Asanzo in Pham Van Tam's time: "Growing like a rocket", once held 16% of the TV market share

(Dan Tri) - Although he no longer holds a leadership role at Asanzo Group, it can be said that Mr. Pham Van Tam's name is still associated with the rapid growth of this electronics manufacturer.

On September 3rd, the Ho Chi Minh City People's Procuracy announced that it had completed the indictment against defendant Pham Van Tam (former Chairman of the Board of Directors of Asanzo Company) for two crimes: "Smuggling" and "Tax evasion". His younger brother, Pham Xuan Tinh (former Director of Asanzo Company), was also indicted for "Tax evasion".

Asanzo Company was established in 2016. In 2019, the company was inspected by the Ho Chi Minh City Tax Department. The inspection determined that Asanzo Company purchased components from Tran Thoan Company and signed a contract with VTB Company for partial assembly.

Asanzo Company assembled finished air conditioners and sold them to Asanzo Refrigeration Company, but did not issue invoices or declare taxes. The tax assessment concluded that the total amount of tax evaded was over 15.7 billion VND.

Mr. Pham Van Tam completely withdrew from Asanzo in 2018.

Regarding Asanzo Group Joint Stock Company, originally named Asan Group Joint Stock Company, it operates in the field of electronic component manufacturing.

Initially, the company had a charter capital of 100 billion VND, of which Mr. Pham Van Tam contributed 90 billion VND, equivalent to 90% ownership. The remaining 10% was divided equally among 5 other investors, including 2 organizations: Asanzo Vietnam Electronics Joint Stock Company (established in November 2014) and Asanzo Communications Co., Ltd. (established in June 2016), along with 3 other individuals.

By July 13, 2018, Mr. Pham Van Tam had divested almost all of his capital in the company, reducing his personal ownership stake to 1%. Shortly after, institutional shareholders such as Asanzo Vietnam Electronics Joint Stock Company and Asanzo Communications Company Limited also successively divested all their capital.

Following the divestment by founder Pham Van Tam, Pham Xuan Tinh (Pham Van Tam's younger brother) became the legal representative and director of Asanzo Group. Since then, the company has not updated its shareholder structure or charter capital.

Besides Asanzo Group, the business "ecosystem" associated with Mr. Pham Van Tam also includes Asanzo Telecommunications Joint Stock Company, Asanzo Refrigeration Company Limited, Asanzo Investment Joint Stock Company, etc.

Currently, although he no longer holds a leadership role at Asanzo Group, it can be said that Mr. Pham Van Tam's name is still closely associated with the rapid growth of this electronics manufacturer.

Exploiting the desire of rural consumers to buy cheap goods.

Asanzo started by manufacturing and assembling televisions in Vietnam, based on imported technology and components. The brand focused on producing low-cost electronic products, which quickly gained attention in the market.

For example, the Asanzo 25-inch television brand launched in September 2018 and was warmly received due to its low price of less than 2 million VND per unit, primarily serving the rural market. The company also anticipated market trends by launching many products tailored to the characteristics of different regions; for instance, in the Mekong Delta, they offer battery-powered televisions; in the Central region, they use circuit boards resistant to sea spray corrosion; and in the North, they invest in modern designs.

Mr. Pham Van Tam at the Asanzo event in 2018. (Photo: Asanzo).

According to figures released by the corporation, Asanzo sold over 122,000 televisions in just one year after entering the market. By 2015, this number had nearly tripled. In 2016, Asanzo's television sales reached 500,000 units and continued to increase by 140% the following year.

Notably, during its heyday, Asanzo's television sales performance was second only to giants like Samsung, LG, and Sony.

According to a report by market research firm GfK, in 2019, Asanzo's market share in the Vietnamese television market was approximately 16%, while LG held 17%, Sony 25%, and Samsung 35%.

Also in 2019, with sales exceeding expectations, air conditioners accounted for 20-30% of Asanzo's sales, ranking second only to its flagship product, televisions.

"Growing up incredibly fast" before getting involved in controversies.

Starting as a television manufacturer, Asanzo has grown into a conglomerate with over 70 electronic product lines, including televisions, air conditioners, refrigerators, and smartphones, in just six years. The group owns seven factories, employs over 2,000 staff, operates 15,000 sales outlets, and boasts 1,000 service centers nationwide.

The company's business indicators also showed strong growth. In 2014, Asanzo reported revenue of 670 billion VND. By 2015, this figure had increased to nearly 1,600 billion VND.

By 2017, Asanzo's revenue reached VND 4,620 billion, an increase of 1.8 times compared to the previous year (revenue in 2016 was nearly VND 2,570 billion).

In 2018, Asanzo set a very ambitious target of achieving revenue of 10,000 billion VND. At the same time, founder Pham Van Tam shared plans for the Group's IPO, expected to take place in 2020.

However, shortly afterward, Asanzo became embroiled in controversy regarding the origin of its goods, being accused by Sharp Vietnam of falsifying documents and providing false information... Asanzo gradually lost favor in the eyes of consumers.

Currently, the official Asanzo website states that the company is still focusing on providing electronic, refrigeration, and household appliances such as televisions, phones, freezers, air conditioners, air coolers, and also distributing its own exclusive brands.

Regarding Mr. Pham Van Tam, after withdrawing from Asanzo, he is known to have developed a new business career: Winsan Group Investment Joint Stock Company, established in May 2020 with a charter capital of 300 billion VND.

Source: https://dantri.com.vn/kinh-doanh/asanzo-thoi-pham-van-tam-lon-nhanh-nhu-thoi-tung-nam-16-thi-phan-tivi-20250904091421277.htm