SONG HONG GARMENT JOINT STOCK COMPANY

SONG HONG GARMENT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN MAY SÔNG HỒNG): From a Tough Year to a Bold Comeback in Vietnam’s Garment Sector

SONG HONG GARMENT JOINT STOCK COMPANY, legally registered under Business ID 0600333307, is a publicly listed Vietnamese garment manufacturer trading under stock code MSH on the HOSE. With its headquarters in Nam Dinh — Vietnam’s historic textile hub — this company has been active since 2004 and currently employs over 11,300 workers. SONG HONG, also known as SH. GARNY, is a leading exporter of garments and bedding products, competing in a global apparel market marked by low margins, rising labor costs, and unpredictable international demand.

In 2024, SONG HONG made a strong financial recovery. Sales climbed to USD 216.93 million, up 16.26% from the previous year, signaling a rebound after a difficult 2023 marked by declining exports. But the real surprise came in profitability: net profit shot up by 80.43%, reaching USD 18.18 million. After two years of double-digit profit declines, this performance is not just a recovery — it's a signal to the market that SONG HONG is regaining its stride.

The company also strengthened its balance sheet. Total assets jumped 30.99% to USD 185.83 million, and equity grew by 13.58% to reach USD 84.45 million. Working capital, a key measure of short-term financial health, is strong at USD 57.08 million, indicating robust liquidity and operational flexibility.

SONG HONG’s product line is focused on cut-and-sew garments and home textiles, with strong demand from overseas clients. Its vertically integrated operations include weaving, knitting, printing, and textile finishing — allowing it to control quality and lead times more tightly than companies relying entirely on subcontractors. In addition to core garment manufacturing, the company is also registered for activities ranging from warehousing to pharmaceutical and medical supplies production, giving it room for future diversification.

At the leadership level, the company is chaired by Mr. BUI DUC THINH, who also owns nearly 24% of the shares. General Director Mr. BUI VIET QUANG is another major shareholder. Institutional investor FPT Securities also holds a 12.79% stake, highlighting the interest from Vietnam’s financial sector in SONG HONG’s performance and future.

This rebound comes at a critical moment for Vietnam’s textile and garment industry. After years of expansion, the sector is facing headwinds: labor costs are rising, competition from Bangladesh and China is intensifying, and global orders are becoming more volatile. According to the Vietnam Textile and Apparel Association (VITAS), total exports in the sector shrank in 2023 but are expected to gradually recover in 2025 with shifts toward sustainable sourcing, automation, and nearshoring.

SONG HONG GARMENT JOINT STOCK COMPANY appears to be riding this wave of change wisely. Its return to double-digit growth in both revenue and profit sets it apart from many local peers still struggling to recover post-pandemic.

However, sustainability of this growth must be monitored closely. Sharp profit jumps can flatten out just as quickly if global demand weakens or raw material prices spike. That's why full business verification, current financial tracking, and risk monitoring remain essential.

To evaluate business engagement with SONG HONG GARMENT JOINT STOCK COMPANY, stakeholders should rely on a detailed Company Report, including up-to-date Vietnam Financial Data, ownership structure insights, and operational assessments. VANGUARD BUSINESS INFORMATION LLC (VBI) offers critical tools such as Business Verification Services and Risk Management Services to help you navigate decisions in Vietnam’s evolving garment export sector.