AN PHUOC GARMENT EMBROIDERY SHOES COMPANY LIMITED

AN PHUOC GARMENT EMBROIDERY SHOES COMPANY LIMITED (CÔNG TY TNHH MAY THÊU GIÀY AN PHƯỚC) is one of Vietnam’s most recognizable garment manufacturers, headquartered in Ho Chi Minh City and operating for more than 32 years. With a workforce of 15,000 employees and multiple branches and factories across the South and Central regions, the company stands as a major domestic producer of apparel, embroidery, footwear, and accessories.

In 2023, An Phước recorded USD 93.66 million in sales, a modest 0.88% increase, indicating stagnant revenue despite its large operating scale. Assets continued to grow steadily to USD 116.8 million, while equity rose sharply by 37.5%, reaching USD 61.54 million—a sign that the company has been strengthening its financial base.

However, profitability declined noticeably. Net profit fell to USD 16.79 million, a 23.87% drop year-on-year, reversing part of the strong earnings surge seen in 2022. This decline suggests cost pressures, possible production inefficiencies, or slower demand in key product lines. Given that sales barely increased while assets and equity expanded significantly, this raises questions about how effectively the company is translating its scale into revenue and profit.

Another critical point is the highly concentrated ownership. The two principal shareholders—Nguyen T. D. (50.67%) and Giang V. T. (49.22%)—hold nearly the entire company, creating a tightly controlled governance structure. While this can speed up decisions, it may also limit strategic diversification or external oversight, especially important for a labor-intensive manufacturer operating in a fast-changing global apparel market.

An Phước’s diversified activity list—ranging from apparel manufacturing and retail to printing, furniture production, textile wholesale, and even motor-vehicle leasing—reflects a broad scope of business registrations. This may indicate strategic flexibility, but it can also signal operational dispersion, especially at a time when many garment producers are consolidating to improve competitiveness.

Overall, An Phước remains a well-established and financially stable garment producer. Still, its 2023 performance highlights the need for tighter cost control, more explicit strategic focus, and more efficient use of its expanding asset base. How the company responds to market changes over the next few years will determine whether it sustains its legacy or faces increasing pressure from domestic and foreign competitors.