HAPPY FURNITURE (VIETNAM) CO., LTD (CÔNG TY TNHH HAPPY FURNITURE (VIỆT NAM)), with business ID and tax code 4300829902, appears at first glance to be a manufacturing success story. Located in the Vietnam – Singapore Industrial Park in Quang Ngai Province, this foreign-invested furniture producer employs 3,000 workers and posted a massive USD 28.71 million profit in 2023, up more than 105% from the previous year.

But for all the impressive financial headlines—USD 146.65 million in sales, USD 100.46 million in total assets, and USD 62.1 million in equity—the company’s structure raises critical questions. Fully owned by OUMAZING INTERNATIONAL FURNITURE PTE. LTD., a Singaporean entity, and managed by Mr. Xu Y., a Chinese national who serves as both Chairman and General Director, HAPPY FURNITURE is effectively an offshore operation embedded in Vietnam’s industrial landscape.

Despite its profits doubling, the company paid-up just USD 9.5 million in capital, and there's no visibility on how much tax revenue or reinvestment actually stays within the local economy. Sales had previously plunged in 2022 by over 30% before rebounding, showing signs of volatility that may mirror its dependence on foreign orders or internal transfer pricing.

For any party performing business verification or due diligence with a focus on Vietnam private financial data and investment risk, HAPPY FURNITURE might look healthy on paper but lacks transparency in ownership benefit distribution and long-term local commitment. This is a highly productive but tightly controlled foreign operation—efficient, profitable, but distant from Vietnam’s national interests.