AMARA (VIETNAM) FOOTWEAR COMPANY LIMITED

AMARA (VIETNAM) FOOTWEAR COMPANY LIMITED, known locally as CÔNG TY TNHH GIẦY AMARA VIỆT NAM, has been active in Vietnam’s footwear export sector since its establishment in July 2014. With more than a decade of operations in the Song Khe area, Co Le Town, Truc Ninh District, Nam Dinh Province, the company has gradually built a reputation as a medium-sized, foreign-invested manufacturer with improving financial results and a specialized focus on export-oriented footwear production.

The company is wholly owned by MEGA STEP HOLDINGS LIMITED, headquartered in Hong Kong. It operates as a one-member limited liability company and employs 8,500 workers, which puts it in the mid-tier range among Vietnam’s export manufacturers in terms of employment scale. The leadership of Chairman cum General Director Mr. Chang Tsung-Yuan, a Taiwanese national, is complemented by a localized financial team led by Vietnamese Chief Accountant Ms. Chu Thi Duyen, signaling a mix of foreign management and domestic operational oversight.

Financially, 2023 marked a remarkable comeback for AMARA Vietnam. After reporting a loss of USD 2.67 million in 2022, the company rebounded strongly with a net profit of USD 4.95 million in 2023—an impressive 285.66% year-on-year improvement. This recovery is significant in the context of the global footwear industry, which has faced rising costs, supply chain disruptions, and tighter environmental and labor compliance expectations. The profit turnaround suggests improved cost control, stronger order fulfillment, or higher-margin product lines.

Revenue performance was also positive, albeit modest. Total sales reached USD 95.8 million in 2023, up 2.97% year-on-year. While this growth is not dramatic, it breaks the stagnation seen in 2022 and reflects resilience in retaining client contracts or regaining export volumes. Meanwhile, total assets grew to USD 76.31 million, a 13.53% increase, and equity rose to USD 54.12 million, up 10.07%, indicating healthy internal capital growth and investor confidence.

What stands out in AMARA’s case is the rapid improvement in working capital, reported at USD 10.81 million, and the buildup of net worth to over USD 52 million. These figures underscore not only a sound financial structure but also a capacity to handle new orders and invest in operational upgrades if needed.

However, challenges remain. The company’s sales growth has slowed compared to its 2021 performance, which saw sales spike by over 56%. This could indicate a plateau in customer demand or limits in production scalability. Additionally, the sharp losses in 2022—following a profitable 2021—raise questions about volatility in revenue streams or sensitivity to global economic cycles.

Overall, AMARA Vietnam Footwear is a notable example of a company that has emerged stronger from operational setbacks. Its 2023 performance shows clear financial recovery, stable export capability, and a leadership team capable of navigating the complexities of the international footwear market. Positioned in one of Vietnam’s key industrial regions and backed by foreign capital, AMARA continues to hold promise as a competitive and adaptive manufacturer in the country’s growing export sector.