Hanoi Unification JSC has released its annual general meeting documents, reporting a 24% year-over-year revenue increase to nearly VND 177 billion in 2023. After expenses, the company posted a post-tax profit of VND 2.6 billion.
According to the management, the market faced intense competition in 2023, particularly from cheap inventory from China flooding into Vietnam. Additionally, the Russia-Ukraine conflict disrupted supply chains, while rising interest rates and fluctuating exchange rates further impacted the company’s business performance.
Despite these challenges, the company maintained its dealer network in the North and expanded to the South through partnerships with AEON, Dien May Xanh, and others. As a result, they sold 130,000 bicycles last year. Notably, their largest client, Vinamilk, accounted for 32,000 bicycles, equivalent to 25% of total sales, contributing VND 51 billion in revenue.
For 2024, Hanoi Unification sets a revenue target of VND 162 billion and a profit of VND 2 billion, a decrease from 2023.
Hanoi Unification is known for producing the Thong Nhat bicycle brand, which was a famous Vietnamese brand in the 1980s and 1990s. Other well-known brands from that era include Dạ Lan toothpaste, Cô Ba soap, Sao Vang rubber, Miliket noodles, and Thang Long and Vinataba cigarettes.
Established on June 30, 1960, Thong Nhat bicycles were born during the anti-American war and played a crucial role in supplying goods to the front lines, earning the nickname “iron horse.” In 1965, the government decided to distribute bicycles at controlled prices, and state employees were allowed to purchase one bicycle each. However, due to limited production, only a few people received this privilege, making Thong Nhat bicycles rare and luxurious.
Despite their once dominant market position, Thong Nhat, like other iconic Vietnamese brands, faced challenges when Vietnam opened its doors to foreign competition. As a result, they lost their market leadership.
In recent years, the company has shown efforts to reform and tackle competition head-on to regain its market share. They have invested in new technology and modern equipment to boost productivity and quality.
Consequently, between 2019 and 2022, Thong Nhat bicycles tripled their productivity, and the company witnessed a 3.4-fold increase in revenue, along with a profit turnaround in 2022.
In 2023, the company invested an additional VND 8.5 billion in new machinery and equipment to further increase its production capacity.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
