KINTETSU WORLD EXPRESS (VIỆT NAM), INC.

KINTETSU WORLD EXPRESS (VIỆT NAM), INC. (CÔNG TY TNHH KINTETSU WORLD EXPRESS VIỆT NAM), tax code 0303721875, is a foreign-invested enterprise operating in logistics, warehousing, and transportation support services. With its head office located at 10th & 14th Floor, Office and Hotel Block B - Airport Plaza, Bluesky Office Building, No. 1, Bach Dang Street, Ward 2, Tan Binh District, Ho Chi Minh City, the company also maintains representative offices in Hai Phong, Da Nang, and Hanoi, ensuring nationwide coverage for freight and logistics coordination.

Despite its broad geographic presence and a legacy of over 13 years in Vietnam, the company has experienced a sharp and prolonged financial contraction over the past three years. From a peak of over USD 308 million in sales in 2022, revenue plummeted to USD 85.5 million in 2024, a 55.19% year-over-year decrease. Total assets also declined steadily to USD 19.87 million, while owner’s equity dropped to USD 8.79 million, reflecting a 42.14% reduction from the previous year. Although the net loss of USD 6.4 million in 2024 is an improvement from the USD 12.7 million loss in 2023, the firm has remained in the red for two consecutive years.

The decline in equity and profitability raises serious concerns from a credit risk standpoint, particularly for a company that once recorded over USD 18 million in profit just two years earlier. The volatility in its financials and sharp contraction in business scale point to structural or market-related challenges that require close scrutiny.

The company is led by General Director Mr. TORU RAI, with Ms. DAO HOA THAM serving as Chief Accountant. It employs a workforce of approximately 350 employees and operates with a charter capital of USD 4.55 million, fully paid. Its shareholding structure includes a Japanese parent company , Kintetsu World Express Inc. (51.96%), and a Singapore-based subsidiary, KWE (S) PTE. LTD. (43.04%), and Vietnamese partner Vinafreight JSC (5%).

While KINTETSU WORLD EXPRESS (VIỆT NAM), INC. remains operational and retains liquidity through USD 8.52 million in working capital, the ongoing financial deterioration suggests an urgent need for restructuring, new strategic direction, or support from parent entities. For potential business partners and credit providers, these developments warrant a highly cautious and conditional approach to engagement.