Dongkwang Company Limited (Vietnam)

The subject is a subsidiary of DONGKWANG PRECISION CO.,LTD from South Korea. Originally, the subject specialized in manufacturing parts and accessories of magnetic locks. About 80% of these product lines have been distributed in the domestic market and 20% of the rest has been exported mainly to South Korea, and China. One of the large customers of the firm is ASSA ABLOY SMART PRODUCT VIETNAM CO.,LTD in Vietnam.As shared by a staff of the import and export department, besides the field of manufacturing parts and accessories of magnetic locks, since late 2022, the subject has expanded more a new workshop at the same lot B6-1, Ba Thien II Industrial Park to invest in the new business line, manufacturing high-tech products, including switched-mode power supply (SMPS), automatic teller machines (ATM), electrical equipment DECK, HUD, molds, JIG molds, PRESS mold parts, etc.. The total area of the new workshop is over 8,300 square meters with two floors. The subject started to build this workshop in Dec 2022 and officially operated in April 2023 with the first product line of switched-mode power supplies (SMPS), which are used for television. This product line is manufactured by orders from Samsung's vendors level 1. In July 2023, the subject started to export switched-mode power supplies (SMPS) to Slovakia, and the USA according to the direction of Samsung's vendors from South Korea. According to the interviewee, due to the economic recession, the subject's orders decreased by about 10% in 2023. The company recorded a revenue of about VND 410 billion in 2023 which is down slightly compared to 2022. Profit might decrease due to increased operating costs, especially the cost of building a new factory, she said.