NIN SING LOGISTICS COMPANY LIMITED

NIN SING LOGISTICS COMPANY LIMITED is a long operating courier and delivery provider that supports Vietnam’s growing ecommerce ecosystem. Over more than twelve years, NIN SING LOGISTICS COMPANY LIMITED has expanded its operations across Ho Chi Minh City, Da Nang and Long An with multiple representative offices. Today, NIN SING LOGISTICS COMPANY LIMITED plays a visible role in last mile delivery but its financial condition requires careful and serious review by any investor or supplier.

Leadership Structure and Foreign Shareholding Control
The company is directed by Le Van Quoc Khanh, who oversees nationwide operational activities including courier services and ecommerce delivery. According to the shareholder chart on page 2, the company is fully owned by Ninja Logistics PTE LTD of Singapore, which holds 100 percent of equity. This creates a structure where the Vietnamese entity functions as a subsidiary of a regional logistics group. For investors, this means operational direction and capital decisions ultimately flow from Singapore, and local management autonomy is limited.

Operational Scope and Position in Vietnam’s Delivery Chain
Nin Sing’s core business is door to door delivery for ecommerce sellers, a sector that has expanded rapidly but has also become highly competitive and cost intensive. The company maintains offices in Ho Chi Minh City, Da Nang and Long An, giving it multi region coverage as shown on page 2. Registered activities extend far beyond logistics, including wholesale of electronics, apparel, food, beverages, metals, fuels and a wide range of industrial products. While these registrations provide commercial flexibility, the report clearly identifies courier operations as the primary activity on page 2. Investors must therefore focus on the sustainability of the delivery model rather than the optional registered activities.

Financial Profile and Critical Risk Indicators
The financial charts on page 1 reveal some of the most severe structural weaknesses seen in the logistics sector. Owner equity stands at negative 115.17 million USD, a worsening from negative 81.02 million USD in 2022. Profit remains deeply negative at 34.15 million USD despite an improvement compared with the previous year. Sales declined from 92.13 million USD to 75.67 million USD, and total assets fell from 41.99 million USD to 21.95 million USD. Working capital remains negative at 884,500 USD. These metrics show a company that is operating with chronic losses, sustained capital erosion and a high dependency on the parent company for financial support. Investors must recognize that negative equity of this scale indicates accumulated losses far beyond what the Vietnamese entity can absorb alone.

Commercial Risks and Sector Pressures
Vietnam’s courier sector is crowded with both international and domestic players, many of which are competing at low margins to gain market share. Rising salary and fuel costs, pressure from ecommerce platforms, and operational strain from high volume delivery cycles are key challenges. Nin Sing’s wide portfolio of registered business activities does not change the fact that its revenue stream depends heavily on last mile delivery volume. With sales shrinking and losses continuing, the company faces strong pressure to reduce operational cost, renegotiate platform contracts or restructure its delivery network.

Business Insight
The most significant signal in this report is the combination of a sharply shrinking asset base with massively negative equity. According to the asset chart on page 1, total assets fell by more than 20 million USD year over year. When assets shrink while losses continue, it often means that the company is reducing scale, liquidating or running leaner operations to limit cash burn. At the same time, the equity line plunges deeper into negative territory, indicating that losses have accumulated faster than the company can rebuild capital. This pattern is typical of delivery companies that have grown quickly but have not yet stabilized their cost structure. The full VNBIS report is valuable because it shows the exact breakdown of liabilities and cost trends that determine whether Nin Sing is heading toward stabilization or deeper structural risk.

VNBIS Support for Investor and Partner Evaluation
Vanguard Business Information LLC provides a full range of financial diagnostics, solvency assessment, ownership verification and operational due diligence for NIN SING LOGISTICS COMPANY LIMITED. The VNBIS Company Comprehensive Report includes full financial statements, risk indicators, litigation checks and liquidity analysis that go far beyond the executive summary. For investors, suppliers and business partners evaluating exposure or potential cooperation, the full report at www.vnbis.com provides essential clarity for making confident and risk aware decisions.