NAM DINH POWER COMPANY - BRANCH OF NORTHERN POWER CORPORATION (CÔNG TY ĐIỆN LỰC NAM ĐỊNH - CHI NHÁNH TỔNG CÔNG TY ĐIỆN LỰC MIỀN BẮC) presents a contradictory financial picture: rising revenue and asset growth on one hand, but persistent and mounting losses on the other.

Established on August 9, 1997, and legally operating under Business ID 0100100417-003, this state-owned branch of EVN’s Northern Power Corporation is tasked with the transmission and distribution of electricity across Nam Dinh Province. With over 27 years of operation, it remains an essential utility provider. However, its current financial trajectory may concern stakeholders evaluating long-term sustainability and fiscal health.

In 2023, total sales rose to USD 254.44 million, up 7.74% year-over-year — a healthy growth rate for a regional utility. Total assets also expanded to USD 129.71 million, a jump of 16.28%. On paper, the company appears to be scaling effectively. But beneath that growth lies a growing problem: net losses have persisted for at least three consecutive years. In 2023, the company reported a net loss of USD 2.45 million, following deeper losses of USD 2.64 million in 2022 and USD 1.5 million in 2021. This recurring pattern is alarming for any business — public or private.

Equally troubling is the company’s working capital, which stands at negative USD 23.49 million, down 3.94% year-over-year. This negative liquidity suggests that the firm is heavily reliant on short-term borrowing or delaying payments to suppliers — an unsustainable practice in the long run. While owner’s equity rebounded slightly in 2023 to USD 42.5 million, this gain may be offset by the continued pressure from operational losses.

The company is managed by Mr. TRAN MANH SY, listed as the owner, and its structure as a "branch" means it's not fully independent in governance or capital management. That said, it plays a crucial public role in maintaining regional energy distribution infrastructure.

Given these financial red flags — growing losses, negative working capital, and reliance on state parent-company backing — risk evaluation becomes vital. For contractors, investors, or suppliers considering engagement with NAM DINH POWER COMPANY, relying on official figures alone may not be enough.

This is precisely where the services of VANGUARD BUSINESS INFORMATION LLC (VBI) become essential. VBI provides credit reports, financial health assessments, and legal risk checks that offer a deeper view of companies like this. Through VBI’s business verification services, stakeholders gain insights not only into revenue performance but also red-flag indicators such as profit volatility, debt exposure, or governance gaps. In cases involving state-owned branches, such verification is especially useful for understanding the level of autonomy, financial dependency, and long-term operational risk.

In conclusion, NAM DINH POWER COMPANY appears strong in scale but weak in profit and liquidity. Its role in the energy system is clear — but whether it can improve its financial discipline and reduce losses is the more critical and open question. Objective and independent assessment should be a non-negotiable step before entering any long-term financial or commercial engagement with the firm.