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TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY

Active

Business ID 3500613955

84-254 / 3899 396 / 3899 397

TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY

Active

Business ID 3500613955

84-254 / 3899 396 / 3899 397

TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY

Active

Summary

Name:

TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY

Business ID (TIN):

3500613955

Date of Registration:

10 Jul 2003

Registered Office:

Ba Ria - Vung Tau Province Department of Planning and Investment

Address:

Lot II-1, My Xuan A2 Industrial Park, My Xuan Ward, Phu My Town, Ba Ria - Vung Tau Province, Vietnam

Phone:

84-254 / 3899 396 / 3899 397

Fax:

(84-254) 3899 394/ 3899 395

Financial Statement:

2020, 2021, 2022, 2023, 2024

As a credit manager reviewing the financial health and risk profile of TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY, here is my professional assessment based on its official report and recent performance data

Creditworthiness Evaluation

Business Overview:
Established on July 10, 2003, and headquartered in My Xuan A2 Industrial Park, Ba Ria – Vung Tau Province, TONG HONG is a foreign direct investment (FDI) enterprise specializing in the tanning and dressing of leather and fur. It operates under Business ID 3500613955 and has over 1,300 employees, making it a substantial regional employer.

The company is majority-owned (98%) by Redway International Enterprise Company Limited, based in the British Virgin Islands. It is led by a Taiwanese management team that includes Chairman Shih, Yung Chang, and General Director Lee Wei Kai.

Financial Performance (FYE 2023)

Revenue: USD 120.62 million (▲16.54% YoY)
Profit: USD 9.84 million (▲68.56% YoY)
Total Assets: USD 92.41 million (▼9.78%)
Owner’s Equity: USD 59.58 million (▲19.79%)
Working Capital: USD 47.05 million
Net Worth: USD 58.32 million

Credit Risk Observations

1. Strong Top-Line and Bottom-Line Performance
TONG HONG posted excellent year-over-year growth in revenue and profit, with profit rebounding by nearly 70% in 2023 after dipping in 2022. This recovery suggests improved operating efficiency, cost control, or favorable market pricing in the leather industry.

2. Robust Capital Structure
The company displays a solid solvency position with an equity base of nearly USD 60 million and working capital exceeding USD 47 million. This capital strength allows for healthy operational continuity and risk absorption capacity.

3. Decline in Asset Base
Despite strong profitability, total assets fell by 9.78%, potentially due to asset write-downs, depreciation, or tighter asset utilization. While not immediately alarming, the downward trend warrants monitoring in future years.

4. FDI and Foreign Ownership Risks
As a 98% foreign-owned firm, the parent company’s financial health, currency transfer policies, and offshore tax structures may introduce external risks, particularly for Vietnamese lenders and trade partners engaging in local transactions.

5. Operational Scale and Workforce Size
Employing over 1,300 staff, TONG HONG demonstrates sizable production capabilities. However, it also implies high fixed costs and dependency on export demand, primarily since leather processing is typically geared toward international markets.

Credit Recommendation

TONG HONG is currently a low-to-moderate risk counterparty, given its:

Substantial revenue and profit performance
High working capital and equity base
Large-scale operations and global backing

That said, for any credit-based transactions, I recommend the following terms:

Moderate credit exposure limits aligned with historical payment performance
Shorter payment cycles (30–45 days) to mitigate sector volatility
Periodic financial reviews and monitoring of offshore parent company risks
Legal due diligence to confirm transfer pricing, licensing, and tax compliance

TONG HONG TANNERY presents a reliable profile, with sufficient liquidity and growth, making it a creditworthy client for trade finance, raw material procurement, or vendor partnerships—subject to ongoing review of its capital movements and export market dependency.

Legal Profile

English Name:

TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY

Vietnamese Name:

CÔNG TY CỔ PHẦN TONG HONG TANNERY VIỆT NAM

Business ID (TIN):

3500613955

Date of Registration:

10 Jul 2003

Registered Office:

Ba Ria - Vung Tau Province Department of Planning and Investment

Ownership Status:

FDI

Operation Status:

Active

Contacts

Key Decision Makers:

+ SHIH, Y.C

+ LEE W.K

+ CHEN C.C

+ WU H.W

Address:

Lot II-1, My Xuan A2 Industrial Park, My Xuan Ward, Phu My Town, Ba Ria - Vung Tau Province, Vietnam

Phone:

84-254 / 3899 396 / 3899 397

Fax:

(84-254) 3899 394/ 3899 395

Business Sector

Key business lines:

VSIC:

1511 Tanning and dressing of leather; dressing and dyeing of fur

NACE:

15.11 Tanning and dressing of leather;dressing and dyeing of fur

Industry Sales Growth

CAGR (2019 - 2023)

5.62%

YoY (2023)

-3.00%

Companies by industry

Company distribution and propportions

152

0.0052%

Key Industry Players

Top 10 companies in tanning and dressing of leather; dressing and dyeing of fur industry

prime asia (vietnam) co.,ltd tong hong tannery (viet nam) joint stock company saigon tantec leather limited daewon chemical vina company limited young il vietnam co.,ltd coronet vietnam co.,ltd joil vina co., ltd. xiang jiang group (vn) co., ltd liuqiao feather vietnam company limited transasia tantec limited

Payment History

Purchase the report to access company details.

Financial Performance

Assets	61.90%
Owner’s Equity	50.58%
Working Capital	75.91%
Net Worth	38.86%
Sales	-97.94%
Operating income	89.04%
EBIT	4.57%
Gross Profit Margin	92.00%
Debt to EBITDA	-80.87%

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Specific Questions About TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY

When did TONG HONG TANNERY (VIET NAM) JSC start operating?

TONG HONG TANNERY (VIET NAM) JSC was started in 10 Jul 2003

What industry does TONG HONG TANNERY (VIET NAM) JSC operate in?

TONG HONG TANNERY (VIET NAM) JSC is operating in "Tanning and dressing of leather; dressing and dyeing of fur" industry

How can I contact TONG HONG TANNERY (VIET NAM) JSC?

TONG HONG TANNERY (VIET NAM) JSC phone numbers is 84-254 / 3899 396 / 3899 397

What adverse news is there about TONG HONG TANNERY (VIET NAM) JSC?

TONG HONG TANNERY (VIET NAM) JSC’s has 1 bad news

What is stock symbol of TONG HONG TANNERY (VIET NAM) JSC?

TONG HONG TANNERY (VIET NAM) JSC is not listed company

Where is the location of TONG HONG TANNERY (VIET NAM) JSC?

TONG HONG TANNERY (VIET NAM) JSC is located at Lot II-1, My Xuan A2 Industrial Park, My Xuan Ward, Phu My Town, Ba Ria - Vung Tau Province, Vietnam

What is TONG HONG TANNERY (VIET NAM) JSC’s business registration?

TONG HONG TANNERY (VIET NAM) JSC business registration is 3500613955

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TONG HONG TANNERY (VIET NAM) JOINT STOCK COMPANY