At the Congress, Chairman Le Duc Nghia shared that the US market only contributes 12% to An Cuong’s total revenue. In the event of excessively high tariffs leading to a loss of this market, he believes that the company can sell to other countries such as Canada, Japan, the UAE, or Southeast Asian nations.
“At the very least, we can recoup 70% (of export sales to the US)… I think that’s manageable,” Mr. Nghia confidently stated.
Currently, An Cuong is rushing to fulfill orders for the US market amid the temporary suspension of retaliatory tariffs. The wood company has also reduced prices for customers to share the burden of increased shipping costs, along with offering discounts and price reductions due to market competition.
An Cuong’s Annual General Meeting of Shareholders for 2025 was held online on the morning of May 8, 2025 – Screenshot
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Responding to a shareholder’s question, Mr. Nghia affirmed that they will not adjust their business plan for this year despite the potential impact of US tariffs. For 2025, An Cuong targets revenue of VND 4,050 billion and after-tax profit of VND 450 billion, up 2% and 7% respectively from the previous year.
Chairman Nghia expressed optimism about the negotiations between Vietnam and the US. He hopes for a lower retaliatory tariff rate when exporting to the world’s largest economy. “I’ve discussed with our US partners, and a tariff rate of 15-20% would still be manageable, although not as ideal as before. A 25% rate would be a bit challenging, 20% is acceptable, and 15% would be the best-case scenario,” he said.
“Rest assured, don’t be too worried because the US market still needs us,” Mr. Nghia assured shareholders.
Awaiting a Turnaround in the Real Estate Market
While export prospects face headwinds, the domestic market offers hope for An Cuong’s management. According to Mr. Nghia, the company’s bids for real estate projects in Vietnam have quadrupled compared to last year.
“Our country is changing at a staggering pace. Moreover, the unblocking of projects presents a significant opportunity,” he noted.
The Chairman pointed out that An Cuong’s financial performance will only noticeably improve in 2026-2027, as it takes time for real estate projects to be constructed before reaching the interior construction phase.
At the Thursday meeting, Mr. Nghia referred to the past few years as a period of “blood and tears.” A series of events, including the COVID-19 pandemic and the freeze in the real estate market, have hindered the development of An Cuong and the manufacturing industry as a whole.
During this challenging period, An Cuong has been focusing on exports and retail channels to compensate for the lost revenue from real estate projects. Now, Mr. Nghia believes the company is fortunate that as the export channel faces difficulties, the real estate market is showing signs of recovery.
According to the Chairman, tens of billions of USD are stuck in real estate projects, and the government and the National Assembly are working diligently to address this issue.
“As I mentioned, our bids for projects have increased significantly this year… And I’ve stated that the turning point for An Cuong’s interior business will be at the end of 2025 or the end of 2026-2027,” Mr. Nghia concluded.
– 15:50 08/05/2025
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