Si Flex Vietnam Co., Ltd (Vietnam)

The subject is a whole subsidiary in Vietnam of SIFLEX CO., LTD - a well-known FPCB manufacturer in South Korea since 1988. Founded in 2014 in Bac Giang Province, Vietnam, it is also engaged in manufacturing flexible printed circuit boards (FPCB) for mobile phones, displays, and surveillance cameras. Its main clients are Samsung and Samsung's vendors. As shared by the male Chief Accountant, about 30% of its products are directly exported overseas, particularly to South Korea, China, Singapore, Brazil, India, etc. The rest are on-spot exported to Samsung and vendors in Vietnam. In particular, providing to Samsung directly (including Samsung Electronics and Samsung Display) has generated over USD 200 million (occupying 40% of its total turnover) in 2023. Due to the negative impact of the post-COVID economic recession, the production of Samsung and its vendors has been narrowed, therefore, the subject has also received fewer orders from these clients. According to the Chief Accountant, sales are estimated at USD 500 million in FYE 31 Dec 2023, slightly reduced by 5% over USD 523 million in the fiscal year 2022.Since Jun 2023, the subject has raised the total registered investment capital to USD 299 million from USD 216 million previously in order to invest in expanding the production facility, boosting its capacity. As registered, the production scale will increase to 2,470,650,000 products per year. As revealed by the Chief Accountant, the expansion workshop is expected to be put into production by the end of this month. To meet the capital demand for enlargement, it has additionally mobilized loans from banks, particularly USD 12 million from INDUSTRIAL BANK OF KOREA and USD 10 million from NONGHYUP BANK, added he. Generally, the subject is a prestigious name in the industry. It has received meaningful support from the parent company in South Korea.