Plastic Tan Dai Hung Escapes “Dark Times”: New Chairman Pham Trung Cang Confirms Bankruptcy Risks Have Passed

Tan Dai Hung Plastic Joint Stock Company (TPC) recently held its Annual General Meeting for 2025, approving a revenue target of 428 billion VND, and a post-tax profit target of 11 billion VND. After suffering significant losses in 2022-2023, with a cumulative loss exceeding 3 billion VND, new Chairman Pham Trung Cang stated that the risk of bankruptcy similar to 2023 has passed. Export revenue accounts for only 1-2% of total revenue, mainly from high-margin geotextiles. Although some orders to the US have been postponed, the company can adjust prices to sustain the market. Competition from Chinese firms is a major pressure leading to difficulties for TPC, with profit margins at only 1-2% while competitors can sell below production costs. Fluctuations in raw material prices, especially PP plastic pellets, have also significantly impacted TPC. Moving forward, TPC plans to limit raw material stockpiles, indicating that the most challenging phase has been controlled.