What TBS does

TBS Group (Công ty Cổ phần Đầu tư Thái Bình) is a privately held Vietnamese industrial conglomerate founded in 1989 by Chairman Nguyễn Đức Thuận. It operates as a vertically integrated OEM/ODM manufacturer of footwear and handbags for global fashion and sporting-goods brands, with footwear capacity of 25 million pairs/year across 33 production lines and 17,000 workers, and handbag output that reached the 10-million-product milestone in roughly 40 months with 20% annual growth. The group's customer base centers on long-tenured brand partnerships — most notably a 30-year Decathlon relationship (1996–2026) and an 18-year Skechers relationship that produced the 100-millionth pair in 2024 — alongside Coach, Reebok (with a 2022 joint R&D center), and ECCO.

The group's operating model extends beyond contract manufacturing into adjacent, wholly-owned subsidiaries: TBS Land (industrial and residential real estate), ICD TBS Tân Vạn (220,000 m² inland container depot, 60,000 container capacity, Thermo Tec energy-efficient roofing), Mai House Saigon (5-star hotel), Montgomerie Links Golf Club, and TBS Retail (distributing ECCO and other brands via Shopee, Lazada, and Tiki). Manufacturing technology is built around ISO 9001:2015-certified processes (audited by Bureau Veritas), a digitized Gemba Walk platform on Webapp/AppSheet, a 3D design-enabled R&D center (5,000 m², established 2021), and a "Pilot Line" lean-manufacturing model that achieved a 98% balance-line rate and 8% labor productivity lift at the Thoại Sơn factory.

Revenue is generated through five primary streams: OEM/ODM footwear contracts (one-time production licensing with global brands), OEM/ODM handbag manufacturing, industrial/logistics real estate (managed services at ICD TBS), hospitality (one-time room/green-fee sales), and consumer retail (transactional e-commerce). Pricing is private and contractually negotiated with each brand partner. With 50,000+ workers across 10 Vietnamese provinces and 3 international countries, TBS ranks among Vietnam's top five fashion-industrial manufacturing groups, operating within a national footwear export market of approximately $29 billion in 2025.

Name

TBS

Legal name

Công ty Cổ phần Đầu tư Thái Bình

Website

https://tbsgroup.vn

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

TBS Group is a privately held Vietnamese OEM/ODM manufacturer of footwear and handbags, serving global brands such as Decathlon, Skechers, Reebok, Coach, and ECCO, and operating diversified subsidiaries in real estate, logistics, hospitality, and retail across Vietnam.

Ownership category

akta.pro rank

Headquarters

HQ city

Hai Duong

HQ country

Vietnam

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Footwear Manufacturing (OEM/ODM): Original equipment manufacturing and design services for international footwear brands. Revenue generated from production contracts with global brands including Skechers, Decathlon, Reebok, and others. Production capacity of 25 million pairs annually. Part of Vietnam's ~29 billion USD footwear export industry.
2. Handbag Manufacturing (OEM/ODM): Original equipment manufacturing for international handbag and backpack brands. Revenue from production contracts with brands including Coach, Decathlon, and others. Achieved 55 million total bag output and 10 million products milestone.
3. Real Estate Investment and Development (TBS Land): Investment, development, and management of industrial and residential real estate. Projects include industrial zones, factory buildings, commercial complexes, and urban development projects. TBS Land ranked in TOP 100 strong Vietnamese brands 2021.
4. Logistics and Port Services (ICD TBS): Inland container depot and logistics services including warehousing, freight forwarding, and supply chain management. Strategic location in southern Vietnam economic zone. 220,000 m2 warehouse, 60,000 container capacity. Achieved 118% revenue growth in 2021 vs 2020.
5. Hospitality and Tourism: Hotel and resort operations including Mai House Saigon (5-star hotel) and Montgomerie Links Golf Club. Hospitality segment includes restaurant chains and golf courses. Mai House Saigon won 'Loved by Guest Award 2021' and 'Vietnam's Leading Luxury Hotel 2021'.
6. Retail and Distribution (TBS Retail): Distribution of international fashion brands including ECCO. E-commerce operations across Shopee, Lazada, and Tiki platforms. ECCO maintained position as leading comfort footwear brand in Vietnam market. Revenue at 90% of previous year despite pandemic.

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core offering

TBS Group is a Vietnamese private conglomerate that operates as an OEM/ODM manufacturer of footwear and handbags for global brands such as Skechers, Decathlon, Reebok, Coach, and ECCO, with annual production capacity of 25 million pairs of shoes and 10 million bags. Beyond its core manufacturing business, TBS operates five additional business segments: industrial real estate and infrastructure investment (TBS Land), inland container depot and logistics services (ICD TBS Tan Van), hospitality (Mai House Saigon hotel, Montgomerie Links Golf Club), and retail distribution of international fashion brands in Vietnam.

