According to the audited financial statements of GTD, a shoe company, in 2024, net revenue reached nearly VND 78.8 billion, a slight decrease from over VND 80 billion in 2023.
The cost of goods sold was VND 68.5 billion, a 7.2% increase compared to 2023. Selling and management expenses increased by 6% and 8.97%, respectively.
As a result, the company incurred a post-tax loss of nearly VND 13 billion, 2.6 times higher than in 2023.
The auditors also emphasized the company’s current liabilities exceeding its current assets and raised concerns about its ability to continue as a going concern.
As of December 31, 2024, GTD’s total assets amounted to approximately VND 120.3 billion, a over 5% decrease compared to the previous year. Short-term assets accounted for more than VND 68.7 billion, mainly consisting of inventory and accounts receivable.
By the end of 2024, its total liabilities stood at over VND 94 billion, a over 7% increase. Short-term liabilities accounted for nearly VND 82.9 billion, including financial loans, payables, taxes, land rent, and social insurance. Vietcombank – Thanh Cong Branch was the company’s largest creditor, with over VND 22 billion.
In previous years, the auditors also expressed doubts about the company’s ability to continue as a going concern. However, the management committed to maintaining operations, and the company received export orders, leading to the acceptance of the going concern assumption.
The management acknowledged a decline in export orders due to failing to meet fire prevention standards and outdated machinery. Meanwhile, domestic market consumption decreased by 14.5% despite efforts to boost sales through online channels and promotional campaigns.
Established in 1957, GTD has been in operation for 68 years. In the 1990s, it held a dominant position in the market, becoming a “national brand” with its iconic striped canvas shoes associated with students, athletes, and the general public.
However, with the integration period, the influx of Thai and neighboring country shoe products, along with the entry of big brands like Nike and Adidas, GTD gradually fell behind and disappeared from large cities.
Since its listing on the UPCoM exchange in 2016, the company’s revenue and profits have continuously declined. The only profitable year was 2022, with a meager profit of VND 117 million.
For 2025, GTD aims to produce between 700,000 and 900,000 pairs of shoes, with 200,000 to 300,000 pairs for export and the rest for the domestic market. The expected revenue is VND 100 billion, but the profit is estimated at only VND 100 million.
The company is actively seeking export orders, domestic outsourcing orders with suitable unit prices, and boosting domestic consumption. Additionally, GTD is looking for partners to co-manage production and organize manufacturing according to customer models.
Another critical task is the divestment of state capital, a plan that has been pending since 2015. By the end of 2024, the Hanoi People’s Committee was the largest shareholder of GTD, holding nearly 68.67% of the capital, followed by Thai Binh Trading and Investment Joint Stock Company with 10%. The management expressed concern about the high risk of capital loss if the divestment is not implemented promptly.
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