BINH DIEN - NINH BINH JOINT STOCK COMPANY

BINH DIỀN - NINH BINH JOINT STOCK COMPANY (Vietnamese name: CÔNG TY CỔ PHẦN BÌNH ĐIỀN – NINH BÌNH), operating under the abbreviated name BINH DIỀN – NINH BINH J.S.C, is a fertilizer manufacturing enterprise based in Ninh Binh Province. The company is part of Vietnam’s agricultural input supply chain, specializing in NPK fertilizers and nitrogen-based compounds for domestic farming and agribusiness customers.

Legal Status and Corporate Background

BINH DIEN – NINH BINH JOINT STOCK COMPANY was established on 11 January 2013 and is registered with the Ninh Binh Department of Planning and Investment under Business ID / TIN: 2700664419. The company operates as a joint stock company, is privately held, and currently maintains an active legal status.

The company’s charter capital and fully paid-up capital amount to USD 4.11 million, supporting a medium-scale manufacturing operation with approximately 200 employees. It's more than a decade of operating history that reflects a stable presence in Vietnam’s fertilizer sector.

Core Operations and Product Focus

The company’s principal line of business is the manufacture of fertilizers and nitrogen compounds, with a particular focus on NPK fertilizer products marketed under the “Buffalo Head” brand. These products are positioned to serve crop cultivation, livestock-linked agriculture, and regional farming demand in northern and central Vietnam.

Beyond fertilizer manufacturing, the company holds licenses for a broad range of supporting and downstream activities, including wholesale of agricultural machinery and inputs, basic chemical production, warehousing, aquaculture-related activities, and property leasing. Despite this broad registration scope, fertilizer production and distribution remain the operational core.

Manufacturing Facilities and Location

BINH DIEN – NINH BINH is headquartered at Khanh Phu Industrial Park, Khanh Phu Commune, Yen Khanh District, Ninh Binh Province. This industrial-park location provides access to transport infrastructure and proximity to key agricultural regions, supporting efficient distribution of bulk fertilizer products.

Management and Governance

The company is managed under a conventional industrial governance structure:

• Director: Le X. P. (Vietnamese nationality)

Management oversight is aligned with the company’s shareholder structure, which includes major players in Vietnam’s fertilizer and chemical sectors.

Financial Performance Overview

From a financial perspective, BINH DIEN – NINH BINH operates at a large revenue scale relative to its equity base, reflecting the capital-intensive and cyclical nature of fertilizer manufacturing:

• Total assets have fluctuated notably, indicating periodic investment cycles and balance-sheet adjustments.

• Sales have shown steady expansion, demonstrating sustained demand for fertilizer products despite market volatility.

• Equity has declined sharply in recent periods, reflecting accumulated losses and margin pressure.

• Profitability has deteriorated significantly, shifting from positive results to a sizeable loss, underscoring sensitivity to input costs, pricing competition, and fertilizer market cycles.

• Working capital has turned negative, signaling increased short-term liquidity pressure and tighter cash-flow conditions.

Overall, the financial profile highlights a company facing elevated operational and economic stress, despite maintaining strong revenue generation.

Shareholding Structure

BINH DIEN – NINH BINH has a diversified institutional shareholder base, including:

• Binh Dien Fertilizer Joint Stock Company – majority shareholder

• Vietnam National Chemical Group (VINACHEM)

• Thai Son Trading and Services Company Limited

• VINACAM Group Joint Stock Company

This shareholder composition links the company closely to Vietnam’s state-linked and leading fertilizer and chemical enterprises, providing strategic backing but also exposing it to sector-wide policy and market dynamics.

Business Outlook and Risk Considerations

With an established brand, manufacturing base, and backing from major fertilizer and chemical entities, BINH DIEN – NINH BINH remains a meaningful participant in Vietnam’s agricultural input market. However, declining equity, operating losses, and negative working capital indicate heightened financial risk, particularly during periods of fertilizer price volatility and rising production costs.

For banks, suppliers, insurers, and business partners, close attention should be paid to liquidity management, cost control, and shareholder support when assessing credit exposure or long-term cooperation.

In this context, Vanguard Business Information LLC (VNBIS), a leading provider of business intelligence, financial analysis, and risk assessment services, delivers comprehensive company reports, sector-specific risk evaluations, and counterparty due diligence solutions to fertilizer producers and agribusiness enterprises operating in Vietnam. Stakeholders seeking more profound insight into BINH DIEN – NINH BINH’s financial resilience, ownership structure, and operational risks are encouraged to consult the latest detailed report available through VNBIS.