Executive Summary
- Market Visibility: AMY Grupo and Vicostone are major Vietnamese building material enterprises with multi-trillion VND revenues heavily driven by the US market.[cite: 4]
- AMY Grupo: Preparing for an IPO. Achieved 6,998 billion VND in 2025 revenue, dominated by SPC flooring and tile products.[cite: 4]
- Vicostone: Listed on HNX for nearly 20 years. Focuses on premium Quartz surfaces, maintaining higher profit margins despite lower overall revenue.[cite: 4]
- Financial Health: Both companies hold total assets around 5,750 billion VND, though Vicostone operates with significantly lower debt leverage.[cite: 4]
1. Revenue & Market Focus
Both enterprises heavily rely on the US market for their multi-trillion VND annual revenues.[cite: 4]
- AMY Grupo (2025): Total net revenue reached nearly 6,998 billion VND. International revenue accounted for nearly 75% (over 5,224 billion VND), with the US market alone contributing about 4,372 billion VND (over 62% of total revenue). Key products include SPC materials (4,432 billion VND), tile, roofing tiles, composite materials, and PVC products.[cite: 4]
- Vicostone (2025): Total net revenue reached nearly 4,129 billion VND. Export revenue accounted for approximately 69% (2,837 billion VND). While US-specific revenue isn't separately disclosed, leadership indicated it makes up a large proportion of exports. Estimating a 75-80% share, US revenue is roughly 2,100 to 2,300 billion VND. Vicostone focuses on high-end artificial Quartz surfaces (for kitchen counters, lavabo vanity tops, wall cladding) with over 150 designs and a capacity of 3.5+ million m² across 7 production lines.[cite: 4]
2. Financial & Performance Comparison (2025)
While AMY Grupo generates higher revenue, Vicostone maintains superior profit margins and a healthier debt-to-asset ratio.[cite: 4]
| Metric (2025) | AMY Grupo | Vicostone (VCS) |
|---|---|---|
| Net Revenue | 6,998 billion VND[cite: 4] | 4,129 billion VND[cite: 4] |
| Profit After Tax | ~751 billion VND (-7.8% YoY)[cite: 4] | ~694 billion VND (-14% YoY)[cite: 4] |
| Gross Profit Margin | ~19.2%[cite: 4] | ~25.3%[cite: 4] |
| Net Profit Margin | ~10.7%[cite: 4] | ~16.8%[cite: 4] |
| Total Assets | ~5,750 billion VND[cite: 4] | ~5,750 billion VND[cite: 4] |
| Total Liabilities | ~3,978 billion VND[cite: 4] | ~618 billion VND[cite: 4] |
| Total Loans/Debt | ~2,474 billion VND[cite: 4] | ~334 billion VND[cite: 4] |
| Cash & HTM Investments | ~1,303 billion VND[cite: 4] | ~1,676 billion VND[cite: 4] |
3. Corporate Structure & Capital Action Plan
- AMY Grupo (Upcoming IPO): Plans to issue 16.1 million shares at 48,900 VND/share to raise approximately 787 billion VND. The capital is earmarked for bank debt repayment (480 billion VND), supplier payments, and working capital. Pre-IPO, Chairman Luong Van My and four major shareholders control over 92% of the equity.[cite: 4]
- Vicostone: Listed on the HNX since December 2007 with 160 million outstanding shares. Chairman Ho Xuan Nang (an Associate Professor and Ph.D. in Mechanical-Dynamics) directly owns approximately 3.74% of the capital. The controlling shareholder is Phuong Hoang Xanh A&A Group, holding over 84% of the equity.[cite: 4]
Original Source Links: Market Times via CafeF[cite: 4]