CAO SON COAL JOINT STOCK COMPANY: Profits, Pollution, and the State-Owned Shadow in Vietnam’s Coal Industry

CAO SON COAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THAN CAO SƠN - TKV) stands at the intersection of economic growth and environmental scrutiny in Vietnam. Located in Cam Pha City, Quang Ninh Province—a region synonymous with coal mining—the company has evolved into one of the largest hard coal miners in the country. Established as a joint stock company on August 5, 2020, and registered under Tax Identification Number 5702053837, it is more than just a business—it’s a litmus test of Vietnam’s uneasy balance between industrial output and environmental accountability.

In 2023, the company posted USD 324.79 million in revenue, a sharp 23.9% drop from the previous year. Still, it secured a healthy USD 11.52 million in profit, thanks in part to cost restructuring and favorable pricing early in the year. Total assets modestly increased to USD 98.68 million, while equity rose by 11.64% to USD 45.04 million. The company’s workforce remains enormous—3,706 employees—illustrating the deep human capital tied to Vietnam’s coal economy. The firm’s paid-up and charter capital both stand at USD 17.6 million, confirming full capital injection since its founding.

Yet beyond the balance sheet lies a more controversial narrative. The company is 65% owned by Vietnam National Coal and Mineral Industries Holding Corporation Limited (VINACOMIN)—a state-owned giant often criticized for bureaucratic inefficiencies, lack of innovation, and historical links to environmental degradation in northern Vietnam. Critics argue that companies like CAO SON COAL JOINT STOCK COMPANY continue to benefit from policy protections, despite global shifts toward renewable energy and green transition targets pledged by the Vietnamese government.

Internally, leadership under Chairman Mr. Vu Van Khan and Director Mr. Pham Thanh Dong has faced its own scrutiny. While the team has achieved profitability and stabilized operations, questions remain around long-term sustainability, modernization of mining techniques, and transparency in procurement practices. Insiders familiar with Vietnam’s SOE sector suggest that systemic inertia and top-down mandates still dominate decision-making, leaving little room for private-sector agility or accountability.

Even more pressing are the environmental and social costs. Coal mining in Cam Pha is often associated with deforestation, water contamination, and community health issues—realities that CAO SON COAL JOINT STOCK COMPANY shares responsibility for. Although the company has publicized some compliance efforts and investments in dust suppression, environmental NGOs and local media have reported on recurring complaints from nearby residents about pollution and land degradation. The company’s website remains sparse on sustainability goals or ESG commitments, a red flag in an era where environmental transparency is no longer optional.

Despite these issues, CAO SON COAL JOINT STOCK COMPANY remains a central node in Vietnam’s energy and industrial supply chain. For lenders, insurers, and international partners, the firm’s financial resilience may appeal, but its legacy challenges and opaque operations suggest a need for cautious engagement.

To support stakeholders in navigating this complex terrain, Vanguard Business Information LLC (VBI) offers full-spectrum company reports on entities like CAO SON COAL JOINT STOCK COMPANY. VBI’s assessments provide deeper layers of verified data, risk insights, and red-flag analysis—beyond what's publicly disclosed—helping clients make decisions that are not only commercially sound but also reputationally safe.

As Vietnam pledges to reduce coal dependency under international climate agreements, companies like CAO SON COAL JOINT STOCK COMPANY face a critical question: adapt or fall behind. The world is watching—not just their production, but their conscience.