LUXSHARE - ICT (NGHE AN) LIMITED (CÔNG TY TNHH LUXSHARE - ICT (NGHỆ AN)) has emerged as one of Vietnam’s most significant foreign-invested manufacturers in the electronics sector. Established in 2019 and operating in the VSIP Nghe An Industrial Park, the company is a wholly owned subsidiary of ICT-LANTO LIMITED(Hong Kong), itself part of the broader Luxshare Precision Industry Co., Ltd., a key Apple supplier. With a workforce of 7,500 employees, it manufactures mobile chargers, cables, connectors, and other high-precision electronic components, contributing directly to the global supply chain of consumer tech products.

In 2023, LUXSHARE - ICT (NGHE AN) posted stunning growth: revenue jumped 57.4% to USD 317.34 million, while net profit surged 815.98% to USD 18.45 million, up from just over USD 2 million in 2022. Total assets also increased by 60.97%, reaching USD 378.28 million, with owner’s equity growing to USD 131.07 million. These figures signal aggressive scaling and strong external capital backing. However, beneath this rapid expansion lies a striking concern—working capital dropped to negative USD 49.5 million, a deterioration of over 117% year-over-year. This negative liquidity suggests that the company may be relying heavily on short-term liabilities to fuel its growth, raising red flags about financial sustainability and cash flow stress if demand fluctuates or payment cycles tighten.

General Director Mr. Tu Qijiang, a Chinese national, leads the company with full ownership retained by its Hong Kong-based parent. The company has diversified its business registrations across dozens of industrial segments, including electronic boards, metal machining, lighting, vehicle parts, and even accommodation services. While this breadth suggests ambition, it may also dilute operational focus and stretch financial resources. For investors, trade partners, and suppliers, such rapid asset and revenue expansion paired with negative working capital warrants caution. Vanguard Business Information LLC (VBI) provides in-depth credit and risk assessment reports on companies like LUXSHARE - ICT (NGHE AN) LIMITED, helping clients understand both the growth story and the underlying vulnerabilities.