Inside the Truong Thanh Wood’s furniture factory. Illustration
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Natuzzi Vietnam Company is headquartered at Lot A15, Road No. 4, Uyen Hung Ward Industrial Cluster, Tan Uyen City, Binh Duong Province; mainly operating in the field of manufacturing furniture and products upholstered in leather and other materials.
The expected charter capital is over VND 30.6 billion, equivalent to over 3.06 million shares (par value of VND 10,000/share). Of which, Truong Thanh Wood contributes over VND 1.53 billion, equivalent to owning 153,125 shares, holding 5% of capital. The capital contribution will be made within 90 days from the date Natuzzi Vietnam is granted the Enterprise Registration Certificate.
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Mr. Nguyen Trong Hieu, General Director of TTF, is appointed to manage Truong Thanh Wood’s capital contribution in Natuzzi Vietnam.
In terms of business results, TTF continued to incur a loss of over VND 21 billion in Q3/2024, bringing the 9-month loss to nearly VND 27 billion. In fact, the enterprise of tycoon Mai Huu Tin has been continuously making losses from 2016 to 2023, with the peak loss of VND 1,271 billion in 2016. As of September 30, 2024, TTF had accumulated losses of nearly VND 3,268 billion.
The company attributed the losses to the challenging market conditions faced by its major customers, resulting in a decrease in export revenue. Truong Thanh Wood is focusing on expanding and seeking new customers in the EU, US, and especially in Asian markets, including Dubai, Australia, and East Asia, to boost production in Q4/2024.
Through its 60%-owned subsidiary, Casadora Furniture JSC, Truong Thanh Wood will invest VND 500,000 (nearly VND 13 billion at the current exchange rate) in cash and owner’s equity to enter the Dubai market.
Truong Thanh Wood expands its market to Dubai
| Truong Thanh Wood’s Struggling Business Chain |
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