Hiep Phu Corporation (Long An) (Vietnam)

The subject has existed in this industry for 10 years. Although we cannot collect current and ultimate parent company, it is a member of Saint-Gobain group which Company de Saint-Gobain (EPA: SGO) is a key company with major shareholders were Group Savings Plans Fund – 8.75% (% of voting right – 15.23%), BlackRock Inc – 6.02% (% of voting right – 5.49%) and Caisse des Depots et Consignations – 4.3% (% of voting right – 5.19%) in Dec 2022.It belongs to DURAflex fiber cement board factory of the Saint-Gobain group. In 2019, the Saint-Gobain group has expanded by establishing a related company – Hiep Phu-Vico Joint Stock Company with a focus on manufacture of DURAflex.On the website of Saint-Gobain Vietnam, Saint-Gobain Vietnam discloses that in 2017, Vinh Tuong was merged and became a member of Saint-Gobain Vietnam Limited Company. However, based on Vinh Tuong's report, Saint-Gobain Placo owned 98.65% shares of Vinh Tuong in Dec 2021. This shows that there is difference in information between two sources. But, since 2022, it is likely to change in Vinh Tuong's shareholders and we do not collect Vinh Tuong's current investors.Nevertheless, there have been changes in the Saint-Gobain group's the principal consolidated companies in relevant to Vietnamese subsidiaries since 2020. In particular, Vinh Tuong Industrial Corporation has not been Saint-Gobain group's principal consolidated companies while Saint-Gobain Vietnam Limited Company has become one of the Saint-Gobain group's one since 2020. This is an important signal if the Saint-Gobain group must decide to choose mutually exclusive options (e.g., portfolio restructuring such as merger, divestment, disposal…) in the future.For management, Mr. Nguyen Truong Hai has worked in the company and Vinh Tuong Industrial Corporation since 2010. For example, he is appointed as a General Director and Deputy Chairman – Manufacturing & Supply Chain at the company and Vinh Tuong respectively. This indicates that he is familiar with the company and its staff to better build together company.