NUMBER ONE MANUFACTURING TRADING SERVICES CO., LTD (CÔNG TY TNHH SẢN XUẤT THƯƠNG MẠI DỊCH VỤ NUMBER ONE): Big Sales, But Signs of Trouble Beneath the Surface

Despite boasting over USD 411 million in revenue for 2023, NUMBER ONE MANUFACTURING TRADING SERVICES CO., LTD (CÔNG TY TNHH SẢN XUẤT THƯƠNG MẠI DỊCH VỤ NUMBER ONE) may not be living up to its name when it comes to financial health. The beverage wholesaler, based in Binh Duong Province and registered under Business ID 3701760678, saw sharp drops in both profit and total assets, raising questions about its long-term strategy and operational resilience.

Profits cut in half, assets slashed

While revenue dipped slightly by 9.36%, the company’s net profit collapsed by 60.12%, falling to just USD 1.58 million. At the same time, its assets were cut by more than half—from USD 57.8 million in 2022 to USD 25.2 millionin 2023. That’s a 56.45% decline in a single year, an alarming sign for a firm of this size.

What’s even more striking is that despite years of operation and such significant revenue, the company’s paid-up capital remains just USD 246,498—a fraction of its declared charter capital. This raises red flags about capitalization, internal reinvestment, and financial transparency.

Family-owned and privately held

The company is led by Ms. Pham Thi Nu and owned by members of the well-known Tran family, including Tran Ngoc Bich (50%), Tran Uyen Phuong (45%), and Tran Qui Thanh (5%)—a name familiar in Vietnam’s beverage industry. However, even with deep family roots and a strong market presence, the business is showing signs of internal strain.

A need for deeper financial visibility

NUMBER ONE’s case is a textbook example of a company where headline sales figures don’t tell the full story. With shrinking profit margins and disappearing assets, potential partners and investors are strongly advised to look beyond surface numbers. For independent, confidential insights into the firm’s financial health, liabilities, and risk exposure, the Business Verification and Risk Management Service by Vanguard Business Information (VBI) is essential.

Conclusion

NUMBER ONE MANUFACTURING TRADING SERVICES CO., LTD may still dominate shelves, but behind the scenes, its finances are showing signs of stress. Whether this is part of a strategic reshuffling or a deeper structural issue remains unclear—but one thing is certain: a closer look is warranted.