Assa Abloy Smart Product Vietnam Co., Ltd (Vietnam)

Established in mid-2019, ASSA ABLOY SMART PRODUCT VIETNAM CO.,LTD is one of three subsidiaries in Vietnam of ASSA ABLOY ASIA HOLDING AB. The subject's goal is to produce different types of digital door locks for export. Since its establishment, the subject's revenue has continuously increased. In the first months of 2023, due to the impact of the post-Covid-19 recession, the subject lacked production materials. Therefore, it had to temporarily reduce overtime production shifts. Year-end period, that situation was improved, and raw materials were enough to meet the growing number of orders from foreign customers, especially member companies of ASSA ABLOY GROUP. However, business results in 2023 were still lower than in 2022, Ms. Nguyen Thi Tham, the chief accountant shared.Noticeably, Ms. Tham further revealed that the subject would be split into 2 different companies in the near time, in which the new company would belong to ASSA ABLOY ASIA HOLDING AB, the subject's current parent company, and the subject would be owned by another company. Half of the subject's employees were transferred to the new company, and the subject also had filed documents to adjust its business registration license, namely to change the parent company, Ms. Tham said.