nippon Paint has been a pioneer in the field of discovering new technologies. With constant efforts in improving the protective function of paint and creating new color chains, Nippon Paint strives to meet the maximum expectations of customers.

Nippon Paint has been present in Vietnam since 1994 with 100% foreign investment. Its factory is located in Bien Hoa II Industrial Park, Bien Hoa City, Dong Nai. Since its establishment in Vietnam, Nippon Paint has always launched the best quality paint products manufactured based on Japanese technology for the automotive, architecture, and home decoration industries. Based on the core values ​​of sincerity, abundant human resources and continuous improvement in work, Nippon Paint has contributed to the completion of many large projects and continues to beautify many areas in Asia and Vietnam for many years.

Nippon Paint Corporation

5. HANOI SYNTHETIC PAINT JOINT STOCK COMPANY

Hanoi Synthetic Paint Joint Stock Company was established on January 1, 2006. It was formerly Hanoi General Paint Company (belonging to Vietnam Chemical Corporation - Ministry of Industry), established in 1970 with the initial name of Hanoi General Printing Ink Paint Factory. Since its establishment, the company has continuously developed and supplied tens of thousands of tons of paints and printing inks for many industries, contributing to the overall development of the country.

The system of production equipment and inspection equipment of this company are imported from Germany, Japan, and Italy. Most of the production materials are supplied by world famous firms such as Bayer, JJ Degussa (Germany), Sumitomo, Mitsui, Fuji chemicals Develoment Japan), Akzo (Netherlands), Lamseng Hang, Clariant (Singapore) Connell Bros, PPG (USA), Dupon (Taiwan)...

Besides traditional paint products including alkyd, alkyd melamine, decorative and protective paints for civil constructions, through cooperation with foreign firms, the company has produced special paints like acrylic paint, epoxy paint, chlorinated rubber paint, polyurethane paint that are supplied for several major industrial projects.

Although ranked 5th in the list, compared to the above foreign paint companies, the revenue of Hanoi Synthetic Paint Joint Stock Company is quite modest, reaching about 20 million USD.

Hanoi Synthetic Paint Joint Stock Company

Data source: VietnamCredit

Alice Hoang Thao - VietnamCredit

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