Vitop Chemicals Co., Ltd (Vietnam)

The subject is currently engaged in manufacturing and trading formalin chemicals, trading products for adhesives. Initially, the subject majorly purchased the input materials for production process from domestic suppliers. In 2020, its warehouse was completed in Dinh Vu Industrial Park, Hai Phong City, Vienam. Thus, the subject has promoted the import of basic chemicals and additives from Taiwan, China, Singapore, Malaysia to make sure the input material sources as well as to reduce the production costs. In recent years, the subject has a plan to invest the second production line so as to expand its total formalin production capability from 90,000 tons per year to 190,000 tons per year. The major clients are known as Eidai Vietnam Co., Ltd. in Ha Nam Province, Vietnam and Sanfirst Co., Ltd. in Taiwan as revealed by the Chief Accountant.In the fiscal year of 2022, the net sales of the subject were slightly reduced by 1.37% in comparison with the previous year. In 2023, the net sales of the subject continued reducing slightly to obtain about VND 500 billion for the whole year as partly affected by the general difficulties of the economy as revealed by the Chief Accountant.