Seojin Vina Company Limited (Vietnam)

Founded in Nov 2014, the subject specializes in manufacturing, processing and assembling types of aluminum mold, cover, frame and components for transceiver devices (mainly) and mobile phones. Formerly, about 10% to 20% of its revenue came from processing components for mobile phone which supplied to Sam Sung Thai Nguyen and SEV in Bac Ninh. However, currently, the subject only processes mobile phone components for Sam Sung Thai Nguyen but not SEV. Therefore, revenue from mobile phone segment only takes several percent in its revenue, said by Ms. Nhan - the subject's accountant. In general, about 50% of its products (including those used for transceiver devices and mobile phone) is supplied to SamSung. The rest is exported to SamSung Gumi in South Korea; supplying to its related companies in Vietnam or other partners.Due to the negative effects of the Covid Pandemic, the production of Samsung in Vietnam was decreased notably. Thus, the production volume in 2020 of the subject was narrowed by about 50% compared to 2019. As result, the subject's net sales dropped by 56.17% instead of a good uptrend in the years before. Despite revenue was recovered in 2021, the subject still lost in that year. According to this accountant, the subject generated VND 2,551 billion of sales for 2022; decreased slightly compared to 2021 and the subject still lost last year. Noticeably, the factory in Road TS3 has temporarily ceased operation since Sep or Oct 2022. Therefore, the number of employees also decreased to about 2,000 as currently. Anyway, this factory is being cleaned up to prepare for the production of new products. Therefore, revenue is expected to increase again in the coming year.In late 2022, the subject increased charter capital clearly by converting from the loan borrowing from parent company to capital contribution. Therefore, capital structure will be safe but the business scale might not be expanded.