Which Company Crafted the Bike That Joined Miss Huong Giang in Making Waves at Miss Universe?

On the afternoon of November 19th, the Miss Universe 2025 stage in Thailand witnessed a standout moment as Vietnam’s representative, Nguyen Huong Giang, graced the National Costume segment. Opting for simplicity over extravagance, she donned a pristine white ao dai paired with a Thong Nhat bicycle adorned with a conical hat and the Vietnamese flag.

The bicycle, embellished with 300,000 crystal stones valued at approximately VND 1.5 billion, not only created a media buzz on beauty forums but also drew attention from investors to Hanoi Thong Nhat Corporation (stock code: TNV), the owner of this iconic bicycle brand.

From Subsidy-Era Icon to Brand Revitalization Efforts

Established on June 30, 1960, as the Thong Nhat Bicycle Factory, the brand was once a symbol of affluence and a coveted possession for many Vietnamese families during the subsidy period. After over six decades of evolution and multiple operational model shifts, the company officially transitioned into a joint-stock corporation in February 2017.

Today, Thong Nhat continues to produce its classic bicycles (such as the GN and New 24/26″ models) while actively expanding its product range to compete with imported brands. The company’s core offerings now include mountain bikes (MTB), road bikes, city bikes, and a standout line of children’s bicycles featuring modern designs.

In terms of ownership, the Hanoi People’s Committee remains the largest state shareholder with 45% of the charter capital, alongside strategic investor VSD Investment Corporation holding 41.68%.

Financial Snapshot: Revenue Growth Amid Profit Pressure

The Q3 2025 financial report highlights a paradox in Thong Nhat Hanoi’s operations: revenue growth accompanied by declining profits. In the first nine months, revenue surpassed VND 164 billion, a nearly 25% increase year-on-year. However, the cost of goods sold rose faster at 27%, eroding gross profit margins.

In Q3 alone, selling expenses surged by nearly 50% to VND 4.6 billion, resulting in a 32% drop in net profit to VND 3.14 billion compared to the same period last year. For the nine-month period, net profit reached VND 3.58 billion.

Beyond earnings, the company’s cash flow experienced significant fluctuations, with cash and equivalents plummeting from VND 13.5 billion at the start of the year to VND 2.45 billion. Conversely, inventory value rose by over VND 15 billion to VND 89.5 billion, accounting for nearly 30% of total assets.