GSK PHARMA VIETNAM COMPANY LIMITED: Rapid Growth but Concerning Profit Decline

GSK PHARMA VIETNAM COMPANY LIMITED (Vietnamese name: CÔNG TY TNHH DƯỢC PHẨM GSK VIỆT NAM) is the official Vietnam-based arm of the global pharmaceutical giant GlaxoSmithKline, operating as a wholly foreign-owned enterprise. Founded on May 14, 2020, the company is a one-member limited liability company, registered under Business ID: 0316272352 with the Ho Chi Minh City Department of Planning and Investment. Its headquarters are located at Room 702 and 703, 7th Floor, Metropolitan Tower, 235 Dong Khoi Street, District 1, Ho Chi Minh City.

Under the direction of General Director Ms. Cao Thi My Hung, a Vietnamese national, the company operates with full foreign direct investment (FDI) capital from Glaxo Group Limited (UK). With a charter capital of USD 88.25 million, GSK PHARMA VIETNAM has swiftly positioned itself as a prominent player in Vietnam’s pharmaceutical wholesale and market consultancy sectors.

Financially, GSK PHARMA VIETNAM COMPANY LIMITED has shown explosive revenue growth over the past three years. Sales skyrocketed from less than USD 1 million in 2021 to over USD 240.69 million in 2023, marking an 83.83% increase in the most recent year alone. Its total assets climbed to USD 212.2 million, and working capital stood at a healthy USD 90.96 million, reflecting strong operational capacity.

However, despite the impressive top-line growth, there are red flags that warrant caution. The company’s net profit dropped sharply from USD 2.94 million in 2022 to just USD 1.01 million in 2023, a 65.57% year-over-year decline. This steep fall in profitability is concerning, especially given that sales and assets continued to grow. It suggests rising operational costs, potential inefficiencies, or structural challenges in cost control or market positioning.

Moreover, the modest profit—just USD 1 million on nearly USD 241 million in sales—indicates a very thin margin (less than 0.5%), which is not ideal for a company of this scale and backing. Investors, suppliers, and partners should view this as a risk factor, particularly if profitability does not improve in the coming fiscal years.

On a structural level, the company remains financially sound, with equity of USD 92.18 million and full capital contribution. Its status remains active, and its association with GlaxoSmithKline provides it with international brand credibility, regulatory compliance assurance, and global supply chain access.

GSK PHARMA VIETNAM COMPANY LIMITED is undoubtedly a fast-scaling operation in Vietnam's healthcare ecosystem. Yet, beneath the surface of revenue growth lies a deteriorating profit trend that cannot be ignored. Any future business with or investment in the company should be preceded by careful financial due diligence and a strong emphasis on profit trajectory analysis.

For verified business intelligence, credit risk evaluations, and due diligence services on major pharmaceutical companies in Vietnam, VANGUARD BUSINESS INFORMATION LLC (VBI) provides trusted and objective insights to help decision-makers reduce uncertainty and exposure.