NAM SON STEEL CORPORATION (CÔNG TY CỔ PHẦN THÉP NAM SƠN): High Revenue, Heavy Losses—An Unusual Financial Paradox

NAM SON STEEL CORPORATION, legally registered under Business ID and Tax Code 0311981965, is a privately owned steel trading and manufacturing company based in District 7, Ho Chi Minh City, with a branch in Long An Province. Established in 2012, the company has grown to become a notable name in Vietnam’s steel supply market, with a wide range of products including rolled steel, bars, plates, and corrugated coils.

In 2023, the company reported total sales of USD 459.63 million, marking a 25.7% increase from the previous year—an impressive achievement by industry standards. However, this topline success stands in stark contrast to its net loss of USD 15.49 million, and more critically, its negative owner’s equity of USD -5.19 million. Despite being in operation for over 12 years and holding over USD 180 million in total assets, NAM SON STEEL is now in a negative net worthposition—an unusual and concerning financial indicator for a business of this scale.

The discrepancy between high revenue and deepening losses may stem from narrow profit margins, rising input costs, or financial mismanagement. Moreover, the company’s working capital also fell to negative USD 5.31 million, suggesting liquidity stress and potential short-term payment risks.

The company is led by General Director Ms. Nguyen Thi Thanh Phuong, who also holds over 96% of shares, reinforcing tight private control. The executive team includes CEO Mr. Tran Van Vinh, and the company operates with a staff of around 150 employees.

NAM SON STEEL is officially registered for a wide scope of activities, ranging from steel product trading and fabrication to construction services, demolition, site preparation, and motor vehicle sales and repair. This broad registration indicates either a strategy of diversification—or a signal that the company is stretching resources thin across too many sectors.

For potential business partners, creditors, or contractors, such financial and structural inconsistencies warrant caution. A company generating nearly half a billion dollars in revenue but holding negative equity and consecutive years of lossesraises key questions about its long-term sustainability and financial controls.

To navigate such risks, it is strongly recommended to consult independent risk intelligence platforms like Vanguard Business Information (VBI). Through business verification services and financial risk analysis, VBI can help uncover vital details such as solvency, creditor standing, and payment reliability before entering any formal engagement with companies showing red flags like NAM SON STEEL CORPORATION.

In summary, NAM SON STEEL CORPORATION is a rare case where scale does not guarantee stability. Its revenue figures may impress, but its worsening financial foundation demands close scrutiny. For now, its future hinges not just on generating more sales—but on rebuilding financial integrity and restoring trust across the business ecosystem.