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Top 7 consumer plastic manufacturers in Vietnam

Saturday 07, 11 2020
The list of top 7 consumer plastic manufacturers in Vietnam is prepared by VietnamCredit based on independent research and evaluation by our experts.
Top 7 consumer plastic manufacturers in Vietnam

Top 7 companies in the plastic industry in Vietnam are ranked based on financial indicators including gross profit margin (GPM), total assets, and owner’s equity. Non-financial indicators including credit ratings and reputation are also used to assess these companies.

Top 7 consumer plastic manufacturers in Vietnam


1. DUY TAN PLASTICS MANUFACTURING CORPORATION
This company specializes in manufacturing and trading plastic products including household appliances, containers, precision molds and high-tech plastic products. Its products are distributed through many channels such as stores, showrooms and supermarkets. It is also the supplier of plastic containers for major brands such as Unilever and Mobil Oil. Its products are not only consumed in domestic market but also in foreign markets like the USA, Japan, South Korea, Canada, Taiwan, Singapore, Australia, Cambodia, and Laos.

In the beginning of Jul 2020, the company received USD 60 million worth credit support from HSBC Vietnam for the project of plastic recycling plant. The expected capacity of this plant is about 100,000 tons per year. Duy Tan Plastic is the first company in Vietnam to apply "Bottles to Bottles" recycling technology.
DUY TAN PLASTICS MANUFACTURING CORPORATION
Its business performance has not been affected much by the Covid-19 pandemic because its major products are consumer goods. Besides, pet bottles have become more popular recently, which contributes greatly to its revenue. 
However, the pandemic is having serious impacts on many different industries, and the plastics industry will sooner or later be affected. Therefore, the bright future prospect is not expected. 

In 2019, the company enjoyed a satisfactory business result as its total sales reached VND 4.6 trillion and its profit after tax reached VND 181 billion, which is an increase of 10.90% and 198.85%, respectively, over the same period last year. In addition, liabilities ratios, though higher than the industry average, came from “payable to suppliers”. Moreover, the Total Loans/ Total Assets index (25.86%) was lower than industry average. Therefore, financial risk for this company is still well controlled. 

2. VIET NHAT PLASTIC PRODUCTION COMPANY LIMITED

Viet Nhat Plastic Production Co., Ltd. was established in 2002. It is now an extremely large company specializing in manufacturing a wide range of consumer plastic products including table, chair, dustbin, rack, helmet, hanger, cabinet, etc. Viet Nhat Plastic is a household name in Vietnam. Its raw materials are imported from South Korea, Malaysia and Singapore, Thailand, China, Taiwan and its products are mainly consumed in the domestic market.
 VIET NHAT PLASTIC PRODUCTION COMPANY LIMITED
In terms of finance, the company recorded a slight decrease of sales in 2019: from VND 1,314 billion in 2018 to VND 1,305 billion in 2019. However, loan interest expenses decreased more rapidly. Hence, its profit after tax increased by 40.16% to VND 7.9 billion. The balance sheet shows that its debt rate reduced to 76.35% from 83.41% in 2018, however, this company still poses more risks than other major companies in the same field. Its operating cash flow was good and covered for financing and investing activities, which made its cash rise remarkably. However, cash accounted for only 1.8% of total assets value in 2019.

3. HIEP THANH PLASTIC - TRADING - MANUFACTURING JOINT STOCK COMPANY

Hiep Thanh Plastic – Trading – Manufacturing JSC specializes in manufacturing of household plastic and industrial plastic wares such as table, chair, pail, basin, basket, garbage can, cabinet, ice bucket; and melamine stuff such as bowl, plate, great bowl, baby wares, rice ladle, and dinner set. In addition to the domestic market, the company’s products are also exported to Singapore, Australia, Malaysia, and the USA.
HIEP THANH PLASTIC - TRADING - MANUFACTURING JOINT STOCK COMPANY
Financial data indicates that the sales of the company increased slightly between 2017 and 2019. Its profit margins were quite thin. ROA and ROE were lower than the industry average. Interest bearing debts reduced by 46.99% in 2019. Its total loans/ total assets ratio was low. 

4. BINH THUAN PLASTIC MECHANICAL JOINT STOCK COMPANY

The company is a manufacturer of plastic products. It was officially established in 2005 in Ha Noi. It manufactures a wide range of products including lubricant container, pallet, recycle bin, poultry feeding trays, watering cans and household appliances. Most of its products are consumed in the domestic market. 
Binh Thuan Plastic has invested 45% of its capital to establish another production company in Ha Nam Province. In March 2020, the company increased its charter capital to VND 300 billion from VND 50 billion. It is expected that the company’s scale will be largely expanded in the coming time.
BINH THUAN PLASTIC MECHANICAL JOINT STOCK COMPANY
The business result of the company has improved over the years. Particularly, its 2019’s revenue increased by 51.31% against 2018, reaching VND 132,305 million; and its profit after tax reached VND 2,622 million. As a result, most of the profitability ratios were improved.
Its total assets have also rapidly been expanded, hitting VND 140,832 million on 31 Dec 2019 (from VND 57,554 million on 31 Dec 2017). The company’s self-financing capacity has been significantly improved, yet the working capital has always been insufficient.

5. DANANG PLASTIC JOINT STOCK COMPANY

Danang Plastic JSC was established in 1976 and owned by the State. It was equitized in 2000. In 2001, its stocks were officially listed on HOSE with stock symbol DPC. After that, it decided to issue stocks on HNX in 2009. 
The company specializes in manufacturing and trading plastic products including HDPE, uPVC plastic pipe and plastic packaging. It imports materials from Malaysia, Singapore, Thailand, China and South Korea. 

Regarding financial performance, it maintains a quite good operation performance annually.
Sales increased by 23.08% in 2019 and reached VND 39,771 million in the first half of 2020. Gross profit margin has been high over the years, which shows its particular competitive edge compared to other companies in the same industry. Its profitability ratios were also quite high. 
In terms of capital structure, due to investing considerably in facilities in 2019, it had to use financial leverages. The debt ratio was at 39.39% as of 30 Jun 2020.

6. NAM HUNG VINH COMPANY LIMITED

Founded in 2014, the company is specialized in processing plastic injection mold as well as plastic components of electrical equipment and appliances. Besides, it also manufactures spin mops and bucket kits. It does not have import-export activities.
Due to the negative effects of the COVID-19 pandemic, since Feb 2020, demands have decreased clearly. Specifically, its 1H2020’s total sales were just about 50% of that in the same period last year.

In general, there has been an expansion in the company’s business scale in recent years. 
NAM HUNG VINH COMPANY LIMITED
The total assets and total sales of the company increased in two consecutive years. Besides, its utilizing asset performance was effective with ratios higher than the industry average. However, due to high costs of goods sold, the company has reported just humble profit after tax or even loss in recent years.
There have been notable loans and financial leases in years, meanwhile there have been no loan interest expenses. Therefore, the company does not pose many risks to its partners.

7. HONG THANH TRADING PRODUCTION COMPANY LIMITED

The company specializes in manufacturing plastic products including plastic hinges, auto parts, and propeller. Currently, it does not have import – export activities. It has not suffered any significant impacts of the COVID-19 pandemic.
HONG THANH TRADING PRODUCTION COMPANY LIMITED
Despite a growth in sales to VND 7,372 million in FY 2019, the company did not cut back on costs effectively. Since 2018, net operating profit has been negative. GPM showed a downward trend during the period. This indicates a burden in cost of goods sold. Meanwhile, non – production cost showed a drop in FY 2017 and FY 2019. 

Source: VietnamCredit

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