OCEAN FUEL JOINT STOCK COMPANY

INDUSTRIAL DEVELOPMENT INVESTMENTS JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN ĐẦU TƯ PHÁT TRIỂN CÔNG NGHIỆP), or INDECO JSC, continues to face a critical turning point in its long business history. Despite its more than 22 years of operations in Vietnam, the company’s financials in 2023 reflected mounting pressures across several indicators. Most alarmingly, its net worth has fallen into negative territory, reaching approximately USD -474,703, a reflection of prolonged profit losses and declining equity.

While 2023 saw a moderate recovery in terms of reduced net losses compared to 2022—losses dropped to USD 643,674 from over USD 3.6 million the year prior—this improvement was not sufficient to counteract the steep erosion of shareholder equity and asset value. The company’s total assets plummeted by over 36%, from USD 22.38 million in 2022 to just USD 14.32 million by the end of 2023. Likewise, owner’s equity dropped by more than 43%, resting at just USD 832,336, despite the original charter capital and paid-up capital being over USD 6.16 million.

The revenue figures also saw a marked decrease. From a high of more than USD 205 million in 2021, sales fell sharply to USD 158.5 million in 2023, a year-on-year decline of 19.16%. While the company has historically been a substantial player in the trading of construction steel and metal materials—serving Vietnam’s booming infrastructure and construction sectors—the recent downturn suggests serious operational or market-driven constraints.

Geographically, INDUSTRIAL DEVELOPMENT INVESTMENTS JOINT STOCK COMPANY remains firmly rooted in the north of Vietnam. The company operates from its head office at Central Point, 219 Trung Kinh Street, Cau Giay District, Hanoi, and maintains several representative offices, including locations in Hai Phong and the Dinh Cong New Urban Area in Hanoi. These offices support the company’s diversified activities, which span wholesale of construction materials, manufacturing of steel and fertilizers, real estate trading, and logistics services.

Leadership remains under the direction of Mr. Nguyen K. K., who is also closely linked to the primary shareholder group. Mr. Nguyen K. H. holds a dominant 66.67% stake, while Mr. Nguyen K. T. owns 30%, and Ms. Nguyen T. M. T. holds the remaining 3.33%. This family-like ownership structure underscores the centralized decision-making power and may reflect why the company continues to function despite its weakened financial position.

To restore long-term sustainability, INDECO JSC will likely need to pursue strategic recapitalization, tighten operational controls, or reassess its diverse but financially stretched portfolio of business activities. Despite the negative trends, the company’s long-standing market presence, broad licensing base, and strategic office locations suggest there remains potential for recovery, if supported by disciplined management and a renewed focus on profitability.