Chyang Sheng Viet Nam Co., Ltd (Vietnam)

The subject specializes in manufacturing, dyeing, printing on knitted fabrics. Fibers, machines and equipment… are imported from China and South Korea to serve production. Finished products are not only consumed in domestic market but also exported to foreign markets.As shared, under adverse impact of Covid-19 pandemic, the production activities were suspended because the subject could not meet “three on the spot” requirements, especially in third quarter of 2021. At present, the company is normally operating. Due to strict corporate policy, the subject rejects to confirm further relevant information.In 2022, the global economy contained unpredictable fluctuations due to geopolitical conflicts arising among Ukraine, NATO countries and Russia... The purchasing power of consumer products strongly declined in traditional markets like USA and EU countries, especially in final months. Many companies in textile & garment industry suffered from a drop in customer's orders, business interruption and labor contract termination.In 2023, Vietnam's textile and garment industry still faces many difficulties and challenges when it depends heavily on input costs, labor costs and economic recession. Notably, the global economic downturn has pushed down demand in both the domestic market and major importing countries: USA, Japan, South Korea, etc. In addition, in the context of the escalating exchange rate, the currency in some countries importing large orders tends to depreciate, which also significantly affects the export activities of the textile and garment industry in Vietnam. These things could negatively affect the company's business results in this year.Note: The financial statements of the subject in 2022 are not available in our source.