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Top largest shoes companies in Vietnam (2022 update)

Top largest shoes companies in Vietnam (2022 update)

Thursday 27, 10 2022
Most of the major shoe exporters in Vietnam are foreign enterprises. However, shoe manufacturers with 100% domestic capital also have a certain position in the industry with good product quality.

In order to promote domestic shoe manufacturers, VietnamCredit has compiled information and made a list of 7 Vietnamese largest shoe manufacturers. Below are details about these businesses.

1. BINH TIEN CONSUMER GOODS MANUFACTURING LIMITED COMPANY

Binh Tien Consumer Goods Manufacturing Limited Company (Biti's) was officially established in 1992 on the basis of re-establishing Binh Tien Rubber Cooperative. Over 30 years of establishment and development, Biti's has had a strong foothold in the market.

In the domestic market, Biti's distribution network is relatively wide, including 2 trade centers, 11 branches and over 4,500 agents - stores across 64 provinces in the country. In the international market, Biti's products are exported to more than 40 countries throughout Asia, Europe, and the Americas. As a result, the company’s annual revenue always remains above VND 1,000 billion.

Specifically, in 2021, Bitis recorded a revenue of VND 1,235 billion, down 26% compared to 2020. The profit after tax of the business decreased relatively sharply, from VND 83.4 billion in 2020 to VND 21.6 billion in 2021.

Vietnamcredit Binh Tien Consumer Goods

2. 26 JOINT STOCK COMPANY

The company was established in 1978, formerly known as Military Workshop 26 with the task of producing all kinds of hats, shoes, stretchers, hammocks, backpacks, canvas houses to provide military equipment for military units. Through many stages of development, it was transformed from a state-owned enterprise to a with the name 26 Joint Stock Company in 2006. Currently, the company's charter capital is VND 50 billion, of which the State holds 51%.

As one of the textile enterprises under the Ministry of National Defense, 26 JSC has strengths in supplying textile products to military units. Thanks to stable output, the company has always maintained its business growth despite the impact of the Covid-19 epidemic.

According to the data of the Bidding Newspaper, in 2021, 26 JSC was selected to implement 94 bidding packages with a total value of VND 705.4 billion.

The main source of revenue from supplying products to the Army helps the company's annual business results to grow steadily. Specifically, in the period of 2018 - 2020, its revenue increased from VND 616.2 billion to VND 633 billion in 2019 and reached VND 823.8 billion in 2020. Pre-tax profit reached VND 22.5 billion, VND 23.3 billion and VND 30.7 billion, respectively. In 2021, 26 JSC’s revenue from sales and service provision increased by 20% compared to 2020, reaching VND 990.5 billion; pre-tax profit increased by 8.8%, reaching VND 33.4 billion.

Vietnamcredit 26 Joint Stock Company

By the end of 2021, the Company's total assets reached VND 620 billion, of which 70% were liabilities, equivalent to VND 437 billion.

In order to reduce dependence on supplying products to military units, 26 JSC  said that in the coming time, it will continue to expand and develop markets, thereby increasing production efficiency.

3. VINH YEN SHOES JOINT STOCK COMPANY

Vinh Yen Shoes Joint Stock Company represented by Mr. Le Thanh Thuy was granted a business registration certificate on September 18, 1998.

With more than 3,200 employees, Vinh Yen Shoes currently maintains 6 production lines at two facilities in Vinh Yen city and Tam Duong district (Vinh Phuc). This enterprise has a production capacity of over 2 million pairs of shoes/year, specializes in exporting sports shoes to European countries and the United States.

The company has actively contacted and found new partners and customers. The source of raw materials to maintain production is also expanded. In the past 1 year, Vinh Yen Shoes has had 3 new customers from Western countries. These are all big customers who have strict requirements on product quality.

According to Mr. Le Thanh Thuy - Director of the company, in 2021, production and business activities showed signs of improvement. The opportunity to bring quality sports shoes "made in Vietnam" to the US market is expanding because the country has lifted its preferential policies for footwear exported from China and India.

Vietnamcredit Vinh Yen Shoes

Only in the past 2 years, Vinh Yen Shoes has invested more than VND 60 billion to expand and upgrade the factory, purchase modern equipment to bring to the market top-class products.

In the immediate future, with these positive signals, the company believes that it will successfully complete the target of producing and exporting over 2 million pairs of quality shoes, with a revenue of about VND 380 billion.

4. GIOVANNI GROUP JOINT STOCK COMPANY

Giovanni Group Joint Stock Company was formerly known as Giovanni Vietnam Joint Stock Company. Founded in 2007, Giovanni Vietnam JSC received the franchise to manufacture and distribute the exclusive Giovanni brand in the Vietnamese market. In 2017, Giovanni Group officially acquired the ownership of Giovanni trademark and developed in Southeast Asia.