Product overview

TBS Group is a diversified Vietnamese conglomerate operating six core business segments: Footwear Manufacturing (25 million pairs/year capacity, 17,000 workers), Handbag Manufacturing (10 million products milestone achieved), Investment & Asset Management (industrial real estate and infrastructure), Logistics & Port Services (220,000 m2 warehouse, 60,000 container capacity), Hospitality (hotels, resorts, golf courses including Montgomerie Links and Mai House Saigon), and Retail distribution (fashion brands including ECCO). The group serves global brands such as Decathlon, Skechers, Reebok, and Coach, positioning itself as a strategic manufacturing partner in the global fashion supply chain.

Differentiator

Problem solved

Functional benefit

Brands

• TBS Land: Real estate investment and development subsidiary handling industrial and residential property projects
• Mai House Saigon
• Montgomerie Links Golf Club
• TBS Retail
• TBS Logistics

Products and services

• Industrial Footwear Manufacturing (Sản xuất Công nghiệp Da giày) OEM/ODM manufacturing of footwear with annual production capacity of 25 million pairs across 33 production lines and 17,000 workers, serving global brands including Skechers, Decathlon, and Reebok. Achieved milestone of 100 millionth pair of Skechers shoes in 2024.
• Industrial Handbag Manufacturing (Sản xuất Công nghiệp Túi xách) OEM/ODM manufacturing of handbags and backpacks with annual growth rate of 20%, achieving 10 million products milestone in 40 months. Serves brands including Coach, Decathlon, and others. TBS Sông Trà factory reached 55 million bags total output over 10 years with capacity of 3 million bags/year.
• TBS Land - Real Estate & Industrial Infrastructure Investment, development, management, and operation of industrial infrastructure, industrial zones, and industrial and residential real estate projects. TBS Land ranked in TOP 100 strong Vietnamese brands 2021.
• ICD TBS Tan Van - Port and Logistics Services Inland container depot and logistics services with 220,000 m2 warehouse space and 60,000 container capacity. Strategically located at the economic quadrant of Ho Chi Minh City - Binh Duong - Dong Nai - Ba Ria Vung Tau. ICD TBS Tan Van uses Thermo Tec technology reducing roof radiant heat by 6 degrees and energy consumption by 15%. Achieved 118% revenue growth in 2021 vs 2020.
• Hospitality Services (Mai House Saigon & Montgomerie Links) Hotel and resort operations including Mai House Saigon (5-star hotel) and Montgomerie Links Golf Club. Mai House Saigon won 'Loved by Guest Award 2021' and 'Vietnam's Leading Luxury Hotel 2021'.
• TBS Retail - Fashion Brand Distribution Distribution of international fashion brands in Vietnam, primarily ECCO comfort footwear, through e-commerce platforms Shopee, Lazada, and Tiki, as well as brick-and-mortar retail stores.

