Hoang Phuc International, a distributor of foreign fashion brands, said profits fell to almost a sixth last year from the previous year to VND1.9 billion (US$80,500).
For the first time the company issued bonds last year worth VND11 billion at an interest rate of 12.5%.
Hoang Phuc, established in 1989, specialized initially in men’s brands.
In 2016-17 the company had nearly 100 stores selling around 10 international brands, including Dr. Martens and Replay.
It now has 45 stores.
Last year it added fashion products for women and child to its portfolio, and launched affordable products at prices as low as VND99,000.
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