Smart Shirts Knitting Garments Manufacturing (Viet Nam) Co., Ltd (Vietnam)

SMART SHIRTS KNITTING GARMENTS MANUFACTURING (VIET NAM) CO.,LTD has operated in the garment industry for 16 years. It has two factories located in Hung Yen and Nam Dinh provinces. According to the subject's chief accountant, in recent years, due to the US-China trade war, the company's products could not be exported to the US market. As a result, the group's BOD founded another company in Singapore to invest in ARTIVERSE KNIT COMPANY LIMITED in Vietnam. Accordingly, ARTIVERSE KNIT COMPANY LIMITED hires a part of the subject's factory to operate. Both companies have the same business line and finished products of ARTIVERSE KNIT COMPANY LIMITED are exported to the US and some countries in the EU market. The company's output is supplied primarily to the Asian market. The subject's labor force also transferred partly to the new company. The subject's operational scale is narrowed and it has about 400 labors now. The subject's chief accountant added that total employees of the subject will be reduced to around 200 ones in 2024.Due to the company's downsizing, total sales of the subject's HO only recorded USD 11 million for the first nine months of 2023 (equivalent to about VND 260 billion). The chief accountant said that the subject's business result will continue to decline next year.