BINH PHUOC GENERAL IMPORT – EXPORT JOINT STOCK COMPANY: Asset Surge Can't Offset Sharp Profit Drop

BINH PHUOC GENERAL IMPORT – EXPORT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN XUẤT NHẬP KHẨU TỔNG HỢP BÌNH PHƯỚC), also known as BIGIMEXCO, has long been one of Binh Phuoc Province’s best-known enterprises in the agricultural export and natural resources sectors. Registered under Business ID and Tax Code: 3800100760, the company has operated since 2006 with its headquarters on Hung Vuong Street, Dong Xoai City.

In 2023, BIGIMEXCO reported USD 286.77 million in sales, marking a 15.08% decline from the previous year. While revenue fell, the company’s total assets jumped by 28.21%, reaching USD 131.62 million, a sign of recent capital investments or inventory buildup. However, net profit dropped by over 50%, settling at just USD 1.21 million, the lowest in three years. Equity slightly declined to USD 10.77 million, and working capital stood at a modest USD 1.38 million, indicating thin financial buffers.

Chaired by Mr. Dong Minh Toan, who owns 41.43% of the company, BINH PHUOC GENERAL IMPORT – EXPORT JOINT STOCK COMPANY operates a wide portfolio ranging from rubber tree plantations and cassava starch production to furniture manufacturing, construction, and power generation. Despite this diversification, its declining profit and revenue suggest challenges in margin management or volatile commodity prices.

As highlighted in the latest business credit report prepared by VANGUARD BUSINESS INFORMATION LLC (VBI), the company’s downward trend in profitability should concern risk analysts, credit insurers, and potential partners. For all its asset growth, BIGIMEXCO is now under pressure to improve operational efficiency and stabilize earnings if it is to remain competitive in Vietnam's export-driven agricultural sector.

With registered operations in Ho Chi Minh City, Dak Lak, and Quang Binh, and a network of business lines that includes logistics, civil construction, and electricity, the company’s footprint is extensive—but increasingly stretched.

In short, BINH PHUOC GENERAL IMPORT – EXPORT JOINT STOCK COMPANY shows financial muscle on paper, but unless it regains revenue momentum and reestablishes profit margins, long-term sustainability could be at risk.