In the first half of this year, TTC recorded a revenue of nearly VND 66 billion, a 20% decrease from the same period last year and the lowest since its listing in 2010. Profit before tax stood at only VND 24 million, compared to nearly VND 1.2 billion in the previous year. This is a result of weakening demand, intense price competition, undercapacity production, and rising operating costs.
Facing these challenges, shareholders approved adjustments to the 2025 plan, shifting the target from a pre-tax profit of VND 4 billion to a loss of VND 7.9 billion. Revenue is expected to drop significantly to VND 129 billion. For 2026, the Company sets a revenue plan of about VND 17.2 billion and continues to incur a loss of nearly VND 2.9 billion.
| TTC’s semi-annual profit has been consistently declining |
As per the restructuring plan, TTC will sell all machinery, equipment, and factories – most of which are over 20 years old and no longer technically safe after dismantling. The expected recovery value is about VND 20 billion. The Company will also liquidate over VND 100 billion in inventory, including 1.1 million m2 of finished tiles, with a timeline extending to June 2026.
To avoid being pressured on prices by distributors during the inventory clearance phase, TTC has licensed the “Thanh Thanh Enamel Brick” brand to the Southeast Asia Brick Company for production to maintain its image and support consumption.
Regarding raw materials and replacement parts, due to their specific nature, most of them no longer have any use value. The Company expects to recover only about VND 5.7 billion in raw materials and VND 242 million from tools and spare parts.
Before the production halt, TTC had 215 employees. After July 15, 2025, the Company laid off 178 people, retaining 37 employees to complete the handover and liquidation processes. By the first half of 2026, the maintained personnel will be reduced to a maximum of 20 people.
The estimated cost for salaries, severance pay, and labor support is nearly VND 13.8 billion, to be paid out from July 2025 to June 2026. The Company has also hired a legal unit to minimize labor dispute risks during this sensitive period.
TTC plans to relocate its headquarters to the Binh Chuan Concentrated Production Area, Thuan Giao Ward, Ho Chi Minh City, or another suitable location to meet the requirements of handing over the premises while maintaining management activities, liquidating assets, and handling inventory.
 Entrance of Thanh Thanh Enamel Brick Factory in Bien Hoa Industrial Park 1 – Photo: Google Maps
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Thanh Thanh Enamel Brick has its origins in 1969, initially established by a group of Chinese people and then nationalized in 1976. During the 1990-2000 period, the Company continuously invested in modern Italian production lines, expanding its capacity to over 5.5 million m2/year and becoming a familiar enamel brick brand in the market. Currently, 51% of TTC’s capital is owned by the Corporation for Construction Materials No. 1 (FICO, UPCoM: FIC).
However, from its peak profit of VND 22 billion in 2015, the company’s performance has consistently declined over the past decade. The mandatory relocation of the factory from Bien Hoa Industrial Park 1, coupled with a stagnant real estate market, has brought TTC to a turning point, necessitating restructuring.
The management is currently working with Dong Nai province regarding compensation and relocation support policies. In the meantime, the Company focuses on asset disposal, capital recovery for shareholders, and minimal brand maintenance.
| TTC’s profit has plummeted over the past 10 years |
– 13:43 09/04/2025
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