GOLDEN WHEAT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN LÚA VÀNG) has grown from a modest domestic enterprise into a dynamic player in Vietnam’s flour milling and agricultural value chain. Registered under Business ID 3700696363 and headquartered at No. 25, Road No. 6, Song Than II Industrial Park, Di An Ward, Di An City, Binh Duong Province, the company has over 19 years of operational history, maintaining an active status since its establishment in 2006.

In 2023, Golden Wheat reported a significant leap in total sales to USD 187.64 million, marking a staggering 65.99% year-on-year increase, following strong growth in 2022. This explosive revenue growth highlights the company’s expanding presence in the flour milling industry, where demand for wheat-based products remains robust in both domestic and export markets.

However, despite this topline success, profitability remains a challenge. Net profit declined by 42.03%, falling to USD 1.72 million in 2023. This contrast between revenue growth and shrinking margins highlights cost pressures or inefficiencies in the production cycle, warranting closer monitoring for both investors and credit assessors.

With total assets of USD 44.78 million and owner’s equity at USD 9.05 million, the company appears to maintain a solid capital base. Yet its working capital of USD 7.42 million, while growing modestly, signals caution in liquidity planning—especially given the cyclical nature of commodity-based businesses like milling and feed production.

The company is chaired by Ms. NGUYEN THI XUAN DIEM, who is also the largest shareholder with 43.57% ownership, followed by foreign investor Mr. Desmond Nguyen from Australia (10.5%). Other shareholders include domestic stakeholders holding between 7% and 24%, reflecting a semi-concentrated ownership structure that may enable agile decision-making but also introduces a level of governance risk.

Golden Wheat’s diversified business scope—from milling to animal feed production, wholesale cereals, and bakery goods—positions it well for future integration across the food supply chain. However, such diversification also demands strong internal controls, especially as it scales in both B2B and B2C channels.

For financial institutions, suppliers, and strategic partners evaluating GOLDEN WHEAT JSC, VANGUARD BUSINESS INFORMATION LLC (VBI) strongly recommends a full Credit Report and Due Diligence Review, especially given the growing revenue against a backdrop of shrinking profit. VBI’s services can help uncover early warning signs of cost inflation, raw material dependency, or structural inefficiencies that may not be evident from revenue alone.

As the wheat-based product market in Vietnam expands, Golden Wheat stands at a crossroads: to consolidate gains into sustainable profitability or risk overstretching amid margin compression. With the right insights and governance, it can rise to become a market leader—but vigilance is essential.