NGOC THIEN LIMITED COMPANY

NGOC THIEN LIMITED COMPANY (Vietnamese name: CÔNG TY TNHH NGỌC THIÊN), operating as NGOC THIEN CO., LTD, is a long-established industrial enterprise specializing in non-ferrous metal recycling and processing in northern Vietnam. With more than two decades of continuous operation, the company has developed into a sizable player in the recycling and metal-processing segment, particularly in Hung Yen Province.

Legal Status and Corporate Background

NGOC THIEN LIMITED COMPANY was established on 18 November 2005 and is registered with the Hung Yen Province Department of Planning and Investment under Business ID / TIN: 0900244369. The company operates as a privately held limited liability company and remains active.

The company maintains a charter capital and fully paid-up capital of USD 27.62 million (as of 31 December 2023). With approximately 300 employees, NGOC THIEN operates a capital-intensive industrial model focused on metal recycling, processing, and hazardous-waste treatment.

Core Operations and Business Scope

NGOC THIEN’s primary line of business is the manufacture of precious and non-ferrous metals, with a strong operational focus on recycling copper, lead, tin, zinc, and other non-ferrous materials. In addition, the company is licensed to conduct hazardous waste treatment, placing it in a tightly regulated, technically demanding segment of Vietnam’s industrial ecosystem.

Beyond its core activities, the company holds an extensive range of registered business lines, including:

• Wholesale of metals and metal ores

• Mining of non-ferrous and iron ores

• Manufacture of non-metallic mineral products

• Construction and specialized installation services

• Wholesale of machinery, equipment, and construction materials

This broad licensing framework provides flexibility but also increases regulatory and compliance complexity.

Facilities and Operating Locations

NGOC THIEN’s head office and primary operations are located in Dong Mai Hamlet, Chi Dao Commune, Van Lam District, Hung Yen Province, an area known for metal recycling activities. The company also maintains a transaction office in Hanoi, located in Times City, Hai Ba Trung District, supporting commercial and administrative functions.

Management and Executive Team

A closely held management structure leads the company:

• General Director: Ta T. T.

• Deputy General Directors: Trinh P. D. and Trinh P. T.

The overlap between management and ownership indicates a family-controlled governance model, which may support long-term continuity but also concentrates decision-making authority.

Financial Performance Overview

NGOC THIEN’s financial data over the 2021–2023 period reflects a business with a significant asset base but volatile operating results, influenced by commodity prices and recycling volumes.

• Total Assets expanded sharply in 2022 before declining to USD 115.78 million in 2023, reflecting balance-sheet adjustment after rapid expansion.

• Owner’s Equity remained relatively stable at USD 29.21 million, indicating limited capital erosion despite revenue volatility.

• Total Sales declined significantly to USD 82.90 million in 2023, following strong growth in prior years.

• Net Profit recovered modestly to USD 51,219 in 2023, after a sharp drop in 2022, highlighting thin margins and sensitivity to market conditions.

Overall, the company operates at high revenue and asset levels, but profitability remains narrow, typical of recycling-based industrial businesses with high input-cost exposure.

Ownership Structure

NGOC THIEN LIMITED COMPANY is owned entirely by Vietnamese individual shareholders:

• Ta T. T. – 45.6%

• Trinh P. T. – 28.22%

• Trinh P. D. – 26.18%

This ownership structure reinforces the company’s closely held and family-managed nature, with no external institutional shareholders.

Business Outlook and Risk Considerations

With more than 20 years of operating history, NGOC THIEN remains a significant participant in Vietnam’s non-ferrous metal recycling industry. However, its financial profile suggests elevated operational and margin risk, driven by commodity price volatility, environmental compliance obligations, and capital-intensive operations.

For banks, insurers, suppliers, and industrial partners, key risk considerations include cash flow stability, environmental liabilities, and working capital management. I would say that comprehensive due diligence is essential when assessing long-term exposure.

In this context, Vanguard Business Information LLC (VNBIS), a leading provider of business intelligence, financial analysis, and risk assessment services, delivers in-depth company reports, financial diagnostics, and counterparty risk evaluations for industrial enterprises in Vietnam. Stakeholders seeking a deeper understanding of NGOC THIEN’s economic resilience, ownership structure, and compliance exposure are encouraged to consult the latest detailed report available through VNBIS.