32 JSC

What 32 JSC does

32 Joint Stock Company (32 JSC, Công ty Cổ phần 32) is a Vietnamese footwear, textile, and plastic/rubber manufacturer headquartered at 170 Quang Trung Street in Ho Chi Minh City's Go Vap District, with additional regional offices in Hanoi and Dak Lak. Originally established on April 22, 1980 as X32 Factory under the Vietnamese Ministry of Defence, the company transitioned through several restructuring phases before being equitized in 2005 and formally renamed 32 Joint Stock Company in 2007. It is publicly listed on the Hanoi Stock Exchange under ticker hnx:A32. The company operates five affiliated factories with approximately 2,000 employees and an annual production capacity spanning 600,000 leather shoes, 1,000,000 export canvas shoes, 12 million heel/sole pairs, 500,000 helmets, and 350,000 kepi hats.

The company's product portfolio is organized into footwear (leather shoes for men and women, canvas shoes, walking shoes, safety/industrial boots, sandals, military canvas boots), textile products (bags, backpacks, raincoats, jackets, suitcases), military/defense items (kepi hats, floppy hats, military helmets), and plastic/rubber components (heels, soles, plastic sandals, chairs, boots). Manufacturing is enabled by traditional footwear technologies including Goodyear construction (licensed from SVIT), vulcanized pressure molding, steamed pasting, and pasted bending, with production equipment sourced from Germany (Durkopp, PFAFF), Japan, Taiwan, and Italy. The company holds ISO 9001:2015 certification for its quality management system.

32 JSC generates revenue through two principal channels. Domestically, it supplies footwear, uniforms, helmets, backpacks, and equipment directly to Vietnamese government agencies including the military, police, and customs departments via direct field sales. Internationally, it operates as an OEM manufacturer producing private-label footwear and textile products for international brands including GOLA, JD, TOPSHOP, ASOS, KAUFLAND, SUPERDRY, DEBEMHAM, SPORT GIRL, Samsonite, Lacoste, and Victoria's Secret, with exports to over 20 countries. Pricing follows a quote-based model, with customers directed to contact the company directly via phone for pricing on all products.

Name

32 JSC

Legal name

32 Joint Stock Company

Website

https://32jsc.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

32 JSC is a Vietnamese footwear, textile, and plastic/rubber manufacturer operating five factories with approximately 2,000 employees, supplying domestic military and law enforcement agencies while producing OEM products for international brands including GOLA, Samsonite, Lacoste, and ASOS across 20+ export markets.

Ownership category

akta.pro rank

Product category

Footwear Manufacturing

NAICS

Footwear Manufacturing (3162), Footwear Manufacturing (31621), Apparel Manufacturing (315)

SIC

Footwear, (No Rubber) (3140)

akta.pro primary industry

Footwear Manufacturing (OEM/ODM & Private Label) (CRAAACAJ)

akta.pro secondary industries

Apparel OEM/ODM & Private Label Manufacturing (CRAAAAAK), Sandals, Flip-Flops & Open-Toe Footwear Manufacturing (IMAOAIAG)

Keywords

• Footwear manufacturing
• OEM manufacturing
• Military footwear
• Safety footwear
• Textile products

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices5 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: Manufacturing and sale of leather shoes, canvas shoes, safety shoes, sandals, and other footwear for domestic and export markets
2. Textile and Garment Products: Manufacturing of military uniforms, backpacks, raincoats, jackets, kepi hats, and other textile products
3. Plastic and Rubber Products: Production of heels, soles, plastic shoes, helmets, plastic chairs, and rubber boots
4. Defense Products: Military-specification products including kepi hats, military helmets, and other defense-related items

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels2 records

Core offering

32 JSC is a Vietnamese manufacturer operating five factories that produce footwear (leather shoes, canvas shoes, walking shoes, sandals, military boots, industrial/safety shoes), textile/leather goods (backpacks, bags, raincoats, jackets, suitcases, belts), military equipment (helmets, kepi and floppy hats), and plastic/rubber products (plastic sandals, plastic chairs, plastic boots, rubber heels and soles). The company serves international OEM brand customers, Vietnamese government and military agencies, and domestic consumers through its own retail showrooms.

Product overview

32 Joint Stock Company (32 JSC) is a Vietnamese footwear and textile manufacturer that operates as a single-product manufacturing enterprise with multiple product lines under one roof. The company produces: (1) Footwear including leather shoes for men and women, canvas shoes, walking shoes, industrial/safety shoes, sandals, gaiters, and military canvas boots; (2) Textile products including bags/backpacks, raincoats/jackets, and suitcases; (3) Military headwear including kepi hats and floppy hats; (4) Plastic and rubber products including helmets, plastic sandals, chairs, boots, and heels/soles components. The company operates 5 affiliated factories with approximately 2,000 employees and exports to over 20 countries. Key export markets include Britain, Brazil, Australia, Canada, Germany, Belgium, England, Japan, and Southeast Asian countries. Manufacturing equipment is sourced from Germany (Durkopp, PFAFF), Japan, Taiwan, and Italy, utilizing technologies including Goodyear construction, vulcanized pressure molding, steamed pasting, and pasted bending methods.

