New Wing Interconnect Technology (Bac Giang) Co., Ltd (Vietnam)

The subject is one of the members in Vietnam of HON HAI PRECISION INDUSTRY CO., LTD (or HON HAI TECHNOLOGY GROUP), which is known as one of the largest groups operating in the field of electronics and information technology in the world. The company specializes in manufacturing earphones, interconnection cables, and wireless chargers for mobile phones. Materials for products are often imported directly from China, Taiwan, and Singapore. Its products are exported to members of FOXCONN in China and Taiwan.Following to our previous investigation, the subject's business was affected negatively by the fourth outbreak of the COVID-19 pandemic in Vietnam. In detail, it had to temporarily suspend production activities for 1.5 months in the middle of 2021. As a result, the company only generated about VND 13.8 trillion of revenue in the first nine months of 2021, equaling about 60% of the value in 2020. Anyway, according to the accounting department, regularly receiving big orders from FOXCONN's members along with continuously improving production capacity by expanding its factory area helped the company minimize the negative effects of the COVID-19 pandemic and the post-Covid economic recession. As a result, its net revenue showed a strong upward trend with a compound annual growth of 20.44% during the period of 2018-2022, reaching a peak of VND 32.94 trillion in 2022.Additionally, as a revelation from the accounting department, the firm recorded VND 30.627 trillion of net sales for the FYE 31 Dec 2023.  Especially, another new large expanded factory of the subject in Van Trung Industrial Park, Van Trung Commune, Viet Yen District, Bac Giang Province, Vietnam has been finished construction and is in the installation stage. Moreover, the subject continues recruiting more employees presently. Hence, the business scale of the company is expected to continue improving considerably in the next years, as revealed.