FORTUNE BRANDS SECURITY CO., LTD

From ASSA ABLOY Vietnam to FORTUNE BRANDS – A Strategic Transformation

Formerly known as ASSA ABLOY Vietnam Co., Ltd, the company officially changed its name to FORTUNE BRANDS SECURITY VIETNAM CO., LTD following the acquisition by Fortune Brands Innovations Inc. (USA). The rebranding marks a strategic shift under new ownership, positioning the company as part of a leading global group specializing in home security, safety solutions, and architectural hardware.

Founded on June 21, 2019, and operating under Business ID: 2500631198, the company is a wholly foreign-owned enterprise (FDI) registered with the Vinh Phuc Department of Planning and Investment. Its head office and production facility are at Lot A10, Ba Thien II Industrial Park, Thien Ke Commune, Binh Xuyen District, Vinh Phuc Province, Vietnam.

Core Operations and Ownership Structure

FORTUNE BRANDS VIETNAM manufactures and supplies digital door locks, safes, mechanical lock systems, and door-opening accessories. The company’s technological know-how and product portfolio reflect its legacy from ASSA ABLOY, while benefiting from the scale and innovation of Fortune Brands Innovations — a Fortune 500 enterprise headquartered in Illinois, USA.

The company is 100% owned by MASTER LOCK COMPANY LLC (USA), a world-renowned security brand within the Fortune Brands group. Mr. Mohd Azman Bin Md Arshad, a Malaysian national, currently serves as the General Director, overseeing local operations and integration into the parent company’s global supply network.

Strong Financial Recovery and Solid Growth

As of December 31, 2023, FORTUNE BRANDS VIETNAM reported:

• Total assets: USD 26.06 million (down 34.23% year-on-year)

• Equity: USD 14.07 million (up 8.53%)

• Sales revenue: USD 106.01 million (up 0.75%)

• Net profit: USD 9.33 million (up 13.45%)

• Working capital: USD 9.47 million (up 20.89%)

  Company Profile Report-FORTUNE …

Despite a contraction in total assets, profitability and liquidity improved significantly, showing better cost efficiency and financial discipline under Fortune Brands' management. The company’s equity has grown 37% since 2021, while profit has nearly doubled, signaling operational maturity and a strong credit position.

Operational Highlights and Industry Context

In Vietnam’s industrial manufacturing and export-oriented sector, FORTUNE BRANDS VIETNAM benefits from the country’s expanding industrial base and strategic location in northern Vietnam’s supply chain network. The transition from ASSA ABLOY to Fortune Brands enhances brand leverage, product diversification, and R&D access.

However, the company faces industry-wide challenges such as fluctuating raw material prices, labor costs, and competition from regional electronics and smart-lock manufacturers. The decline in asset value in 2023 reflects restructuring and possible capital reallocation during the ownership transition.

VNBIS Insight: Financial Risk and Market Position

According to VNBIS, FORTUNE BRANDS SECURITY VIETNAM demonstrates sound profitability, moderate growth stability, and low credit risk. Despite transitional adjustments, its robust working capital and profit trajectory confirm healthy liquidity and sustainable operations.

Through its Company Report and Financial Risk Management Services, VNBIS assists investors, suppliers, and industry stakeholders in evaluating the company’s financial soundness, creditworthiness, and operational resilience following the acquisition. This provides an in-depth perspective on one of Vietnam’s most stable and globally integrated manufacturers in the security and hardware sector.