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VRG DONGWHA MDF JOINT STOCK COMPANY

Active

Business ID 3800426402

84-271 / 3645 500

VRG DONGWHA MDF JOINT STOCK COMPANY

Active

Business ID 3800426402

84-271 / 3645 500

VRG DONGWHA MDF JOINT STOCK COMPANY

Active

Summary

Name:

VRG DONGWHA MDF JOINT STOCK COMPANY

Business ID (TIN):

3800426402

Date of Registration:

08 Aug 2008

Registered Office:

Binh Phuoc Province Department of Planning and Investment

Address:

Lot G, Minh Hung III Industrial Park, Minh Hung Ward, Chon Thanh Town, Binh Phuoc Province, Vietnam

Phone:

84-271 / 3645 500

Fax:

(84-271) 3645 502

Financial Statement:

2020, 2021, 2022, 2023, 2024

VRG DONGWHA MDF JOINT STOCK COMPANY: A Strategic Joint Venture in Wood Manufacturing Facing Financial Headwinds

VRG DONGWHA MDF JOINT STOCK COMPANY is a joint stock enterprise at the heart of Vietnam’s engineered wood products industry, specializing in the manufacture of veneer, plywood, and MDF (medium-density fiberboard) panels. Officially registered on August 8, 2008, under tax code and business ID 3800426402, the company operates out of Lot G, Minh Hung III Industrial Park, Minh Hung Ward, Chon Thanh Town, Binh Phuoc Province, Vietnam, with a strategic representative office in Ho Chi Minh City. The company is led by General Director Mr. Lee J. G., a South Korean national, reflecting its strong foreign-invested character.

Ownership Structure & Market Position

The ownership structure of VRG DONGWHA MDF JOINT STOCK COMPANY is notably balanced between foreign and domestic players. The firm is co-owned by Dongwha Vina Co., Limited (50%) from Hong Kong and Vietnam Rubber Group - Joint Stock Company (49%), with Dongwha International Co., Limited (1%). This strategic alignment between one of Vietnam’s largest state-affiliated groups and international investors positions the company as a significant force in the Vietnamese wood manufacturing industry.

Financial Health: A Mixed Picture

Despite strong operational foundations, the company has recently shown worrying signs of financial deterioration. In 2023, total sales dropped to USD 130.88 million, down 10.53% from the previous year. Total assets plunged by 35.3% to USD 117.2 million, and owner’s equity declined by 20.34%, signaling substantial erosion of capital. Most notably, the company recorded a net loss of USD 24.34 million in 2023, a sharp downturn from profits of USD 22.5 million in 2021 and USD 10 million in 2022—representing a negative swing of over 340%.

This drastic reversal underscores severe operational or market challenges, possibly due to declining demand, raw material cost spikes, or mismanagement. Although working capital remains positive at USD 4.58 million, continued losses at this scale would jeopardize the company’s liquidity and solvency if not addressed promptly.

Why VNBIS Services Are Crucial Now

Given the magnitude of VRG DONGWHA MDF JOINT STOCK COMPANY's financial decline, investors, creditors, and partners should rely on VANGUARD BUSINESS INFORMATION LLC (VNBIS) for comprehensive financial risk management and business verification services. VNBIS provides detailed company credit reports, monitors financial stability trends, and helps partners assess the reliability and resilience of suppliers and joint ventures like VRG DONGWHA.

Additionally, VNBIS’s tools for ongoing business risk monitoring can alert clients to signs of operational stress, debt exposure, or strategic shifts, ensuring that decisions are made with the best available data. This is particularly important for companies showing significant losses and capital erosion while still appearing outwardly active and sizable in sales.

Conclusion

While VRG DONGWHA MDF JOINT STOCK COMPANY remains a vital player in Vietnam’s wood processing sector with strong joint-venture credentials, its recent financial performance demands caution. Stakeholders should act prudently by leveraging VNBIS’s expertise in credit risk evaluation, financial analytics, and corporate due diligence to mitigate exposure and evaluate whether engagement with VRG DONGWHA aligns with long-term financial security.

Legal Profile

English Name:

VRG DONGWHA MDF JOINT STOCK COMPANY

Vietnamese Name:

CÔNG TY CỔ PHẦN GỖ MDF VRG DONGWHA

Short Name:

VRG DONGWHA

Business ID (TIN):

3800426402

Date of Registration:

08 Aug 2008

Registered Office:

Binh Phuoc Province Department of Planning and Investment

Ownership Status:

FDI

Operation Status:

Active

Contacts

Key Decision Makers:

LEE J.G

Address:

Lot G, Minh Hung III Industrial Park, Minh Hung Ward, Chon Thanh Town, Binh Phuoc Province, Vietnam

Phone:

84-271 / 3645 500

Fax:

(84-271) 3645 502

Representative office:

Room 3, 31st Floor, Pearl Plaza Building, No. 561A, Dien Bien Phu Street, Ho Chi Minh City, Vietnam

Business Sector

Key business lines:

VSIC:

2029 Manufacture of other chemical products n.e.c

NACE:

20.51 Manufacture of other chemical products

Industry Sales Growth

CAGR (2019 - 2023)

8.61%

YoY (2023)

4.63%

Companies by industry

Company distribution and propportions

1,428

0.0491%

Key Industry Players

Top 10 companies in manufacture of other chemical products n.e.c industry

vinacomin - mining chemical industry holding corporation limited nan pao resins (viet nam) enterprise ltd henkel adhesive technologies vietnam co., ltd vietnam lubricants and chemicals joint stock company petrovietnam chemical and services corporation top solvent (vietnam) limited liability company micco - vietbac mining chemical industry company limited 15 electro mechanic and chemicals one member limited liability company nan pao materials viet nam co., ltd hyosung vina chemicals co., ltd

Payment History

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Financial Performance

Assets	54.72%
Owner’s Equity	11.41%
Working Capital	85.54%
Net Worth	24.38%
Sales	-11.80%
Operating income	7.39%
EBIT	37.41%
Gross Profit Margin	39.38%
Debt to EBITDA	-29.63%

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Specific Questions About VRG DONGWHA MDF JOINT STOCK COMPANY

When did VRG DONGWHA MDF JSC start operating?

VRG DONGWHA MDF JSC was started in 08 Aug 2008

What industry does VRG DONGWHA MDF JSC operate in?

VRG DONGWHA MDF JSC is operating in "Manufacture of other chemical products n.e.c" industry

How can I contact VRG DONGWHA MDF JSC?

VRG DONGWHA MDF JSC phone numbers is 84-271 / 3645 500

What adverse news is there about VRG DONGWHA MDF JSC?

VRG DONGWHA MDF JSC’s has no negative news

What is stock symbol of VRG DONGWHA MDF JSC?

VRG DONGWHA MDF JSC is not listed company

Where is the location of VRG DONGWHA MDF JSC?

VRG DONGWHA MDF JSC is located at Lot G, Minh Hung III Industrial Park, Minh Hung Ward, Chon Thanh Town, Binh Phuoc Province, Vietnam

What is VRG DONGWHA MDF JSC’s business registration?

VRG DONGWHA MDF JSC business registration is 3800426402

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