FLAT (VIETNAM) COMPANY LIMITED

FLAT (VIETNAM) COMPANY LIMITED (CÔNG TY TNHH FLAT (VIỆT NAM)), registered under Business ID and Tax Code 0201735798, is a wholly foreign-owned enterprise based in Hai Phong’s Dinh Vu Industrial Park. The company was established in 2016 and operates in the glass manufacturing industry, with a focus on tempered safety glass used in solar modules.

In 2023, the company reported USD 284.81 million in sales, up 8.45% year-over-year. Its net profit surged by nearly 49%, reaching USD 62.62 million, which translates to a high profit margin by industrial standards. Total assets stood at USD 382.58 million, with working capital of USD 89.66 million, indicating a solid short-term liquidity position. Meanwhile, owner’s equity rose sharply by 45.7% to almost USD 200 million, highlighting strong capital accumulation.

The company’s leadership includes Chairman Mr. Ruan Hongliang and General Director Mr. Dong Bin, both Chinese nationals. It is 100% owned by FLAT (HONG KONG) CO., LTD, and as such, FLAT (VIETNAM) COMPANY LIMITED functions as a full overseas subsidiary—raising common concerns around internal transfer pricing and limited visibility into upstream financial practices.

While profitability and equity growth are undeniably strong, the company's capital inflow patterns warrant further scrutiny. The declared charter capital is USD 72 million, yet the paid-up capital is already over USD 74 million, which could reflect ongoing funding rounds or currency adjustments—but such discrepancies should be closely reviewed during financial due diligence.

According to recent risk intelligence compiled by VANGUARD BUSINESS INFORMATION LLC (VBI), stakeholders should note that while FLAT (VIETNAM) COMPANY LIMITED appears financially sound, the absence of Vietnamese ownership, combined with its strategic role in supplying solar glass, necessitates additional monitoring in terms of regulatory compliance, environmental practices, and long-term local integration.

Its registered business scope is broad and includes warehousing, property trading, and industrial facility construction—activities beyond core manufacturing. This diversification, while potentially strategic, also opens questions about the company's long-term operational focus in Vietnam.

In sum, FLAT (VIETNAM) COMPANY LIMITED has shown outstanding financial performance in 2023, particularly in equity growth and profitability. But for institutions seeking to engage this company—be it in trade, finance, or joint ventures—independent verification, such as VBI’s credit and risk assessments, is essential to understand the full picture beyond headline figures.