The garment company that was just fined ‘father is the Chairman, son holds the CEO position’ reported record profits

TNG Investment and Trading Joint Stock Company has just released a quick report on business results in 2024. Specifically, revenue was recorded at about VND 7,736 billion, an increase of 9% compared to 2023 but did not meet the set plan. when only 98% complete.

Export revenue accounts for 97%. Of these, the largest market is the US (accounting for nearly half), followed by France, Spain, Canada, Russia…

Profit after tax is estimated at around 315 billion VND, up 44% compared to 2023 and exceeding 2% of the plan. This is a record profit for the business since the information was announced in 2005, nearly 20 years ago.

TNG has not specifically explained these outstanding business results. However, before that, the management board said that from the beginning of the third quarter of 2024, they had enough orders for the whole of last year. They also put into operation 45 more sewing lines and recruited about 3,000 people, increasing capacity by 15%. By the end of 2024, the company will have 19,200 employees.

Recently, TNG said it has orders until the end of the first half of 2025 and continues to negotiate with major partners. The Board of Directors proactively approaches large customers in the US, France, Germany… building cooperative relationships with famous brands such as Decathlon, Columbia, The Children’s Place, Sportmaster.

The company has just been fined for having Mr. Nguyen Van Thoi as Chairman of the Board of Directors, and his son Nguyen Duc Minh as General Director. Current law stipulates that for public companies, the Director or General Director must meet the criteria of not being a person related to the family of the business manager, controller of the company and the parent company.

TNG’s above results highlight the industry’s positive recovery process. According to the Vietnam Textile and Apparel Association (Vitas), last year’s export turnover was estimated at 44 billion USD, an increase of nearly 11.3% compared to 2023. The industry’s trade surplus is estimated at 19 billion USD, an increase of approximately 7%.

Vitas said this year the industry plans to export 47 – 48 billion USD. Most businesses already have orders in the first quarter and are negotiating orders for the second quarter, as early as November last year.

Forecasting for this industry, the analysis group Mirae Asset Vietnam Securities (MASVN) believes that US President Donald Trump may continue his tough tariff policy on Chinese textile and garment products, which will support Other suppliers like Vietnam. Combined with recent instability in Bangladesh – a potential competitor – Vietnamese garment companies are likely to continue to benefit.

TNG was established in 1979, formerly known as Bac Thai Garment Factory, currently known as one of the leading enterprises in the industry. They operate mainly in the export industrial garment sector and produce domestic products under the company’s brand. From 2017 until now, this business has always had profits of over a hundred billion VND.