KIM KHI THIEN SON COMPANY LIMITED

Founded on March 16, 2010, and registered under Business ID and Tax Code 0104521737, KIM KHI THIEN SON COMPANY LIMITED (CÔNG TY TNHH KIM KHÍ THIÊN SƠN) once stood as a promising enterprise in Vietnam’s wholesale metal trade industry. With its head office located on the 8th Floor, Tower A, Song Da Building, Pham Hung Street, My Dinh 1 Ward, South Tu Liem District, Hanoi, and a warehousing facility in Hung Yen Province, the company is licensed by the Hanoi Department of Planning and Investment and operates as a privately held limited liability company with a charter and paid-up capital of USD 4.93 million.

The company is led by Mr. Pham Thanh Dinh, who also owns 40% of the company’s shares, alongside Ms. Bui Thi Kim Dung, the majority shareholder with 60%. KIM KHI THIEN SON's core business revolves around the wholesale of metals and metal ores, particularly rolled steel sheets and stainless steel tubes. Beyond that, it also engages in other related services, including machining, metal treatment, wholesale of equipment, construction materials, and even transportation and leasing activities—although these are supplementary to its primary focus on metals.

Financially, however, the company is facing severe challenges. As of the end of 2023, total assets dropped to USD 77.46 million, a 13.23% year-over-year decline, and more alarmingly, owner's equity plunged to negative USD 2.56 million, indicating insolvency by equity standards. This was accompanied by a net loss of USD 3.25 million, marking the third consecutive year of losses. Over the past two years, profitability has fallen sharply: from a loss of USD 393K in 2021 to nearly ten times that in 2023.

Despite generating USD 211.19 million in revenue last year, a relatively minor 2.49% dip from 2022, these earnings did not translate into operational success. The company’s working capital also slipped to USD -4.43 million, signaling liquidity constraints that could hamper supplier payments, inventory procurement, and day-to-day operations. The situation is particularly critical when paired with the company’s modest headcount of just 41 employees, suggesting an overstretched workforce handling high volumes without adequate capital reinvestment or profitability.

The financial stress is reflected across key indicators, including a 472% drop in equity and a 66.98% decline in profit, pointing to long-term structural issues that require urgent strategic recalibration. Given the current capital erosion, increasing competition in the metal trading sector, and narrowing profit margins, KIM KHI THIEN SON COMPANY LIMITED faces a turbulent path forward.

While the company remains legally active, its balance sheet tells a cautionary tale—one that serves as a reminder that strong revenue alone is not a substitute for sustainable financial health. In Vietnam’s dynamic but competitive wholesale metal market, survival will depend not just on top-line growth, but on whether companies like Kim Khi Thien Son (CÔNG TY TNHH KIM KHÍ THIÊN SƠN) can restructure their operations and restore financial stability before market pressures intensify.