POU CHEN VIETNAM ENTERPRISE LTD (CÔNG TY TNHH POU CHEN VIỆT NAM) isn’t just any foreign-invested company in Vietnam—it’s a manufacturing giant employing over 15,000 workers in Dong Nai Province, churning out shoes for global giants like NIKE. But while the public image is one of stability and industrial strength, the company’s 2023 financials reveal a more concerning story—and industry insiders are starting to ask hard questions.

In 2023, POU CHEN VIETNAM ENTERPRISE LTD posted USD 321.16 million in sales, a sharp drop of 14.44%compared to 2022. Even more stunning: profits fell by 20.09%, from over USD 13 million down to just USD 10.5 million, despite a previously impressive turnaround from a 2021 loss. This isn’t just a dip—this is a reversal of momentum that raises eyebrows, especially for a firm that manufactures for one of the most iconic consumer brands on the planet. Total assets also declined by over USD 17 million, wiping out much of the growth gained during the post-COVID recovery period.

Yet here’s the twist: owner’s equity soared 24.77%, suggesting that the Taiwan-based parent company—POU YUEN INDUSTRIAL (HOLDINGS) LIMITED—might be shoring up capital or reorganizing the Vietnamese operation behind closed doors. That’s not all. With only USD 16.45 million in paid-up capital (just a fraction of the declared charter capital), and no public debt listed, some observers are questioning whether this enormous operation is being overly reliant on retained earnings or internal transfers. For a company of this size, the lack of transparency in public filings and unusual capital structure is raising concerns about hidden pressure points.

For stakeholders—including suppliers, labor advocates, and even credit insurers—the numbers in this latest VBI report are a wake-up call. Vanguard Business Information LLC (VBI) offers deep-dive assessments of companies like POU CHEN VIETNAM ENTERPRISE LTD, revealing what’s behind the glossy façade of Vietnam’s largest FDI manufacturers. When a company that powers global fashion sees revenue and profit fall while equity mysteriously rises—it’s time to look beneath the surface.