Differentiator

Problem solved

Functional benefit

Products and services

• Leather Shoes (men and women)

Quantifiable outcome

• 40 years of continuous operation since 1980
• +2 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

16 partnerships are on record, tiered core and major.

• GOLAcoreOEM/ Whitelabel/ Licensing PartnerInternational footwear brand partnership for OEM manufacturing. 32 JSC manufactures footwear products under the GOLA brand for global distribution.
• JDcoreOEM/ Whitelabel/ Licensing PartnerInternational footwear and fashion retailer partnership. Manufacturing footwear products for JD retail chains worldwide.
• TOPSHOPcoreOEM/ Whitelabel/ Licensing PartnerFashion brand partnership for footwear manufacturing. 32 JSC produces footwear products under the Topshop brand for international retail.
• ASOScoreOEM/ Whitelabel/ Licensing PartnerOnline fashion retailer partnership. Manufacturing footwear for ASOS global e-commerce platform.
• KAUFLANDcoreOEM/ Whitelabel/ Licensing PartnerEuropean retail chain partnership. Manufacturing footwear and textile products for Kaufland stores across Europe.
• SUPERDRYcoreOEM/ Whitelabel/ Licensing PartnerFashion brand partnership. Producing footwear under the Superdry brand for global retail distribution.
• DEBEMHAMmajorOEM/ Whitelabel/ Licensing PartnerFootwear brand partnership for OEM manufacturing of branded footwear products.
• SPORT GIRLmajorOEM/ Whitelabel/ Licensing PartnerWomen's footwear brand partnership for athletic and casual shoes.
• RIVER ISLANDmajorOEM/ Whitelabel/ Licensing PartnerUK fashion brand partnership for footwear manufacturing.
• OFFICEmajorOEM/ Whitelabel/ Licensing PartnerUK footwear retailer partnership for branded shoe manufacturing.
• BETTSmajorOEM/ Whitelabel/ Licensing PartnerAustralian footwear brand partnership for shoe manufacturing.
• KAPORALmajorOEM/ Whitelabel/ Licensing PartnerFrench fashion brand partnership for footwear products.
• SamsonitecoreOEM/ Whitelabel/ Licensing PartnerGlobal luggage brand partnership. 32 JSC manufactures suitcases and bags under the Samsonite brand for international distribution.
• LacostecoreOEM/ Whitelabel/ Licensing PartnerPremium apparel brand partnership. Manufacturing textile products including bags and accessories under the Lacoste brand.
• Victoria's SecretcoreOEM/ Whitelabel/ Licensing PartnerLingerie and beauty brand partnership for textile accessory manufacturing.
• C.CombertimajorOEM/ Whitelabel/ Licensing PartnerBrand partnership for textile manufacturing of bags and accessories.

Scale indicators14 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Biti's (Binh Tien Import-Export JSC): Vietnam's largest domestic footwear brand and manufacturer, also doing OEM work. Comparable to 32 JSC as a Vietnamese footwear producer, but competing primarily in domestic retail rather than the OEM export segment.

Direct peers

• Pou Chen Corporation: Taiwan-based world's largest footwear OEM/ODM, manufacturing for Nike, Adidas, and other global brands. Comparable to 32 JSC as a large-scale OEM/ODM footwear manufacturer with extensive international brand relationships and vertically integrated production.
• Tiong Liong Corporation: Taiwan-based textile and footwear materials/OEM manufacturer with production in Vietnam and Southeast Asia. Comparable to 32 JSC's combined footwear and textile OEM offering for international brands.
• Yue Yuen International: Hong Kong-listed, the largest manufacturer of branded athletic and casual footwear with massive China and Vietnam capacity. Directly comparable to 32 JSC's OEM footwear model serving international brands with significant Vietnam manufacturing presence.
• Stella International Holdings: Hong Kong-listed footwear OEM producing casual and dress shoes for global brands. Directly comparable to 32 JSC's branded footwear OEM business model, particularly its dress and casual leather shoe lines for retailers like TOPSHOP and ASOS.
• Feng Tay Enterprises: Taiwan-based footwear OEM and a major Nike/Adidas supplier with significant Vietnam and Indonesia operations. Closely comparable to 32 JSC as an international footwear OEM/ODM manufacturer with multi-country production footprint.
• Worldon International: Vietnam-based footwear OEM/ODM manufacturer supplying global brands, with similar customer mix of European and US retailers. Direct regional peer to 32 JSC's footwear OEM operations in Vietnam.
• Pou Sung International: Taiwan-based footwear and apparel manufacturer with Vietnam production facilities, supplying international brands. Comparable to 32 JSC as a multi-product OEM/ODM with Vietnam manufacturing operations and international brand customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

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 32 JSC