GE VERNOVA HAIPHONG COMPANY LIMITED

GE Hải Phòng (CÔNG TY TNHH GENERAL ELECTRIC HẢI PHÒNG): FDI Electrical Manufacturer Faces Profit Decline Despite Strong Capital Base

GENERAL ELECTRIC HAIPHONG COMPANY LIMITED (Business ID: 0202126735) is a foreign-invested enterprise playing a key role in Vietnam’s high-tech manufacturing ecosystem. Located at Lot H1-H6 and F13A, F13B, F14, F15, Japan - Hai Phong Industrial Park, An Hung Commune, An Duong District, Hai Phong City, the company is wholly owned by GE POWER NETHERLANDS B.V. and specializes in the manufacturing of electric motors, generators, control equipment, and wind turbine components.

Established on October 7, 2021, GE Hải Phòng has developed into a sizable operation with 950 employees and USD 73.97 million in charter capital, fully paid up. Despite its promising foundation and advanced technological orientation, the company faced a notable downturn in 2023 across multiple financial metrics.

According to the latest financials, GE Hải Phòng generated USD 183.65 million in revenue, a steep 20.14% declinecompared to 2022. Net profit also fell sharply by 22.95%, down to USD 13.89 million, suggesting contracting margins or underutilization of production capacity. The company’s total assets declined by 6.99% to USD 138.35 million, while owner’s equity fell modestly to USD 100.15 million, reflecting moderate erosion of shareholder value.

Still, with working capital standing at USD 71.33 million and net worth nearly intact at USD 99.67 million, GE Hải Phòng retains a solid financial base to support ongoing operations. Under the leadership of Ms. VU THU TRANG (General Director) and Ms. NGUYEN THI QUYNH TRANG (Chief Accountant), the company continues to serve as an integral part of GE’s global supply chain—particularly in the clean energy and industrial equipment sectors.

The company's broad scope includes not only electrical machinery production but also IT services, property trading, and metal fabrication, reinforcing its role as a multifaceted industrial entity in northern Vietnam. However, the recent decline in performance underlines the challenges facing global manufacturers in Vietnam, including weakened international demand, supply chain disruptions, and intensified competition.

As part of VBI’s ongoing commitment to business transparency and credit risk mitigation, this report on CÔNG TY TNHH GENERAL ELECTRIC HẢI PHÒNG is a vital tool for financial institutions, suppliers, and prospective partners looking to evaluate the stability and risk exposure of key FDI manufacturers operating in Vietnam.

For a deeper evaluation, access the full Company Report and explore VBI’s tailored Risk Management Services at vnbis.com.