FREETREND INDUSTRIAL (VIETNAM) CO., LTD

FREETREND INDUSTRIAL (VIETNAM) CO., LTD (CÔNG TY TNHH FREETREND INDUSTRIAL VIỆT NAM): From Massive Losses to Multimillion-Dollar Profits—A Turnaround Worth Watching

In the heart of Ho Chi Minh City’s Linh Trung Export Processing Zone stands FREETREND INDUSTRIAL (VIETNAM) CO., LTD, a footwear manufacturing giant with 8,000 employees and an international pedigree. Registered under tax code 0301218306, the company occupies a sprawling footprint of over 30 lots, signaling the scale of its export-driven operations. But behind this impressive physical presence lies a financial history as volatile as it is intriguing.

A wholly foreign-invested enterprise, FREETREND INDUSTRIAL (VIETNAM) CO., LTD is owned entirely by TECHPOWER INTERNATIONAL LIMITED, headquartered in the Marshall Islands. The company has been active in Vietnam since July 1, 2008, and is led by Chairman Mr. Huang C. Y., a Taiwanese national.

The year 2023 marked a stunning turnaround. From a USD 2.2 million loss in 2022—and a jaw-dropping USD 19.7 million loss in 2021—the company clawed its way back to profitability, posting a net profit of USD 4.35 million, a 296.33% year-over-year leap. This marked the company’s first profitable year in three reporting cycles, reflecting a remarkable pivot in operational efficiency or market positioning.

However, not all trends are positive. Total assets plunged 22.56%, down to USD 46.47 million from over USD 60 million the year before. While this could reflect a strategic divestment or reallocation, it also signals potential downsizing or tightening liquidity. More concerning is the negative working capital of USD -3.91 million, suggesting short-term liabilities continue to outstrip current assets—a warning sign for those concerned with cash flow and operational flexibility.

Despite these stresses, owner’s equity jumped 31.95%, reaching USD 17.97 million—a sign that retained earnings are finally replenishing after years of red ink. Meanwhile, revenue dipped slightly by 6.66%, from USD 158.8 million in 2022 to USD 148.3 million in 2023, which may reflect either reduced orders or intentional shifts toward higher-margin products like handbags and accessories.

For those conducting business verification, especially within Vietnam’s high-labor export manufacturing sector, FREETREND INDUSTRIAL (VIETNAM) CO., LTD is a fascinating case: a company that survived financial distress, reversed major losses, and is now cautiously climbing back. However, risks remain. High debt pressure, negative working capital, and softening sales are still part of the equation.

Ultimately, FREETREND INDUSTRIAL (VIETNAM) CO., LTD is no ordinary manufacturer. It’s a high-volume, high-risk enterprise with a history of volatility and a future that hinges on staying in the black. For credit professionals, investors, or trade partners seeking reliable Vietnam private financial data, this is one to watch closely—both for its recovery story and its financial fragility.