BENLIN AGRICULTURAL JOINT STOCK COMPANY

BENLIN AGRICULTURAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN NÔNG SẢN BENLIN), or BENLIN.,JSC, is a Vietnamese-owned joint stock company focused primarily on the processing and preservation of fruit and vegetables. Registered under Business ID and Tax Code: 0315908187, the company has been in operation since September 17, 2019, and is headquartered at No. 81, Street 12, Phuoc Binh Ward, Thu Duc City, Ho Chi Minh City. Within just five years of activity, BENLIN has positioned itself as a notable name in the agricultural processing industry in Vietnam.

Financial Performance: Big Numbers, Modest Bottom Line

In 2023, BENLIN AGRICULTURAL JOINT STOCK COMPANY reported sales revenue of USD 453.97 million, a 0.83% increase from the prior year. While revenue remained stable, the company achieved a small but positive net profit of just USD 16,830, reversing two consecutive years of losses. This minor profit represents a 102% improvementcompared to 2022, yet it remains disproportionately low for a company of this revenue scale.

What’s remarkable is the company’s rapidly growing asset base. Total assets surged by 33.87% in 2023, reaching nearly USD 298 million, and owner’s equity increased by over 54%, now standing at USD 12.37 million. However, this still reflects a relatively thin equity base relative to its operational scale, suggesting that the business may be running on tight margins or heavy leverage.

Leadership, Ownership, and Business Focus

Ms. Huynh Thi Kim Ngan serves as the company’s Director, overseeing a broad set of business lines beyond its core agricultural focus. The ownership structure consists of three Vietnamese shareholders, with one holding a majority 50% stake and the remaining two splitting the rest evenly.

While its core activity is fruit and vegetable processing, the company is also registered for a wide variety of businesses, including:

• Civil engineering construction

• Wholesale of food, beverages, fuels, and agricultural materials

• Motor vehicle parts sales

• Forest cultivation and logging

• Mixed crop-livestock farming

Such a broad registration may signal diversification, but it could also point to a lack of operational focus if not strategically managed.

Risk Considerations and Business Intelligence Needs

From an objective standpoint, BENLIN AGRICULTURAL JOINT STOCK COMPANY demonstrates strong top-line figures and asset growth, but its razor-thin profit margin raises important financial questions. With nearly half a billion dollars in annual sales but minimal retained earnings, partners, creditors, and potential investors should exercise caution and verify the company's solvency, debt exposure, and liquidity position.

For these purposes, businesses are encouraged to use independent services like Vanguard Business Information (VBI), which offers Business Verification and Risk Management tools. VBI provides access to private financial data, working capital analysis, and legal history—essential for evaluating companies with unbalanced financial profiles like BENLIN.

Conclusion

BENLIN AGRICULTURAL JOINT STOCK COMPANY is an ambitious and fast-growing enterprise in Vietnam’s agri-processing sector. With high sales and an expanding asset portfolio, the company is clearly scaling. However, its minimal profitability and thin equity layer raise flags about its operational efficiency and long-term sustainability. Strategic due diligence and independent verification are recommended for any firm considering significant commercial engagement with BENLIN.