FINE MS VINA COMPANY LIMITED.

FINE MS VINA COMPANY LIMITED (Vietnamese name: CÔNG TY TNHH FINE MS VINA) is a foreign direct investment (FDI) enterprise based in Bac Ninh Province, Vietnam. Registered under Tax Code (TIN): 2300851647, the company was founded on June 24, 2014, and currently operates a production facility in Que Vo Industrial Park, specializing in plastic, metal, and antenna components for mobile phones, tablets, and other electronics.

Led by South Korean General Director Shim Chul Woo, and majority-owned by FINE M-TEC CO., LTD (66.67%), the company also receives capital from INFINITY PARTNERS LIMITED (Hong Kong) and FINE DNC CO., LTD (South Korea). With a workforce of around 650 employees, the company has become an integral supplier within the broader electronics manufacturing ecosystem in northern Vietnam.

Financial Performance – Profit Holding, But Fundamentals Eroding

On the surface, FINE MS VINA still looks profitable, having generated USD 15.64 million in profit on USD 239.65 million in sales in 2023. However, nearly every other key financial indicator is in decline:

• Total sales fell 6.59%, marking a second consecutive year of revenue decline.

• Net profit dropped 7.27%, following a 25.6% increase the year prior.

• Total assets declined by 8.69%, now standing at USD 60.54 million, down from over USD 90 million just two years ago.

• Owner’s equity fell 13.89%, the first such drop in recent years.

These trends suggest the company is under pressure from shrinking demand, rising input costs, or operational inefficiencies. The sharp drop in equity could indicate capital withdrawals or underperformance in retained earnings—both are red flags for investors and creditors.

Strategic Risks

Despite the ongoing profitability, working capital is only USD 16.6 million, which may limit flexibility in expanding production or absorbing future shocks. The business also relies heavily on the mobile electronics sector, making it vulnerable to global smartphone demand cycles and disruptions in component supply chains.

FINE MS VINA leases its production site, meaning it lacks long-term fixed asset security, which could be a liability in case of expansion or restructuring needs. Moreover, its majority-Korean ownership could complicate operational autonomy, especially under cost-cutting directives from abroad.

Verdict

FINE MS VINA COMPANY LIMITED remains a profitable but increasingly vulnerable manufacturer. It is suitable for short-term commercial cooperation but requires thorough financial monitoring for long-term commitments, especially amid declining revenue, asset shrinkage, and equity erosion.

For advanced risk evaluations, supply chain reliability assessments, or peer benchmarking in Vietnam’s electronics sector, consult VANGUARD BUSINESS INFORMATION LLC (VBI)—the trusted name in corporate intelligence and business risk analysis.