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ESTEC VINA CO., LTD

Active

Business ID 3700330866

84-274 / 3782 840

ESTEC VINA CO., LTD

Active

Business ID 3700330866

84-274 / 3782 840

ESTEC VINA CO., LTD

Active

Summary

Name:

ESTEC VINA CO., LTD

Business ID (TIN):

3700330866

Date of Registration:

11 Jul 2008

Registered Office:

Binh Duong Province Department of Planning and Investment

Address:

No. 6, Road 6, Vietnam-Singapore Industrial Park, Thuan Giao Ward, Thuan An City, Binh Duong Province, Vietnam

Phone:

84-274 / 3782 840

Fax:

(84-274) 3782 838

Financial Statement:

2020, 2021, 2022, 2023, 2024

ESTEC VINA CO., LTD (CÔNG TY TNHH ESTEC VIỆT NAM): Financial Whiplash Masks Deep Turnaround in Foreign-Owned Electronics Manufacturer

ESTEC VINA CO., LTD, tax code 3700330866, stands out in Vietnam’s consumer electronics sector not just for its scale—employing around 3,000 workers at its facilities in Binh Duong and Vinh Long Provinces—but more strikingly for its turbulent financial trajectory over the past three years. Despite a sharp decline in both revenue and assets in 2023, the company posted an extraordinary financial rebound, shifting from consecutive years of heavy losses to a significant net profit, marking one of the most dramatic turnarounds among foreign direct investment (FDI) enterprises in the country.

Headquartered in the Vietnam–Singapore Industrial Park in Thuan An City, Binh Duong, ESTEC VINA is a wholly South Korean-owned manufacturer under ESTEC CORPORATION, which owns 100% of the Vietnamese entity. Its leadership team, composed of Mr. Lee S. J. as General Director and Mr. Choi Y. T. as Deputy General Director, oversees operations ranging from audio equipment and electronics production to special-purpose machinery and business support services.

What demands attention from a credit risk perspective is the paradox between top-line decline and bottom-line revival. In 2023, sales dropped 23.51% to USD 149.27 million, falling back to 2021 levels after a peak of USD 195.14 million in 2022. Simultaneously, total assets declined to USD 59.03 million, down 7.12% from 2022 and continuing a two-year downward trend. Such declines would typically signal financial distress, particularly after earlier losses of USD 22.46 million in 2021 and USD 4.22 million in 2022.

Yet in a stunning reversal, ESTEC VINA reported a net profit of USD 13.3 million in 2023, marking a 415.21% surgecompared to the prior year’s loss. A likely overhaul of operational efficiencies, cost-cutting, or non-operational gains drove this shift. Even more notable, owner’s equity more than doubled, soaring 142.22% year-on-year to reach USD 22.65 million, recovering from a historically low USD 9.35 million in 2022.

The company's working capital shot up by over 1,000%, climbing to USD 12.73 million, signaling vastly improved liquidity. For those examining Vietnam private financial data or conducting business verification on foreign manufacturers, this kind of swing in performance is rare and merits close scrutiny.

Whether this profit is sustainable or reflects a one-off correction is unclear from the report. However, it dramatically changes the firm’s credit profile from high-risk to moderate opportunity, though ongoing monitoring is necessary. The sales drop still raises concerns about shrinking market share or contract loss in a competitive electronics market, and falling assets may indicate underinvestment or write-downs.

In conclusion, ESTEC VINA CO., LTD represents both the volatility and resilience of FDI-backed manufacturers in Vietnam. Its 2023 performance is a statistical outlier—delivering high profit amidst revenue shrinkage and asset contraction. Still, it restores the company’s financial footing and improves its standing for suppliers, lenders, and business partners. The coming fiscal year will be key to understanding whether this turnaround marks a new phase of sustainable growth or a short-lived correction in a turbulent market cycle.

Legal Profile

English Name:

ESTEC VINA CO., LTD

Vietnamese Name:

CÔNG TY TNHH ESTEC VIỆT NAM

Short Name:

EVS

Business ID (TIN):

3700330866

Date of Registration:

11 Jul 2008

Registered Office:

Binh Duong Province Department of Planning and Investment

Ownership Status:

FDI

Operation Status:

Active

Contacts

Key Decision Makers:

+ LEE S.J

+ CHOI Y.T

+ NGUYEN C.T

Address:

No. 6, Road 6, Vietnam-Singapore Industrial Park, Thuan Giao Ward, Thuan An City, Binh Duong Province, Vietnam

Phone:

84-274 / 3782 840

Fax:

(84-274) 3782 838

Branch:

Lot A3, Hoa Phu Industrial Park, Phuoc Hoa Hamlet, Phu Quoi Commune, Vinh Long Province, Vietnam

Business Sector

Key business lines:

VSIC:

2640 Manufacture of consumer electronics

NACE:

26.40 Manufacture of consumer electronics

NAICS:

3343 Audio and Video Equipment Manufacturing

Industry Sales Growth

CAGR (2019 - 2023)

10.58%

YoY (2023)

15.71%

Companies by industry

Company distribution and propportions

755

0.0260%

Key Industry Players

Top 10 companies in manufacture of consumer electronics industry

anam electronics viet nam co., ltd lg electronics vietnam hai phong co., ltd samsung electronics hcmc ce complex co., ltd tcl smart device (viet nam) company limited amtran vietnam technology company limited goertek technology vina company limited bumjin electronics vina co.,ltd competition team technology (vietnam) company limited tonly electronics technology viet nam co.,ltd pegatron vietnam company limited

Payment History

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Financial Performance

Assets	98.38%
Owner’s Equity	89.39%
Working Capital	-86.98%
Net Worth	59.39%
Sales	88.55%
Operating income	38.54%
EBIT	23.50%
Gross Profit Margin	-17.70%
Debt to EBITDA	-15.13%

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Specific Questions About ESTEC VINA CO., LTD

When did ESTEC VINA CO., LTD start operating?

ESTEC VINA CO., LTD was started in 11 Jul 2008

What industry does ESTEC VINA CO., LTD operate in?

ESTEC VINA CO., LTD is operating in "Manufacture of consumer electronics" industry

How can I contact ESTEC VINA CO., LTD?

ESTEC VINA CO., LTD phone numbers is 84-274 / 3782 840

What adverse news is there about ESTEC VINA CO., LTD?

ESTEC VINA CO., LTD’s has no negative news

What is stock symbol of ESTEC VINA CO., LTD?

ESTEC VINA CO., LTD is not listed company

Where is the location of ESTEC VINA CO., LTD?

ESTEC VINA CO., LTD is located at No. 6, Road 6, Vietnam-Singapore Industrial Park, Thuan Giao Ward, Thuan An City, Binh Duong Province, Vietnam

What is ESTEC VINA CO., LTD’s business registration?

ESTEC VINA CO., LTD business registration is 3700330866

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