ESPACE BUSINESS HUE JOINT STOCK COMPANY

In the competitive landscape of Vietnam’s retail sector, ESPACE BUSINESS HUE JOINT STOCK COMPANY(Vietnamese: CÔNG TY CỔ PHẦN ESPACE BUSINESS HUẾ) represents a high-profile presence with a clear focus on modern consumer goods distribution. Established in 2009 and based in Hue City, the company is best known as the operator of Big C Hue, a well-frequented retail destination in central Vietnam. As of the end of 2023, the company also manages additional branches in Quy Nhon (Binh Dinh), Da Lat (Lam Dong), and Nha Trang (Khanh Hoa), positioning it as a regional chain of growing commercial relevance.

Despite the public-facing image of vitality, the financial report of ESPACE BUSINESS HUE JOINT STOCK COMPANY reveals a mixed performance. While the company posted USD 138.19 million in sales in 2023—a slight increase of 1.22% year-over-year—its total assets declined by over 15%, shrinking from USD 51.58 million to USD 43.83 million. This contraction may point to asset divestments, depreciation, or underutilized resources, which warrants closer scrutiny in the context of the company’s expansion strategy.

Nevertheless, profitability tells a different story. Net profit nearly doubled, increasing by 87.58% from the previous year to reach USD 1.77 million, suggesting improved operational efficiency or favorable changes in cost structure. At the same time, owner's equity rose to USD 16.74 million, while net worth stood at USD 11.94 million, indicating a resilient capital base despite asset reduction. However, the working capital remains in negative territory at -USD 4.5 million, highlighting potential liquidity strain in short-term operations, a red flag in retail where inventory turnover and payment cycles are critical.

The company is legally structured as a joint stock company with foreign direct investment (FDI) status. Its ownership is concentrated entirely in the hands of CAVI group entities based in Hong Kong, with CAVI RETAIL LIMITEDholding 93.5%, further reinforcing its connection to international retail capital. At the helm is Ms. Jariya Chirathivat, a Thai national serving as both Chairwoman and General Director, supported by Mr. Phoom Chirathivat, reflecting the company’s alignment with Central Group, a Thai conglomerate with extensive retail interests across Southeast Asia.

ESPACE BUSINESS HUE's core business is the retail sale of consumer goods, food products, and cosmetics in non-specialized supermarkets. It also engages in a diverse portfolio of business lines including meat and seafood processing, warehousing, beverage wholesale, and real estate activities. While the company’s retail footprint and revenue levels remain robust, the persistent negative working capital and asset contraction signal underlying financial risks that could impact its scalability or long-term solvency if not addressed.