GLORY OCEANIC (VIETNAM) CO., LTD

GLORY OCEANIC (VIETNAM) CO., LTD (CÔNG TY TNHH GLORY OCEANIC (VIỆT NAM)) is a foreign-invested enterprise based in Ho Chi Minh City, Vietnam. Founded on June 30, 2008, the company has been in operation for more than 17 years and has established itself as a notable manufacturer of wooden furniture and sofas for international markets. With charter capital exceeding USD 22.4 million and a workforce of 1,600 employees, it represents one of the more prominent furniture exporters operating in Vietnam’s southern industrial zones.

A Strategic International Backbone

The company is owned by GLORY OCEANIC COMPANY LIMITED, headquartered in Hong Kong, China. Under the leadership of Chairman and General Director Wu Weichen, the enterprise has been built to leverage Vietnam’s strong manufacturing base and cost-effective labor to supply global markets with high-quality furniture products. Its head office is located at Land Plot No. 370, Map Sheet No. 18, Quarter 1, Binh Co Ward, Ho Chi Minh City—a strategic location close to ports and logistics hubs, enabling efficient export operations.

Numbers That Tell a Story

Despite facing years of financial pressure, GLORY OCEANIC has demonstrated strong signs of stabilization and renewed growth. Total assets grew from USD 87.1 million in 2022 to USD 93.88 million in 2023, marking a 7.78 percent increase. Sales reached USD 109.65 million in 2023, a healthy 6.66 percent growth after a sharp decline the previous year.

Equity remained low at USD 24,782 due to accumulated historical losses, but the company recorded a profit of USD 178,256 in 2023, compared to a loss of USD 863,413 in 2022 and USD 8.17 million in 2021. This dramatic turnaround represents a 120.65 percent increase in profit year-on-year. Working capital remained negative at USD -15.19 million, suggesting continued operations and production capacity reinvestment.

Crafting Excellence in Furniture Manufacturing

GLORY OCEANIC focuses on manufacturing and processing wooden furniture and sofas—a segment in which Vietnam has become one of the top global exporters. The company also engages in non-specialized wholesale trade and property activities related to its manufacturing operations. With modern facilities and a large workforce, it caters to the growing demand for furniture in North America, Europe, and Asia, where Vietnam-made furniture is highly competitive in price and quality.

Outlook: A Comeback in Motion

After years of financial strain, GLORY OCEANIC shows signs of a strong rebound. Its improved sales and profitability signal a more stable operating environment and potentially better cost management. Vietnam’s continued rise as a global furniture manufacturing hub provides the company with a favorable market context. Suppose it maintains its current trajectory of profitability and asset growth. In that case, GLORY OCEANIC may soon reestablish a more robust financial position, expand its export volume, and strengthen its role as a reliable supplier in the global furniture supply chain.

With its international backing, large production base, and strategic location, GLORY OCEANIC stands poised to capitalize on global demand for quality furniture while continuing to refine its financial structure and operational efficiency.