TAM SON INTERNATIONAL JOINT STOCK COMPANY

TAM SON INTERNATIONAL JOINT STOCK COMPANY: Vietnam’s Fashion Powerhouse with Soaring Sales but Pressured Profits

TAM SON INTERNATIONAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN QUỐC TẾ TAM SƠN) is not just another retailer—it is Vietnam’s luxury fashion and lifestyle gateway. With nearly two decades of experience and a presence in both Hanoi and Ho Chi Minh City, TAM SON is a well-known name among Vietnam’s elite shoppers. Operating under business ID 0101794983 and headquartered on Le Van Huu Street in the capital city, the company is widely recognized for trading in high-end fashion, leather goods, watches, and luxury accessories. It currently employs over 1,050 staff and has grown into a dominant player in Vietnam’s burgeoning luxury retail market.

TAM SON’s recent financial growth is nothing short of impressive. In 2023, the company reported USD 207.7 million in revenue, a 6.54% year-on-year increase, on top of a massive 67.5% growth in 2022. Total assets now stand at USD 192.18 million, marking a 29.53% increase, while owner’s equity has also risen to USD 112.87 million. The company’s net worth remains solid at over USD 112.5 million. These figures indicate that TAM SON is expanding aggressively, solidifying its position as a premier luxury retailer in the Vietnamese market.

However, despite these headline achievements, the profit line reveals a more nuanced picture. Net profit for 2023 dropped sharply by 24.68%, falling to USD 26.25 million, after peaking at over USD 34.8 million in 2022. As a financial risk manager, this sudden decline in profitability—even as sales and assets continued to rise—raises questions about operational efficiency, cost control, and possibly inventory management within the luxury segment. It is a signal that while demand remains strong, margins may be under pressure, likely due to elevated operating expenses or promotional costs to maintain market share in an increasingly competitive luxury landscape.

The company is led by Ms. Dinh Mai Linh, who serves as General Director and is widely regarded as one of the key figures behind TAM SON’s brand-building and expansion efforts. Supporting her are Director Ms. Chu Le Anh Ngoc and Chief Accountant Ms. Pham Thi Kim Ngan, forming a leadership team with deep knowledge of both fashion and financial management.

Ownership is largely domestic, with OPENASIA VILLAGE JOINT STOCK COMPANY holding 80% of shares. The remaining stakes are owned by individual Vietnamese shareholders, which keeps TAM SON firmly rooted in local strategic control while benefiting from international branding partnerships.

The company’s extensive portfolio of registered business activities extends well beyond luxury fashion, including retail and wholesale distribution of food, beverages, electronics, cosmetics, and even pharmaceuticals. This diversification allows TAM SON to explore new growth verticals, especially in lifestyle retail and e-commerce, which are rapidly expanding across Southeast Asia.

For potential investors, suppliers, and international partners, TAM SON INTERNATIONAL JOINT STOCK COMPANY presents a compelling case: a high-revenue, asset-rich enterprise with a commanding presence in Vietnam’s luxury market. However, the recent profit contraction warrants a closer look into cost structures and operational scalability. This is where VANGUARD BUSINESS INFORMATION LLC (VBI) offers indispensable services—providing comprehensive risk assessments, financial verifications, and litigation background checks to ensure any engagement with TAM SON is both informed and secure.

TAM SON is a flagship of Vietnamese luxury retail—poised for growth but now challenged to protect its bottom line as it scales.