THAIBINH GROUP (CÔNG TY CỔ PHẦN ĐẦU TƯ THÁI BÌNH), known as TBS GROUP, is a major player in Vietnam’s industrial landscape, especially in footwear manufacturing and diversified investment. With Business ID and Tax Code 3700148737, the company is registered in Binh Duong Province and has been operating since June 2005. It currently employs over 40,000 workers—a scale that few private Vietnamese companies match.

Led by Chairman and General Director Mr. Nguyen Duc Thuan, who holds a controlling 56.61% stake, THAIBINH GROUP is a joint stock company with a registered and paid-up charter capital of USD 55.54 million. The company maintains operations across footwear, handbags, real estate, logistics, tourism, power generation, and finance—making it one of Vietnam’s most diversified private conglomerates.

In 2023, THAIBINH GROUP recorded USD 291.65 million in revenue, a sharp 33.66% decline from the previous year. Profit also dropped to USD 21.34 million, reflecting a 16.21% decrease, while assets shrank to USD 716.58 million, down nearly 7%. However, equity grew modestly to USD 287.89 million, suggesting the group still retains a healthy capital structure.

Despite its scale, the recent contraction in revenue and profit suggests that THAIBINH GROUP is facing cost pressures and possibly declining global orders—an issue not uncommon in Vietnam’s export-reliant manufacturing sector. Still, the group’s substantial working capital of USD 166.37 million in 2023 gives it room to adjust and invest strategically.

With strong infrastructure across Binh Duong and Binh Phuoc and interests in ports, warehousing, and real estate, THAIBINH GROUP continues to be a powerhouse in Vietnam’s industrial growth story. But to stay competitive, the company may need to realign its manufacturing operations, respond faster to global demand shifts, and improve efficiency across its sprawling business lines.

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