Thang Long Export Dyeing Textile Company Limited (Vietnam)

The subject is a privately held company that is owned by Mr. Tran Van Huong's family. Founded in 1993, the company has 30 years in the field of manufacturing yarn and towels. It has some production bases located in Thai Binh City and other districts in Thai Binh Province. Besides, a new plant at Tan Minh Industrial Cluster, Tan Minh Commune, Vu Thu District has just been put into operation. This plant specializes in producing cotton yarn with a scale of 21,400 tons/year. The subject currently exports about 80% of its products overseas and supplies the remaining to domestic garment companies. Japan is still a key export market for towel products, as shared by staff from the import-export department.Revenue grew sharply in the years 2018-2021 and presented a slight decline in 2022. The high increase in costs of goods sold and operating expenses caused profit to be negative last year. The ratio of liabilities to total assets increased from 58.05% in 2021 to 74.23% last year. Loans financed more than half of the assets during the last five years. In addition, inventory was always the biggest item in current assets and increased sharply in 2022, meanwhile, the cash amount dropped much. The payment capacity with cash or liquid assets was limited.