Tv Galvanizing Jv Company Limited (Vietnam)

The subject was formed in 2016 by a joint venture between VIET VUONG INVESTMENT JOINT STOCK COMPANY (Vietnamese partner) and TANAKA GALVANIZING CO., LTD (Japanese partner). After that in 2019, Mr. LE HAC HAI acquired all shares of VIET VUONG INVESTMENT JOINT STOCK COMPANY to become a major shareholder in the subject. The subject has leased the workshop, infrastructure and machinery, and equipment for the plating line under the steel structure factory project of VIET HUNG INDUSTRY INVESTMENT JOINT STOCK COMPANY (formerly was Viet Hung Industrial Investment Co., Ltd) to galvanize of all kinds of steel structures. Its project is located on the campus "steel structure factory" project of VIET HUNG INDUSTRY INVESTMENT JOINT STOCK COMPANY at Pho Noi Textile and Garment Industrial Park, Lieu Xa Commune, Yen My District, Hung Yen Province, Vietnam. Besides providing services of galvanizing all kinds of steel structures to projects of VIET HUNG INDUSTRY INVESTMENT JOINT STOCK COMPANY and VIET VUONG JOINT STOCK COMPANY, the subject also provides services to other customers. From the financial data, it could be seen that the subject has developed well since its establishment to 2020. Net sales still increased well in 2021 but the subject was lost due to the increase of costs and expenses. In 2022, net sales decreased by 17.17% and the subject was still lost. According to the subject's chief accountant, due to market difficulty and fierce competition, the number of orders decreased clearly in 2023. The subject generated only about VND 100 billion of revenue for the first 8 months of 2023 and the target revenue for this year was only VND 150 billion.