Executive Summary

QH PLUS STEEL STRUCTURE CORPORATION (Công Ty Cổ Phần Kết Cấu Thép QH PLUS) is a privately held Vietnamese joint stock company specializing in the manufacture and installation of steel structures, including pre-engineered steel buildings. With more than six years of operation since its registration in 2018, QHPS has emerged as a vital player in the country's industrial construction and structural steel supply chain. It is a subsidiary of QH Plus Corporation and benefits from strategic partnerships with both domestic and foreign investors, including Koizumi Co., Ltd. of Japan.

Management and Corporate Structure

The company is led by Mr. Nguyen Hoang Huan, who holds the position of General Director. Supporting him in key roles are Ms. Le Huynh Hoang Van Anh, Chief Accountant, and Mr. Vo Hieu Tan Quang, Production Manager. QHPS employs a workforce of 877 employees, underscoring its medium-scale manufacturing capabilities. The company’s charter capital as of 31 December 2023 was fully paid at USD 11.3 million, reflecting a strong equity base.

Financial Performance

QHPS reported a substantial increase in scale and activity in 2023. Total assets reached USD 161.59 million, rising by 60.66% year-over-year, indicating significant investment in capacity expansion or asset acquisition. Total sales stood at USD 185.27 million, a 64.68% increase, reflecting a strong market demand for steel structure products. However, net profit declined to USD 1.26 million, representing a 30.89% decrease from the previous year. This contraction in profitability amidst rapid growth may point to rising input costs or higher capital expenditure. Meanwhile, owner’s equity increased slightly by 3.93% to USD 18.52 million, showing moderate internal capital accumulation. The company’s working capital was reported at USD 800,761, which, while positive, suggests potential liquidity constraints relative to operating scale.

Shareholding Structure

As of the latest shareholder update (15 March 2023), QH PLUS CORPORATION owns 46.18% of the company, making it the largest shareholder. It is followed by QH PLUS INDUSTRIAL JSC with 32.73%, and Japan-based KOIZUMI CO., LTD, holding 20.73%. The presence of a strategic foreign partner suggests a technology transfer advantage and access to international markets. A minority stake of 0.36% is held by an individual investor, Ms. Nguyen Thi Tuyet Thu.

Business Activities and Industrial Position

The company’s core business involves steel structure manufacturing, machining, metal treatment, and coating services. It also engages in metal fabrication, construction of residential and industrial buildings, and engineering consultancy services. Additionally, QHPS operates in warehousing, plumbing and HVAC installation, site preparation, and demolition, indicating a full-spectrum industrial services portfolio.

The company operates from its head office in Ba Ria-Vung Tau and has a commercial presence in Ho Chi Minh City at 181 Nguyen Huu Canh Street, a location shared with its parent, QH Plus Corporation.

Evaluation and Recommendation

With double-digit revenue and asset growth, QH PLUS STEEL STRUCTURE CORPORATION demonstrates a robust expansion trajectory. However, the sharp decline in profit despite increased revenues raises questions about cost control, production efficiency, and possible capital overhead. For investors, suppliers, and partners, QHPS presents both growth potential and risk exposure. Analyzing financial sustainability and operational resilience is essential for engaging with this company.

To gain full clarity, stakeholders are encouraged to obtain a comprehensive company report, access financial due diligence, and perform risk analysis, all of which are available through VANGUARD BUSINESS INFORMATION LLC (VBI). VBI specializes in delivering accurate company financial data, risk management services, and business intelligence solutions tailored to Vietnam’s complex industrial landscape.