GALAXY TECHNOLOGY COMPANY LIMITED

The subject is an extremely large company in Vietnam. It specializes in weaving yarn and weaving fabric. As revealed, about 90% - 95% of its products are exported to China, the rest is provided to the domestic market and exported to other countries like Japan. The subject's financial data has shown its business performance to be very good in the period 2018-2021, especially the jump in 2021. This recovery continued to be strong in the first half of 2022. However, since the third quarter of 2022, the textile and garment industry in general and yarn, in particular, recorded a rapid deterioration after geopolitical instability, the Russia-Ukraine conflict, causing the world economy to quickly fall into inflation. The decrease in demand negatively affects the business activities of the subject. This situation continues to be bad in 6 first months of 2023 and has not yet had the positive signs at present. As shared by an accounting male, the subject has cut the employees to just 3,500 people.

A notice point is that in 2022, the subject performed the third stage to expand its production scale. As planned, it will be completed in 2024.