THISO RETAIL COMPANY LIMITED

NSG VIETNAM GLASS INDUSTRIES LTD (short name: VGI) is a leading foreign-invested manufacturer of float glass for industrial and solar applications, operating in Vietnam since 1997. Legally registered as a limited liability company under Business ID 3500696503, NSG Vietnam is part of the global Nippon Sheet Glass Group, with shareholding split between NIPPON SHEET GLASS CO., LTD (Japan) at 54.59% and NSG ASIA PTE LTD (Singapore) at 45.41%.

The company is managed by HA T. B., serving as General Director, and operates its main manufacturing facility in My Xuan A Industrial Park, Phu My City, Ba Ria – Vung Tau Province. With over 600 employees, NSG Vietnam plays a critical role in supplying high-grade float glass to support both domestic infrastructure projects and regional solar energy development.

In the fiscal year ending March 2023, NSG Vietnam recorded USD 120.6 million in revenue, growing nearly 4% year-over-year. Total assets rose to USD 246.47 million, and equity remained stable at USD 146.52 million, indicating a well-capitalized balance sheet. However, net profit declined by over 11% to USD 4.66 million, highlighting cost pressure or margin compression in a competitive global glass market

Despite solid sales and asset growth, profitability pressure is worth monitoring, especially given the company’s exposure to global commodity cycles, energy costs, and export-linked volatility. The glass industry—particularly in solar and architectural segments—is highly sensitive to demand shifts and pricing competition.

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