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Top 7 largest garment companies in Vietnam (2021 update)

Top 7 largest garment companies in Vietnam (2021 update)

Monday 26, 07 2021

Textile companies in Vietnam are facing difficulties

Since dawn of the COVID-19 pandemic, Vietnam has become well-known to the world for its success in controlling the epidemic and maintaining stable production to meet market demand. It is forecasted that there will be a great opportunity for Vietnam’s garment and textile industry in 2021. However, there still exist many difficulties.

According to the Ministry of Industry and Trade, in the first quarter of 2021, the textile and garment industry achieved better results than the same period in 2020. Although the production volume and prices of products have not recovered, there have been positive signals. Export turnover of textiles and garments in the first quarter of 2021 is estimated at 7.2 billion USD (up 1.1% over the same period); export turnover of fibers and textile yarns of all kinds increased by 31%; export turnover of drapery and other technical fabrics increased by 8.8%.

Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (Vitas), said that the textile and garment industry employs 3 million workers, contributing to ensuring social security and making an important contribution to export turnover. With export turnover in the first months of the year achieving such positive results, it is expected that exports will reach 40 billion USD this year.

Although the industry has recovered, textile and garment companies have encountered many difficulties related to import and export taxes.

 Top 7 largest garment companies in Vietnam 

1. THANH CONG TEXTILE GARMENT INVESTMENT TRADING JOINT STOCK COMPANY

Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM), formerly known as the Textile Industry Reinstatement Company, was established in 1967. After several transformations in operating model and name, in May 2008, the company officially changed its name to the current one.

In 2020, TCM recorded revenue of 3,469.7 billion VND, profit of 276.2 billion VND, which is a slight decrease of 4.8% and an increase of 27.4%, respectively, compared to 2019. Thus, in 2020, the enterprise completed 145.3% of the annual profit plan.

THANH CONG TEXTILE GARMENT

Besides gross profit increasing by 7.2% to 620.2 billion VND, financial expenses of the company decreased by 22.5% to 48.1 billion VND. Thus, in 2020, TCM maintained its growth rate thanks to improved profit margin and reduced financial costs.

As of December 31, 2020, total assets of the company increased by 1.8% to 2,922.8 billion VND. In particular, inventories accounted for the largest proportion (33.8%) of TCM’s total assets, reaching 1,006.9 billion VND; fixed assets was 986.3 billion VND, accounting for 33.1% of total assets; cash and short-term financial investment reached 555 billion VND, accounting for 18.6% of total assets.

2. SONG HONG GARMENT JOINT STOCK COMPANY

Song Hong Garment Joint Stock Company was originally 1/7 Garment Factory, which was established in 1988. In 1993, the company was renamed to Song Hong Garment Company. After 11 years of continued development, the company changed its ownership form from a state-owned enterprise to a joint-stock company  in 2004.

Garment products of the company include processed goods and exported goods (FOB), in which FOB goods currently account for a major proportion in the revenue and profit structure of the company.

Song Hong Garment Joint Stock Company

In 2020, the company recorded revenue of 3,813.4 billion VND, profit after tax of 231.8 billion VND, down 19.3% and 48.5% respectively compared to 2019. Therefore, in 2020, with a pre-tax profit of 283.3 billion VND, the company completed 113.3 percent of its profit plan.

As of December 31, 2020, the total assets of the enterprise increased by 2.4% compared to the beginning of the year, to 2,627.8 billion VND.

3. BINHTHANH IMPORT EXPORT PRODUCTION AND TRADE JOINT STOCK COMPANY

The company was formerly a state-owned enterprise established in 1982. In 2002, Gilimex was listed on the Ho Chi Minh Stock Exchange with the stock code GIL.

The company is operating in the field of manufacturing bags, backpacks, etc. In 2020, this company operates 95 sewing lines at factories.

With 5 subsidiaries and 1 strategic affiliate, along with a team of more than 4,000 highly skilled workers, Gilimex has all the facilities and production capacity to fully meet the requirements and commitments of domestic and foreign partners on processing time, product quality, product development, etc.

BINHTHANH IMPORT EXPORT PRODUCTION AND TRADE JOINT STOCK COMPANY

For the whole year of 2020, Gilimex achieved nearly 3,457 billion VND in revenue, up 36% from the previous year, equivalent to a net revenue of more than 900 billion VND. This increase in revenue made most of the company's profit targets increase sharply compared to the previous year despite the high selling and administrative expenses.