Vietnamcredit Giovanni Group

Currently, the scale of the company is expanding with nearly 500 employees in the nationwide retail system. The booths are located at famous trade centers throughout the country (Vincom, Lotte, Aeon Mall, The Garden. Giovanni has successfully built a wide distribution network spanning North, Central and South and serving countless customers in Vietnam including high-ranking politicians, businessmen, managers and famous people .

5. NGOCHA SHOES JOINT STOCK COMPANY

Ngoc Ha Shoe Joint Stock Company is a state-owned enterprise. It was formerly Facility II of the Hanoi Leather Shoe Factory. In 1991, according to Decision No. 618/QD-UBND of Hanoi city, this enterprise was officially separated into an independent production and business enterprise under the management of Hanoi Department of Industry.

Ngoc Ha Shoes specializes in manufacturing leather footwear products for export to the EU, the US, etc.

When it was newly established, the company had a total area of 9800m2, of which 4397m2 was a warehouse and factory. At that time, it was equipped with 250 machines, mainly industrial machines and some other specialized machines such as forming machines, ring cutting machines.

Currently, with a factory area of 26,000 m2, modern machinery and equipment, the company is gradually expanding production, improving productivity and product quality to increasingly meet the tastes of consumers.

Vietnamcredit Ngoc Ha Shoe

6. BINH TAN CONSUMER GOODS MANUFACTURING COMPANY LIMITED

Binh Tan Consumer Goods Manufacturing Company Limited was established in 1991 (with the brand BITA'S). It is one of the leading companies in the field of manufacturing and trading high quality footwear in Vietnam.

With modern and advanced production lines, along with a quality system managed according to international standards ISO 9001:2000, the company has produced products rich in types and colors, suitable for consumer tastes.

Because of these factors, BITA'S footwear products are very popular and trusted by domestic and foreign markets.

Vietnamcredit Binh Tan Consumer Goods

BITA'S products are exported to many countries including Japan, USA, Europe, China, Myanmar, Cambodia etc. In the Vietnamese market, BITA'S has a system of 05 business management branches with more than 1,000 distribution intermediaries, and a system of retail stores in commercial centers such as Vincom Royal City, Lotte, etc.

7. THUONGDINH FOOTWEAR JOINT STOCK COMPANY

Thuong Dinh Footwear Joint Stock Company was established in 1957. In 2016, the company became a joint stock company.

The company's main export markets are EU member countries, Japan (accounting for 80% of exported shoes), in addition to other countries such as Mexico, the US, Australia and some countries in the Southeast Asian region.

Currently, Thuong Dinh Shoes faces a lot of difficulties because of the old production line and it cannot keep up with the changes of the market. Its products are criticized for being less aesthetic and not properly invested.

In the past 5 years, many famous brands such as Adidas, Puma, Nike have entered Vietnam, sparking a fierce competition between foreign and domestic footwear brands.

Domestic shoes manufacturers have had to spend hundreds of billions of dong to implement brand identity strategies, change its image to match the trend.

However, most of the products of Thuong Dinh Shoes have remained unchanged in terms of design and quality. It is this weakness that has caused the once-resounding shoe company to lose its breath in the race for market share.

Since, the revenue of Thuong Dinh Shoes has reached hundreds of billion dong per year, but the profit was around VND 1 billion.

Specifically, by the end of 2016, the revenue of Thuong Dinh Shoes reached VND 125.9 billion, down 54% compared to 2015 and the profit after tax was only VND 459.9 million. In the following years, Thuong Dinh Shoes continuously reported a loss of VND 17.08 billion in 2017 and VND 17 billion in 2018.

The 2019 audited financial report of Thuong Dinh Shoes shows that in 2019, the company recorded VND 166 billion in revenue, down 4% over the previous year and completing 95% of the set plan. However, after-tax profit continued to report negative VND 13 billion. On average, this shoe company earned more than VND 450 million in sales every day, but lost more than VND 36 million/day.

VietnamCredit Thuong Dinh Footwear

Particularly in 2020, despite trying to spend twice the amount of money on advertising compared to the previous year, because of COVID-19, revenue dropped sharply to VND 104 billion.

In 2021, Thuong Dinh Shoes saw a loss of nearly 17.7 times compared to 2020 when the profit after tax was just over VND 774 million. Meanwhile, the revenue was quite good when reaching VND 108.7 billion. However, liabilities were almost unchanged at VND 64.78 billion.

Henry Tran – VietnamCredit

 

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