EM-TECH VIET NAM COMPANY LIMITED

INDUSTRIAL DEVELOPMENT INVESTMENTS JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN ĐẦU TƯ PHÁT TRIỂN CÔNG NGHIỆP) continues to operate as a multi-sector enterprise with a legacy of over 22 years, despite its growing financial concerns. The company’s expansive scope—ranging from the wholesale of steel and construction materials to mining, fertilizer production, and logistics—has not insulated it from recent market pressures. In fact, the vast breadth of its registered activities may be contributing to operational strain, especially in the absence of a clear profit center.

The company's sharp decline in owner’s equity from over USD 5.1 million in 2021 to only USD 832,336 by the end of 2023—a plunge of nearly 84% over two years—highlights the erosion of shareholder value. Likewise, a net loss in 2022 exceeding USD 3.6 million has left a deep impact on the company’s balance sheet, while the slight recovery in 2023 has been insufficient to restore confidence. The fact that INDECO JSC is now operating with negative net worth suggests that its liabilities exceed assets, and immediate restructuring or capital injection may be necessary to avoid insolvency risks.

Despite these warnings, the company remains active and continues to operate from its well-established offices across Hanoi and Hai Phong. It also benefits from being in a strategic position in the supply chain for infrastructure development in northern Vietnam. With extensive business licenses, including the authority to engage in road freight transport, chemical mining, equipment repair, and event organization, the company has potential for diversification-led recovery if it can prioritize its core competencies and eliminate loss-making segments.

As Mr. Nguyen K. K. continues to lead the company, supported by shareholders Mr. Nguyen K. H., Mr. Nguyen K. T., and Ms. Nguyen T. M. T., the firm faces an urgent need to realign its strategy, boost efficiency, and attract either financial partners or debt restructuring solutions. Without decisive action, the prolonged financial deterioration may pose risks not only to the company’s stakeholders but also to its long-standing business relationships across Vietnam's steel and construction industries. Still, the company’s deep roots, extensive licenses, and operational history offer a foundation upon which to rebuild—if matched by leadership resilience and financial discipline.