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PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY

Active

Business ID 0100942205

84-24 / 3872 3566 / +84 912 214 988

PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY

Active

Business ID 0100942205

84-24 / 3872 3566 / +84 912 214 988

PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY

Active

Summary

Name:

PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY

Business ID (TIN):

0100942205

Date of Registration:

04 Oct 1999

Registered Office:

Ha Noi City Department of Finance

Address:

Plaschem Building, No. 562, Nguyen Van Cu Street, Bo De Ward, Ha Noi City, Vietnam

Phone:

84-24 / 3872 3566 / +84 912 214 988

Financial Statement:

2020, 2021, 2022, 2023, 2024

As a credit risk manager, it is important to look beyond headline figures and evaluate the sustainability and quality of a company’s financial performance. PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY (PLASCHEM GROUP), operating in Vietnam’s plastics manufacturing industry since 1999, presents a mixed financial profile—rapid growth on the surface but signs of volatility and potential risk beneath.

The company, led by Mr. BUI TO MINH, who also holds an overwhelming 98.46% ownership stake, reported USD 290.4 million in total assets at the end of 2023, reflecting a healthy 24.49% YoY growth. Sales rose sharply by 47.61%to USD 192.66 million, suggesting expanding operations and strong market demand. Owner’s equity also grew substantially to USD 174.11 million, a 37.08% increase, driven likely by reinvested earnings or capital injection.

However, the profitability profile is weak and concerning from a credit risk standpoint. While there was a significant jump in net profit—from USD 251,534 in 2022 to USD 859,632 in 2023 (a growth of 241.76%)—this only partially recovers from the company’s historical lows. In fact, profit remains well below earlier performance levels in 2021 (USD 2.48 million), and margins are razor-thin when compared to revenue. For a company with nearly USD 193 million in sales, a net profit under USD 1 million points to inefficiencies or unsustainable cost structures.

Moreover, working capital stands at only USD 6.64 million, or less than 3.5% of total assets. This is a red flag, suggesting possible liquidity stress and low short-term financial buffer in the event of revenue disruptions, material cost hikes, or debt servicing needs. Given the nature of manufacturing, which is typically capital- and inventory-intensive, this low level of working capital raises concerns about operational resilience.

Another structural weakness is the high ownership concentration, with Mr. Bui To Minh controlling almost the entire company. While this may streamline decision-making, it also introduces governance risks, especially for creditors and minority stakeholders who have limited oversight or recourse in the event of financial mismanagement.

From a risk management perspective, PLASCHEM’s aggressive top-line growth is encouraging, but the fragile profit margins, low liquidity, and governance concentration suggest that caution is warranted. The company would benefit from improved financial transparency, better cost controls, and a stronger capital buffer to reduce potential default risk.

This critical analysis is based on the verified financial data provided by VANGUARD BUSINESS INFORMATION LLC (VBI), which offers company credit reports, due diligence services, and risk insights on businesses across Vietnam. For more in-depth evaluations, visit https://www.vnbis.com.

Legal Profile

English Name:

PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY

Vietnamese Name:

CÔNG TY CỔ PHẦN TẬP ĐOÀN HOÁ CHẤT NHỰA

Short Name:

PLASCHEM GROUP.,JSC

Business ID (TIN):

0100942205

Date of Registration:

04 Oct 1999

Registered Office:

Ha Noi City Department of Finance

Ownership Status:

Privately held

Operation Status:

Active

Contacts

Key Decision Makers:

+ BUI T.M

+ BUI T.P

+ MAI T.V

+ LA V.H

+ NGUYEN C.D

+ PHAM H.D

Address:

Plaschem Building, No. 562, Nguyen Van Cu Street, Bo De Ward, Ha Noi City, Vietnam

Phone:

84-24 / 3872 3566 / +84 912 214 988

Branch:

Phu Thuy Hamlet, Gia Lam Commune, Ha Noi City, Vietnam

Factory Address:

Gia Lam Commune, Ha Noi City, Vietnam

Branch:

No. 32/266, Tran Nguyen Han Street, An Bien Ward, Hai Phong City, Vietnam

Branch:

Road No. 6, Loi Binh Nhon Industry Cluster, Tay Ninh Province, Vietnam

Branch:

Tu Phuong Industrial Cluster, Khanh Hau Ward, Tay Ninh Province, Vietnam

Business Sector

Key business lines:

VSIC:

2220 Manufacture of plastics products

NACE:

22.22 Manufacture of plastics products

NAICS:

3261 Plastics Product Manufacturing

Industry Sales Growth

CAGR (2019 - 2023)

4.40%

YoY (2023)

-5.15%

Companies by industry

Company distribution and propportions

13,105

0.4508%

Key Industry Players

Top 10 companies in manufacture of plastics products industry

plastic chemicals group joint stock company binh minh plastics joint stock company tien phong plastic joint stock company an phat bioplastics joint stock company duy tan plastics manufacturing corporation phan minh investment production trading services company limited an tien industries joint stock company continent packaging corporation stavian chemical joint stock company segyung vina company limited

Payment History

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Financial Performance

Assets	40.50%
Owner’s Equity	-1.05%
Working Capital	-52.99%
Net Worth	1.19%
Sales	-33.38%
Operating income	-1.42%
EBIT	5.01%
Gross Profit Margin	-45.73%
Debt to EBITDA	-93.18%

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Contact and Location

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Shareholders

Business Operation

Assets

Owner's Equity

Sales

Profit

Company Standard Report

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EBT

EBITDA

Working Capital

Tangible Net Worth

Financial Ratios

Balance Sheet

Profit and Loss Statement

Cash Flow Statement

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Historical Information

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Subsidiary and Affiliated Company

Management and Directors

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Business Operation

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Credit Limit

Industry Information

Key Industry Players

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Negative Payment Records

Banking Information

Litigation Records; Negative News

Financial Ratios

Balance Sheet

Profit and Loss Statement

Cash Flow Statement

Opinion from Analysts

Specific Questions About PLASTIC CHEMICALS GROUP JOINT STOCK COMPANY

When did PLASTIC CHEMICALS GROUP JSC start operating?

PLASTIC CHEMICALS GROUP JSC was started in 04 Oct 1999

What industry does PLASTIC CHEMICALS GROUP JSC operate in?

PLASTIC CHEMICALS GROUP JSC is operating in "Manufacture of plastics products" industry

How can I contact PLASTIC CHEMICALS GROUP JSC?

PLASTIC CHEMICALS GROUP JSC phone numbers is 84-24 / 3872 3566 / +84 912 214 988

What adverse news is there about PLASTIC CHEMICALS GROUP JSC?

PLASTIC CHEMICALS GROUP JSC’s has 10 bad news

What is stock symbol of PLASTIC CHEMICALS GROUP JSC?

PLASTIC CHEMICALS GROUP JSC is not listed company

Where is the location of PLASTIC CHEMICALS GROUP JSC?

PLASTIC CHEMICALS GROUP JSC is located at Plaschem Building, No. 562, Nguyen Van Cu Street, Bo De Ward, Ha Noi City, Vietnam

What is PLASTIC CHEMICALS GROUP JSC’s business registration?

PLASTIC CHEMICALS GROUP JSC business registration is 0100942205

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