JINYUNFENG PRECISION TECH VIETNAM COMPANY LIMITED

The subject was founded in Apr 2019 in Hai Phong City by HK JINYUNFENG CO., LIMITED in Hong Kong, China. According to the chief accountant, due to the negative effects of the Covid-Pandemic, the subject had just only completed the construction of the factory in the two Covid years and did not install equipment yet. In early 2022, its Chinese managers came to Vietnam and the subject started installing equipment and machinery which made the Historical costs of Tangible assets increased clearly to VND 75.1 billion at the end of 2022. The subject's factory was put into production in May 2022. The target of its project is to manufacture plastic injection products, molds and process and assemble electronic products. As revealed, the subject currently only produces plastic injection products that mainly use for the electronics industry with the main end users as Sony and TCL. The finding activities for customers also just started in 2022 and the subject is still affected by post-covid. As a result, it only generated VND 2.8 billion of net sales and lost VND 5.4 billion in the first year of production. Its business activities were still affected seriously in the first 4 months of 2023 and had signs of growth from May 2023, as revealed. Revenue for the first five months of 2023 was only VND 3.4 billion. Business activities start to recover well in Jun 2023 with estimated revenue for Jun 2023 of about VND 2 billion. As planned, revenue for this year was about VND 15 billion and the subject will still lose. Despite having signs of recovery, Total asset turnover was still low. Anyway, its operation is mainly based on owner's equity. Transactions could be monitored periodically.