Once profiting vastly more than Rạng Đông, Điện Quang declines after the scandal of former Deputy Minister Hồ Thị Kim Thoa: revenue a tenth of rival’s, losses in the hundreds of billions as competitors continuously peak

Bóng Đèn Điện Quang (DQC) and Bóng đèn Phích nước Rạng Đông (RAL) share a long history but have diverged significantly after privatization. DQC’s revenue fell below RAL in 2008, failing to grow while RAL consistently achieved higher revenues. This disparity arises mainly from their differing market strategies and product focus. DQC prioritized exports but encountered financial troubles, whereas RAL thrived particularly with LED products and a wide distribution network. By 2024, RAL’s revenue surged to over ten times that of DQC, with RAL reporting a profit of 630 billion while DQC reported a loss, marking its first loss since going public. DQC’s stock has consistently declined, with its market capitalization now just one-tenth of RAL’s, indicating significant market dominance by RAL in Vietnam’s lighting industry.