MICCO - VIETBAC MINING CHEMICAL INDUSTRY COMPANY LIMITED

MICCO – VIETBAC MINING CHEMICAL INDUSTRY COMPANY LIMITED is a state-linked industrial chemical manufacturer operating within Vietnam’s mining and supporting industries value chain. Established in 2013 and headquartered in Quang Ninh Province, the company specializes in manufacturing mining-related chemical products for the domestic industrial and extractive sectors.

Legal status and corporate registration

MICCO – VIETBAC MINING CHEMICAL INDUSTRY COMPANY LIMITED is legally registered as a limited liability company under Vietnamese law.

• Vietnamese name: CÔNG TY TNHH MỘT THÀNH VIÊN CÔNG NGHIỆP HÓA CHẤT MỎ VIỆT BẮC – MICCO

• Tax Code (Business ID): 4601130924

• Registered address: Bi Trung 1 Area, Phuong Dong Ward, Uong Bi City, Quang Ninh Province, Vietnam

The company was registered with the Quang Ninh Department of Planning and Investment and remains active. It has been in operation for over 12 years, indicating a stable presence within Vietnam’s heavy-industry ecosystem. 

Company Profile Report-MICCO - …

Ownership and management

MICCO – VINACOMIN wholly owns Vietbac – Mining Chemical Industry Holding Corporation Limited, a state-linked enterprise under the Vinacomin system. This ownership structure places MICCO firmly within Vietnam’s strategic mining and industrial materials framework, providing access to upstream demand and institutional support.

Day-to-day operations are overseen by VU VAN H., who serves as Director. Management continuity and alignment with the parent group suggest operational stability rather than rapid commercial expansion.

Core business activities

The company’s primary line of business is the manufacture of other chemical products not elsewhere classified, with a focus on chemicals used in mining, industrial processing, and related applications. Its activities are tightly concentrated, reflecting a specialized production role rather than broad market diversification.

This specialization positions MICCO as a supporting supplier to mining and industrial operators, particularly those linked to the Vinacomin ecosystem and heavy-industry customers in northern Vietnam.

Financial performance and operating profile

From a financial perspective, MICCO – Vietbac operates on a relatively compact asset base, with total assets reaching approximately USD 6.7 million. Asset growth has been modest but positive, indicating maintenance-level investment rather than aggressive capacity expansion.

Sales revenue remains high relative to assets, reflecting the trading-intensive nature of chemical supply for mining operations. However, revenue has softened slightly in recent periods, suggesting stable but non-growing demand. Profitability remains positive, though net profit has declined moderately from its recent peak.

Equity levels have remained unchanged over multiple periods, indicating that profits are likely being distributed or absorbed at the group level rather than retained for expansion. A notable feature is negative working capital, highlighting reliance on short-term liabilities or internal group financing—common among subsidiaries embedded within larger state-linked structures.

Risk considerations and due diligence relevance

MICCO – Vietbac’s risk profile is closely tied to the mining sector and to the financial health and procurement strategies of its parent group. At the same time, state ownership and long-term industry demand provide stability, limited balance-sheet flexibility, and negative working capital warrant closer scrutiny for external counterparties.

For lenders, suppliers, and contractors, a deeper review of intercompany transactions, payment cycles, and group-level support mechanisms is essential. Understanding MICCO’s role within the broader Vinacomin system is critical to accurately assessing operational and credit risk.