NUI PHAO MINING COMPANY LTD (CÔNG TY TNHH KHAI THÁC CHẾ BIẾN KHOÁNG SẢN NÚI PHÁO), tax code 4600864513, is a major player in Vietnam’s mining sector, based in Suoi Cat Hamlet, Ha Thuong Commune, Dai Tu District, Thai Nguyen Province. Operating since 2010, this privately held enterprise is one of the few large-scale firms involved in the extraction and processing of tungsten, fluorite, bismuth, and bronze ore. Despite being private, it is de facto state-connected through its parent company MASAN THAI NGUYEN RESOURCES COMPANY LIMITED, which holds 80% of the equity.

As of 2024, the company employs over 1,500 workers and remains operationally active, but the financial situation has taken a sharp downturn. With USD 980.78 million in total assets and USD 588.98 million in revenue, its top-line numbers remain strong. However, the company reported a net loss of USD 63.11 million, following a loss of USD 57.87 million in 2023. This means it has accumulated nearly USD 121 million in losses over the past two years—an alarming sign for anyone involved in risk management or reviewing Vietnam private financial data.

Despite growing sales in 2024 (up 1.72%), total assets declined by 35.75%, and equity fell nearly 13% year-over-year, now standing at USD 389.63 million. While working capital remains at a healthy USD 73.37 million, the substantial and repeated annual losses indicate a potential structural issue with cost management, operational efficiency, or broader strategic direction.

The most serious shadow hanging over the company today, however, is the rumor concerning the legal status of its Chairman, Mr. Nguyen T. N. While not yet officially confirmed by any government agency at the time of this writing, multiple unofficial sources suggest that Mr. Nguyen has been arrested or is under investigation. If proven true, this would introduce a high level of governance risk for the company and could trigger broader investigations into Masan Group’s mining operations, including compliance, land use, and export regulations.

The company's General Director, Mr. Ashley J. M., and Managing Director, Mr. Michael G., both Australians, continue to run day-to-day operations. Their foreign leadership presence has been central to NUI PHAO’s technical and industrial success in past years, but the internal turmoil may now threaten continuity.

Registered with a wide range of business licenses—including mining, metallurgy, logistics, water treatment, and engineering consultancy—NUI PHAO MINING appears to maintain the broad operational framework typical of Vietnamese industrial giants. However, for business verification, stakeholders should look beyond the surface into legal status, litigation records, and real-time governance dynamics.

In conclusion, NUI PHAO MINING COMPANY LTD remains one of the most capital-intensive and resource-rich mining firms in Vietnam. But the combination of deep financial losses, declining asset base, and unconfirmed legal troubles facing its Chairman casts a serious shadow on its long-term viability. Any supplier, investor, or financial institution engaging with the company must proceed with caution and prioritize updated due diligence, legal checks, and continuous monitoring.