Gilimex's profit before and after tax in 2020 reached 394 billion VND and 308 billion VND, respectively, up 87% and 92% compared to 2019. This is also a record high revenue and profit in history of this company.

By the end of 2020, Gilimex has total assets of more than 2,700 billion VND, up 43% compared to the beginning of the year.

In terms of capital, the company also increased short-term debt during the year from 579 billion to 765 billion VND. In addition, Gilimex has nearly 660 billion VND undistributed after-tax profits and 360 billion VND of owner's equity

4. TNG INVESTMENT AND TRADING JOINT STOCK COMPANY

TNG Investment and Trading Joint Stock Company, formerly known as Bac Thai Garment Factory, was established on November 22, 1979. On May 7, 1981, the People's Committee of Bac Thai province merged the Garment Outsourcing Station into the Enterprise. In 1997, the enterprise was renamed Thai Nguyen Garment Company with total business capital of 1,735,1 million VND. On January 2, 2003 the company officially became Thai Nguyen Garment Export Joint Stock Company.

TNG Investment and Trading Joint Stock Company is the first Vietnamese enterprise to build a Fashion Design Center. It has 13 factories with 257 sewing lines, 2 auxiliary factories for embroidery, industrial washing, producing cartons, carton packaging and cotton and quilting factories.

TNG Investment and Trading Joint Stock Company

As of December 31, 2020, the total assets of the enterprise increased by 17.4% to 3,553.1 billion VND. The majority of its assets are fixed assets (1,252.3 billion VND), accounting for 35.2% of total assets; inventories were 1,006.6 billion VND, accounting for 28.3% of total assets; short-term receivables reached 399.2 billion VND, accounting for 11.2% of total assets.

5. GARMEX SAIGON CORPORATION

The company was formerly known as Saigon Garment Import-Export Manufacturing Company (Garmex Saigon JS), established in 1993. Ten years later, it became a joint stock company under the Decision No. 1663/QD-UB of Ho Chi Minh City People's Committee.

According to the latest financial information, in the first quarter of 2021, the company recorded revenue of 305.87 billion VND, profit after tax of 2.2 billion VND, down 18.2% and 91.5% respectively compared with the same period last year. Gross profit margin decreased from 16.8% to 12.4%.

GARMEX SAIGON CORPORATION

During the same period, gross profit decreased by 60.3% y/y to 37.87 billion VND; financial revenue decreased by 51.4% to 2.9 billion VND; interest expense decreased by 17.8% to 1.6 billion VND.

6. GARMENT 10 CORPORATION - JOINT STOCK COMPANY

The company was first known as Garment Corporation 10 JSC established in 1946. In 1952, Garment Factory 10 was established on the basis of merging garment factories in Viet Bac war zone. After many transformations, in 2010, the company became Garment Corporation 10- JSC (Garco 10).

By the end of 2020, the total revenue of the enterprise reached 3,485.6 billion VND, up 3.4% over the same period last year, exceeding 29% of the plan. Pre-tax profit reached 81.4 billion VND, down 1% and exceeding 80.8% of the year plan.

GARMENT 10 CORPORATION - JOINT STOCK COMPANY

Total assets by the end of 2020 reached 1,588.8 billion VND, a slight increase compared to the beginning of the year.

In 2021, the Company sets business targets with total revenue of 3,356 billion VND, profit before tax of 91 billion VND, and total investment value of 398.86 billion VND.

7. NHA BE GARMENT CORPORATION - JOINT STOCK COMPANY

Nha Be Garment Corporation was established in 1973. Currently, the company has more than 35 units and member factories, with nearly 30,000 employees, 20,000 specialized machinery and equipment.

In 2005, Nha Be Garment Company was equitized and transformed from a State-owned enterprise into a joint stock company. State shareholder, represented by Vietnam National Textile and Garment Group, currently owns 27.69% of this enterprise.

In 2020, the total income was 2,700 billion VND. After deducting expenses, the profit was nearly 51.7 billion VND, 22% higher than planned.

NHA BE GARMENT CORPORATION - JOINT STOCK COMPANY

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