Glory (Vietnam) Industry Company Limited (Vietnam)

The subject is a member of Glory group which Zhejiang Glory Home Furnishings Co.,Ltd – ultimate parent company's major shareholders are Deng Zehua (邓泽华) - 31.62%, Liu Youchuan (刘友川) – 20.75%, Fan Wensheng (范文生) – 13.38%, Weng Zhenqiang (翁振强) – 9.49%, Qiu Guohao (丘国豪) – 9.01%, Ningbo Gaoning Enterprise Management Partnership (宁波高宁企业管理合伙企业) – 9% and Ningbo Nanshuo Enterprise Management Partnership (宁波南烁企业管理合伙企业) – 6.75%.This group founded in 2004 as a group specializing in the R&D, production and sales of memory foam mattress, pillows and adjustable bed bases. The Glory group has six major production bases respectively located in China, Vietnam, Myanmar and Laos. The Glory's products are exported to the United States, Europe, Japan and other countries and regions all over the world.For supplier, in 2022, the Glory group (including Glory Vietnam) was a customer of Changhua Chemical Technology Co., Ltd. As collected, some members of the Glory group (including Glory Vietnam) has added foreign factories to avoid exporting their mattress directly from China to the United States, but they had not reduced Chinese purchases of raw materials. This type of the enterprise itself is a Chinese-funded enterprise and had co-operated with Shandong Longhua New Material Co.,Ltd for many years. Hence, there was the anti-dumping investigation by the U.S Department of Commerce (see news section below).Shandong Longhua New Material Co.,Ltd used to Glory Vietnam's supplier. In particular, in 2020, the main reason for the withdrawal of Shandong Longhua's customers was to be Glory Vietnam's own funds. Glory Vietnam purchases from a supplier that can give Glory Vietnam a wider credit policy or indirectly purchases from Shandong Longhua from a trader that can give Glory Vietnam a looser credit policy.As interviewed, a related company - Vietnam Glory Home Furnishings Company Limited's transactions and machines have been transferred to the company. In the previous report, we mentioned that it will plan to expand production and its factory will be moved to the Rach Bap IP. Now, it shares that some departments are transferred to Rach Bap IP. However, we do not have collect official documents to ensure whether or not information is correct. On the Tax department's website, Vietnam Glory Home Furnishings Company Limited's status is active. They are two separate companies.