NGUYEN MINH STEEL MANUFACTURING - TRADING CORPORATION (CÔNG TY CỔ PHẦN SẢN XUẤT VÀ THƯƠNG MẠI THÉP NGUYỄN MINH), tax code 0301805248, is a privately held joint stock company headquartered at No. D6/31, Hamlet 4, Tan Tuc Town, Binh Chanh District, Ho Chi Minh City, Vietnam. Established in 1999, the company operates under the short name NMI STEEL CORP and has over 25 years of experience in manufacturing and trading steel and iron products.

Despite its longstanding presence in Vietnam’s industrial market, the company is now showing signs of critical financial distress. In 2024, total assets dropped by 38.98% to USD 92.63 million, and revenue fell to USD 106.98 million, marking a 30.03% decline from the previous year. While the reported net loss narrowed slightly from USD 16.05 million in 2023 to USD 5.76 million in 2024, the company’s equity turned negative at –USD 1.63 million, effectively wiping out its shareholder value.

This situation raises serious concerns for stakeholders and analysts dealing with Vietnam private financial data and applying robust risk management frameworks. The company’s working capital stands at –USD 15.63 million, indicating severe short-term liquidity issues and a likely reliance on external debt or supplier credit to maintain operations. Over a two-year period, NGUYEN MINH STEEL has seen its equity deteriorate by over USD 21 million, a clear sign of unsustainable financial performance.

Mr. Nguyen M. V., who serves as General Director and holds 50% of the shares, leads a management team that includes Deputy General Director Ms. Tran N. L. and Chief Accountant Ms. Pham T. K. O. Other family-related shareholders include Mr. Nguyen M. P. and Mr. Nguyen M. H., holding 15% each, creating a concentrated ownership structure that may limit external oversight or strategic recalibration.

The company is registered in a broad range of sectors beyond steel manufacturing, including freight transport, real estate activities, animal feed production, and metal coating. However, with steel manufacturing being the core business, the declining revenue and escalating losses raise doubts about operational efficiency and market competitiveness.

From a business verification standpoint, NGUYEN MINH STEEL MANUFACTURING - TRADING CORPORATION should be considered high-risk. The combination of multi-year losses, negative equity, and declining assets calls for cautious engagement. An updated financial review, litigation check, and close examination of cash flow viability should precede any potential business relationship.

In conclusion, NGUYEN MINH STEEL MANUFACTURING - TRADING CORPORATION faces a steep financial decline. Without major restructuring, capital infusion, or a shift in strategic management, the company’s ability to recover from its current condition remains uncertain. It stands as a warning case for Vietnam’s private steel sector, where overcapacity, pricing pressure, and debt-fueled expansion can quickly erode long-established businesses.