28 CORPORATION ONE MEMBER LIMITED LIABILITY COMPANY (Vietnamese name: CÔNG TY TNHH MỘT THÀNH VIÊN TỔNG CÔNG TY 28), registered under Tax Code (TIN): 0300516772, is a state-owned garment enterprise operated under the Ministry of National Defence. Founded in February 2011, the company is headquartered in Go Vap District, Ho Chi Minh City, with branches in Hanoi, Can Tho, and Dong Nai. It employs over 3,000 workers and is a major producer of fabrics, uniforms, and fashion products with additional business lines in petroleum trade and real estate development.

At first glance, 28 Corporation appears stable. In 2024, it posted USD 210.7 million in sales and a net profit of USD 5.19 million—a 19.86% increase from the previous year. However, the company’s top-line revenue has fallen for two consecutive years, down 13.07% year-over-year, signaling potential demand erosion or contract loss—both of which are serious risks for a company tied closely to institutional orders.

While profit rose, the increase is modest relative to the scale of operations. And equity growth has nearly stalled, rising just 0.92% in 2024. Total assets recovered slightly (+10.03%) after a major drop in 2023, but this volatility reflects internal operational inefficiencies or poorly managed investments.

More critically, the company’s paid-up capital is just USD 22.28 million, far below its charter capital of USD 28.76 million, highlighting an ongoing undercapitalization issue. This, combined with declining revenues, could weaken resilience if faced with supply chain disruptions or labor cost spikes.

Being a military-owned enterprise may offer political backing, but it also brings rigidity and limited transparency. There is little publicly disclosed about the real estate or petroleum segments, which may be absorbing capital without generating proportionate returns.

Final Take

28 CORPORATION ONE MEMBER LIMITED LIABILITY COMPANY is large, well-established, and has valuable government contracts, but its fading revenues, underfunded equity, and business complexity pose risks. The current profitability is not strong enough to offset deeper structural weaknesses. Businesses engaging with 28 Corp—whether in procurement, joint ventures, or supply—should apply prudent financial vetting.

For comprehensive risk assessments, sector benchmarks, and credit profiles, rely on VANGUARD BUSINESS INFORMATION LLC (VBI)—Vietnam’s trusted authority in business intelligence.