PLP makes breakthrough moves after restructuring

In the first quarter of 2025, the company reported revenue of VND561 billion ($21.5 million) and after-tax profit of VND5.9 billion ($226,205), signifying an impressive turnaround from a loss of VND10.7 billion ($410,236) a year ago. This marks a major milestone as PLP officially puts its stone plastic composite (SPC) flooring factory in Haiphong into stable operation.

Originally a company specialising in mineral mining and processing with filler masterbatch as its flagship product, PLP soon recognised the limited growth potential in a saturated market with low profit margins. Thus, the company relocated its entire filler production line to Nghe An and invested in a high-tech SPC flooring factory at its headquarters in Haiphong. This is part of PLP’s strategy to develop an integrated model of “mining – deep processing – end-product manufacturing”.

The high-tech SPC flooring factory in Haiphong is now operating eight modern production lines with an annual capacity of nearly 9 million square metres.

Expansion is underway, with 10 production lines set to be fully installed by the third quarter of this year, increasing annual capacity to 11 million sq.m. SPC flooring, made of over 75 per cent calcium carbonate (CaCO₃), is gaining traction in developed markets such as the US, Europe, and Australia due to its water-resistant, termite-resistant, durable, and eco-friendly features. PLP has achieved several prestigious international certifications, including SGS, CE, GreenGuard, ISO, and Unilin locking system (Belgium), paving the way to penetrate demanding export markets.

On June 23, PLP held its AGM at its Haiphong headquarters, which also houses the high-tech SPC flooring factory. The event drew representatives of over 60 per cent of voting shares, and all agenda items passed with high consensus, demonstrating shareholder confidence in the company’s long-term growth strategy.

A highlight of the event was a guided tour of the SPC production lines at the factory, offering shareholders a firsthand look at the manufacturing process, product advantages, and strict international standards applied to PLP’s high-tech flooring products. This serves as a strong testament to the company’s drastic transformation and strategy, focusing on value-added end products.

At the AGM, shareholders approved the 2025 business plan, targeting VND2.7 trillion ($103.5 million) in revenue and VND25 billion ($958,129) in pre-tax profit, representing a 184 per cent increase over 2024. The leadership stated that it is feasible to achieve these targets, bolstered by the stable operation of the SPC factory, a rise in export orders, and positive signals from global markets and in the supply chain.

With a clear direction, PLP is steadily increasing the contribution of high-tech SPC flooring in its revenue mix, focusing on higher added-value segments. The company is also committed to significant investment in research and development to develop products with superior features that better meet global market demand.

By 2027, PLP aims to reach an export volume of 45 million sq.m of flooring annually and achieve VND9 trillion ($334.9 million) in revenue, progressively completing a closed-loop value chain from raw material extraction to end-user consumption.

Flooring producers tackle shifts within global market Despite the recovery of the American construction market, Vietnam’s top stone plastic composite flooring manufacturers are facing barriers to export due to wider global issues.

Substantial funding backs up SPC flooring opportunities Imports of stone-polymer composite (SPC) flooring into the US market has declined, creating an opportunity for non-Chinese manufacturers like Neo Floor. VIR ‘s Van Nguyen discussed this with Neo Floor CEO Le Quang.

SPC flooring ensuring source of raw materials in Vietnam Vietnam offers an alternative to China in the form of stone-polymer composite flooring, which is supported by domestic supply capacity and imported materials from high-standard markets.