CORETRONIC VIETNAM COMPANY LIMITED

CORETRONIC VIETNAM COMPANY LIMITED (CÔNG TY TNHH CORETRONIC VIỆT NAM): A High-Tech Manufacturer Facing Intense Volatility in Saigon Hi-Tech Park

Coretronic Vietnam Company Limited is a foreign-invested electronics manufacturer operating in Saigon Hi-Tech Park (SHTP) in Thu Duc City. Established in December 2020 under business ID 0316634323, the company represents Taiwanese high-tech investment in Vietnam’s growing semiconductor and display-component ecosystem. Despite its strategic location and its global parent’s reputation in optical and display technologies, the company’s financial trajectory reveals an operation under significant strain and experiencing rapid fluctuations.

The company is led by General Director Wang, Y. L., with operational oversight also involving Managing Director Domingo Jian, both of Taiwanese nationality. Coretronic Vietnam reports a workforce of roughly 100 employees, and maintains a charter capital of around USD 2.85 million. Its ultimate owner, Coretronic Corporation (Taiwan), holds 100% equity, aligning the Vietnam entity closely with the group-wide strategy and global supply-chain pressures.

However, the financial results shown on page 1 of the report paint a challenging picture. Total assets collapsed from USD 82.7 million in 2023 to only USD 10.89 million in 2024, an extraordinary 86.83% YoY decline, suggesting asset revaluation, divestment, production restructuring, or a deliberate downsizing of operations. Sales also plunged sharply from USD 93.09 million to USD 31.55 million, a 66.11% drop, indicating reduced orders, weaker customer demand, or a shift in Coretronic’s internal global sourcing strategy. Profit swung drastically from a positive USD 7.31 million in 2023 to a loss of USD -1.47 million in 2024, marking a 120.06% deterioration, and moving the Vietnam unit back into unprofitability.

Most critically, the company’s equity remains in the negative zone at USD -4.75 million in 2024, with negative working capital of USD -7.21 million, pointing to persistent liquidity risk and an imbalance between short-term assets and liabilities. These indicators suggest that the company is operating with financial support from its parent corporation or is undergoing internal reorganization. The asset spike in 2023—up 247.76% YoY—followed by a collapse in 2024 is especially notable, implying that 2023 may have been an expansion year that failed to sustain commercial output or return expected revenues.

Coretronic Vietnam’s registered business scope includes the manufacture of electronic components, high-resolution displays, computers, and consumer electronics. These are sectors strongly affected by global semiconductor cycles, demand shifts, and technological obsolescence. The volatility seen in the charts on pages 1–2 of the report strongly reflects these external vulnerabilities: steep rises followed by equally steep declines, inconsistent sales volumes, and unstable profit margins.

From a credit-risk perspective, the company’s operational continuity (status listed as Active) does not mask its financial tightening. With negative equity, shrinking assets, and a sharp decline in revenue, counterparties may need to monitor payment behavior, cash flow, and the level of support from the parent firm in Taiwan. That support is crucial because without it, the company’s balance sheet would not be sustainable.

Despite these risks, the company maintains strategic value: a position in SHTP, access to skilled labor, established manufacturing capabilities, and alignment with a global technology brand. These factors may allow Coretronic Vietnam to stabilize if global demand cycles improve or if the parent firm reallocates production volume back to Vietnam.

For deeper assessment—credit indicators, liquidity analysis, management verification, and risk scoring—the full report is available for download at VNBIS.COM, offering critical insights for suppliers, financial institutions, and potential partners.