Tan Phu Cuong Chemicals Company Limited (Vietnam)

The year 2023 witnessed a big change for the subject in terms of shareholders and head office address. The subject is a key member of TPC HOLDING. As shared by the chief accountant, to expand production and business, TPC HOLDING decided to build the subject's new factory. However, to enjoy preferential policies on factory construction and taxes, TPC HOLDING had to establish a new enterprise according to requirements and policies in the industrial parks of Long An province. Therefore, Tan Phu Cuong Chemicals Import And Export Corporation was established in 2020. In fact, this company is considered as a factory of the subject. After completing the paperwork and construction, the subject's head office as well as warehouse in Ho Chi Minh City was moved to Xuyen A Industrial Park. The chief accountant added that the subject is in the process of completing paperwork to merge Tan Phu Cuong Chemicals Import And Export Corporation into the subject in the upcoming time. The chief accountant added that the main activity of the subject is importing and distributing chemicals and dyestuff (for textile, garment, and paper industries) from the markets of India, Thailand, Indonesia, Singapore, Germany, South Korea, China, etc. Along with domestic market, its products are exported to Cambodia. Moreover, the new factory was invested in and built on a land area of 3 hectares, so the subject has started to produce some chemical products, but the proportion is not high. The chief accountant revealed that in the first months of 2023, revenue reached an approximate value of 2022. However, by the end of 2023, revenue and profit may decrease by 5-10% compared to the same period last year because of the current general difficulties of the textile industry and the order decrease.