Vitto Co., Ltd. (Vietnam)

The subject was established in May 2013 and a member of VITTO GROUP. The subject specializes in manufacturing frit ferment used in manufacturing ceramic tiles. As shared by chief accountant, materials are supplied mostly by the parent company, which are imported from China, Hong Kong, India, Italy, Indonesia. After that, it's finished products are served for Vitto Group and other ceramic tiles manufacturers in the domestic market. Just a small proportion of below 5% is exported to Indonesia.  Besides, the subject's business lines have been expanded to invest in infrastructure in La Son IP. The subject was licensed to invest 85 hectares; However, due to the slow implementation of site clearance, the subject has already been invested in building infrastructure on an area of ​​34ha. According to chief accountant, this project is in the investment and constructure process. There are only two factories operating in this La Son industrial park, in which, one factory belongs to the subject and one factory belongs to VITTO PHU LOC CO.,LTD - a member of Vitto Group.In the context of the general rise in prices of input materials, the subject experienced a certain fall in its profitability since 2020 but its operation performance was generally still good. Significantly, under the freezing of the real estate market since 2022, the business activities of building materials enterprises, in general, have also stagnated. This had a negative impact on the subject's activities. According to the chief accountant, currently, with the decrease of orders and large inventories, the factory's capacity has been cut by 40% and the subject had to give workers rotational leave, but its workers still reached 20 working days to have the minimum wage. Overdue debts also jump compared to the previous period