Quantifiable outcome

• 100 millionth pair of Skechers shoes produced in 2024
• +6 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Bureau VeritascoreTechnology or Integration · 1 June 2026International certification organization collaborating with Decathlon's Quality Management Department and TBS An Giang on implementing ISO 9001:2015 Quality Management System training and certification. Bureau Veritas is a global TIC (Testing, Inspection, Certification) firm founded in France in 1828.
• University of Economics - Law (UEL)minorOthers · 31 July 2024TBS Group partners with University of Economics - Law for scholarship programs, donating scholarships to outstanding students with each scholarship worth 10 million VND.
• Lefaso (Vietnam Leather and Footwear Association)coreOthers · 25 April 2024TBS Group works closely with Lefaso, Vietnam's Leather and Footwear Association, on industry development initiatives. TBS Chairman Nguyen Duc Thuan serves as Chairman of Lefaso. The association coordinates with government bodies including the Ministry of Industry and Trade on industry policy.
• ReebokcoreStrategic or Co-development Partner · 5 December 2022Joint inauguration of Reebok Vietnam representative office and R&D center in 2022, marking an important milestone in their strategic partnership that began in 1997. Reebok is owned by Authentic Brands Group (ABG). The R&D center enables collaborative product development for the Vietnam market.
• Coach (Tapestry Inc.)coreStrategic or Co-development Partner · 5 December 2022Premium handbag manufacturing partnership since 2011. TBS Group demonstrated capability to produce luxury-quality products for Coach, becoming a trusted manufacturing partner. The partnership began during TBS's transformation from pure manufacturing to strategic brand partnership.
• ABG (Authentic Brands Group)coreStrategic or Co-development Partner · 5 December 2022Parent company of Reebok. Senior leadership from ABG participated in the 2022 inauguration ceremony of Reebok's Vietnam representative office and R&D center alongside TBS Group executives.
• Nam Long GroupminorStrategic or Co-development Partner · 31 December 2021Strategic cooperation agreement signed in late 2021 between TBS Land and Nam Long Group for real estate development collaboration, marking a sustainable partnership in the property sector.
• Industrial College 2 (District 9)minorOthers · 31 December 2021TBS Group provides annual donations of materials to Industrial College 2 to support student research projects, contributing to workforce development in the footwear and manufacturing sector.
• SkecherscoreStrategic or Co-development Partner · 1 January 200518-year strategic manufacturing partnership (2005-2024) producing over 100 million pairs of Skechers shoes. Skechers is the world's 3rd largest footwear company headquartered in the USA. TBS is Skechers' first manufacturing partner in Vietnam. Kathy Kartalis, Sr. VP of Product at Skechers, personally visited TBS in 2024 to celebrate the milestone and emphasized TBS as the partner that 'opened the door' for Skechers to operate in Vietnam.
• DecathloncoreStrategic or Co-development Partner · 1 January 199630-year strategic partnership (1996-2026) for footwear and bag/backpack manufacturing. Decathlon is the world's largest sporting goods retailer based in France. Decathlon's Quality Management Department collaborated with TBS An Giang on ISO 9001:2015 training program. TBS produces bags and backpacks for Decathlon including products from TBS Sông Trà factory.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Huali Industrial Group: China- and Vietnam-based footwear OEM producing for global athletic and casual brands including Deckers, Under Armour, and Skechers. Directly comparable to TBS as an OEM/ODM footwear manufacturer with significant Vietnam operations serving the same brand-partner model.
• Feng Tay Enterprises: Taiwan-based footwear OEM manufacturer with major Nike and Adidas production, and large Vietnam manufacturing footprint. Direct peer to TBS given similar brand-partner OEM model and significant Vietnam operations, though concentrated on athletic footwear.
• Stella International Holdings: Hong Kong-listed footwear OEM/ODM serving global brands including Nike, Adidas, and Puma with significant Vietnam and China capacity. Directly comparable to TBS as an OEM footwear manufacturer for tier-1 global brands, with overlapping Vietnam exposure and brand-partner model.
• Regina Miracle International: Hong Kong-listed manufacturer specializing in intimate apparel, sportswear, and footwear components for global brands including Nike, Under Armour, and Victoria's Secret. Comparable to TBS in the OEM/ODM model and brand-partner approach, with overlapping customer base in athletic apparel/footwear.

Broad incumbents

• Pou Chen Corporation: Taiwan-based, world's largest branded athletic and casual footwear OEM/ODM manufacturer producing for Nike, Adidas, Asics, and others. Directly comparable to TBS as a tier-1 global footwear contract manufacturer serving international brands, though at materially larger scale and broader geographic footprint.
• Yue Yuen International: Hong Kong-listed, world's largest footwear manufacturer by volume, primarily OEM/ODM for athletic and casual brands. Closest direct comparable to TBS in business model (OEM/ODM footwear at scale for global brands) though with broader geographic diversification across China, Vietnam, Indonesia, and Cambodia.
• Li & Fung (Manufacturing Services): Hong Kong-headquartered global consumer goods sourcing and manufacturing partner managing supply chains for global apparel and footwear brands. Comparable to TBS in the OEM/sourcing role for international brands, though broader in scope (apparel, accessories, footwear) and more diversified geographically.

Regional players

• Tong Hong Tannery: Taiwan-listed, Vietnam-headquartered leather and footwear manufacturer serving international brands with significant Vietnam production capacity. Directly comparable to TBS as a Vietnamese footwear OEM/ODM player with overlapping brand-partner relationships and similar scale profile.
• Vinh Hiep Co., Ltd: One of Vietnam's largest footwear exporters producing for global brands including Columbia Sportswear. Domestic Vietnamese peer to TBS, sharing the Vietnam manufacturing base and OEM/ODM model serving international footwear brands.
• Samho Vietnam (Samho Development): Korean-invested footwear manufacturer with large-scale Vietnam operations producing for global athletic brands. Domestic Vietnamese peer to TBS in the OEM/ODM model serving major international footwear customers, with similar scale of operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

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• Facebookfacebook.com/tbsgroupvietnam
• YouTubeyoutube.com/channel/UCzA5hZxqLZ5vLBbK8X1T8Jw

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TBS