CASABLANCA JOINT STOCK COMPANY

Casablanca Joint Stock Company has been operating for more than sixteen years in Bac Ninh Province, producing plastics products at scale and supplying a broad mix of domestic customers. With a headcount of two thousand employees and facilities spanning multiple industrial clusters as shown on page two, the company maintains a sizable manufacturing footprint. However, the financial results for 2023 indicate that Casablanca is entering a period of meaningful pressure. 

Leadership and Governance Stability

Casablanca is led by Chairman and General Director Tran Van Viet, who also controls 98 percent of the equity according to the shareholder table on page two. This concentrated ownership structure allows the company to make decisions quickly but also exposes it to key person dependency. When nearly all governance, strategy, and capital allocation are controlled by one individual, operational resilience can become a concern, particularly during periods of financial downturn. Given the company’s size and the volatility in its results, the governance structure warrants close scrutiny.

A Wide and Uneven Business Portfolio

The company manufactures PP woven bags, PP non woven bags, and R pet shopping bags as part of its primary operations as shown under the main business activities section on page two. However, its list of registered activities extends far beyond plastics manufacturing. It includes heavy mining categories such as iron ore and precious metal extraction, quarrying of stone and sand, wholesale of machinery, demolition services, retail clothing, and food distribution. This wide list of unrelated activities raises questions about strategic clarity. It is unclear whether the company genuinely operates across all these categories or whether these registrations reflect legacy ambitions rather than current capability. For lenders, investors, and procurement managers, understanding what Casablanca actually does in practice is essential and cannot be inferred from the registration list alone.

Financial Performance and Operating Conditions

The financials for 2023 reveal a decisive reversal in performance. Total assets fell from 44,529,044 USD in 2022 to 36,358,772 USD in 2023, an eighteen percent contraction. Sales declined from 117,319,250 USD to 76,271,974 USD, a drop of nearly thirty five percent. Profit decreased from 1,241,312 USD to 792,989 USD, falling more than thirty six percent. Working capital dropped to 2,860,000 USD, a reduction of more than twenty seven percent as displayed in the key insights panel on page one. Although equity remained relatively stable at 8,841,502 USD, the near flat change masks the broader deterioration in operating scale.

A closer reading of the year by year trends suggests that 2022 was an outlier fueled by unusually strong demand, and the company has since been unable to maintain that scale. The data indicates that Casablanca is not simply adjusting to a cyclical downturn. The reduction in assets suggests either lower reinvestment, tightening liquidity, or the sale or impairment of productive resources. Sales volatility of this magnitude points to concentration risk and limited diversification within its true operating segments.

Strategic Position in Vietnam’s Manufacturing Landscape

Casablanca operates within Vietnam’s northern plastics manufacturing cluster, which continues to benefit from stable domestic demand and proximity to key industrial clients. However, the company’s results show a business losing momentum relative to its competitive environment. A decline of this scale in both assets and revenue indicates that the company may be losing market share or experiencing cost and efficiency pressures that it has not yet addressed. With two thousand employees, the company carries a significant fixed cost burden, and any prolonged contraction poses operational and financial risk.

Casablanca has opportunities to stabilize if it can clarify its core business focus, tighten operational efficiency, and rebuild customer demand. Yet the current data signals a company at a critical junction, where decisions around capital allocation and cost structure will determine its trajectory over the next two years.

VNBIS Support and Business Intelligence

Vanguard Business Information LLC provides detailed analysis, financial verification, and risk assessment for organizations evaluating Casablanca Joint Stock Company. The full VNBIS report includes breakouts of asset movements, liquidity analysis, shareholder confirmation, and operational verification that cannot be captured in the executive summary. For lenders, procurement teams, and potential partners seeking to assess exposure, creditworthiness, and long term viability, the complete report offers an essential foundation for decision making. It is available at www.vnbis.com.