PHONG PHU INTERNATIONAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN QUỐC TẾ PHONG PHÚ): Expanding Assets, Shrinking Sales — Is the Engine Losing Steam?

PHONG PHU INTERNATIONAL JOINT STOCK COMPANY, also known as PPJ GROUP, is a heavyweight in Vietnam’s garment manufacturing industry. Registered under Business ID 0304995318 and headquartered in Thu Duc City, Ho Chi Minh, the company operates across Long An, Da Nang, and Khanh Hoa with over 18,000 employees. This is no small operation, but the numbers are telling a different story in 2023.

Total assets surged to USD 181.76 million, up 23.39%, indicating that PPJ is continuing to invest, expand, and build infrastructure. Equity followed suit, rising to USD 56.48 million. That’s the good news.

But revenue dropped sharply. Sales in 2023 fell by 15.3% to USD 219.56 million, and profit declined by 16.85%, falling to USD 5.53 million. The trend is unmistakable: PPJ is growing its asset base while its actual earnings shrink. That’s not a healthy balance.

The company’s working capital remains positive at USD 10.42 million, which suggests it’s not in immediate trouble. But the widening gap between investment and returns is real — and risky. At a time when many Vietnamese garment manufacturers are scaling back operations, PPJ is making a significant investment. Will that bet pay off?

Led by Mr. DANG VU HUNG, with backing from PHONG PHU CORPORATION and other domestic investors, PPJ has diversified into everything from textile spinning and real estate to electric power and logistics. This broad scope gives it room to pivot, but also exposes it to multiple economic cycles at once.

Here’s the takeaway: PHONG PHU INTERNATIONAL JOINT STOCK COMPANY still has muscle, but its engine is misfiring. Revenue is falling while costs likely rise. Investors and partners should proceed with a full Company Report, check current Vietnam Financial Data, and use Business Verification Services to understand whether PPJ’s decline in profits is a short-term dip or a long-term trend.

VANGUARD BUSINESS INFORMATION LLC (VBI) recommends close monitoring through updated Risk Management Services — because when a company builds fast and sells less, the pressure doesn’t stay hidden for long.