COASIA CM VINA JOINT STOCK COMPANY

COASIA CM VINA JOINT STOCK COMPANY: From Profitable Electronics Exporter to Loss-Making Manufacturer Amid Revenue Pressure

COASIA CM VINA JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN COASIA CM VINA), headquartered in Luong Son Industrial Park, Hoa Binh Province, is a foreign direct investment (FDI) enterprise specializing in the manufacture of electronic components and camera modules. Registered under business ID 5400445556 and incorporated on January 25, 2014, the company has grown to employ 1,400 staff and operates with a charter capital of over USD 21.4 million. Its primary shareholders are all South Korean entities, including COASIA CM CO., LTD (45.69%) and COASIA CM KOREA CO., LTD (44.37%), with the parent group COASIA CORPORATION holding the remaining 9.94%.

In recent years, COASIA CM VINA JOINT STOCK COMPANY has demonstrated both promise and volatility. The company reached its sales peak in 2022, recording over USD 264.6 million in revenue, but in 2023, it suffered a sharp drop of 19.31% to USD 213.56 million. This decline in sales led to a significant financial downturn, culminating in a net loss of USD 1.97 million—a stark contrast to the USD 6.28 million profit it recorded in 2021.

As a financial risk manager reviewing this case, the most critical figure to highlight is the company’s 149.37% year-over-year drop in profit in 2023, which pushed it into negative territory. This sudden reversal suggests a sharp deterioration in either production efficiency, cost control, or pricing power—especially problematic in the highly competitive and low-margin electronics manufacturing sector. Additionally, the consistent decline in total assets over the past three years, from over USD 86 million in 2021 to just USD 66.9 million in 2023, reflects a reduction in capital deployment or potential write-offs in fixed assets.

Despite these setbacks, COASIA CM VINA JOINT STOCK COMPANY still maintains a strong equity base of USD 47.39 million, showing that the company is not yet in a solvency crisis. It also holds USD 17.66 million in working capital, indicating that its short-term liquidity remains intact. The capital structure is still sound, supported by stable foreign ownership, which could provide financial buffers or strategic realignment if required.

The leadership of the company, headed by General Director Mr. Lee Jae Han, and Chief Accountant Mr. Trinh Ba Truong, appears to have the organizational infrastructure to manage recovery, but a turnaround will depend heavily on restoring order volume, improving cost efficiency, and possibly entering higher-margin segments within the electronics market.

For partners, vendors, or investors, COASIA CM VINA JOINT STOCK COMPANY presents both operational capacity and cautionary risk. It is a mature manufacturer with strong FDI backing and a skilled workforce, but its profit volatility and revenue shrinkage suggest that due diligence should be rigorous. VANGUARD BUSINESS INFORMATION LLC (VBI) offers specialized risk assessment, credit evaluation, and litigation screening services that are critical when engaging with companies experiencing shifting financial trajectories like COASIA CM VINA JOINT STOCK COMPANY.