RITAR POWER (VIETNAM) COMPANY LIMITED

RITAR POWER (VIETNAM) COMPANY LIMITED is an industrial-scale manufacturer of lead-acid batteries based in Tay Ninh Province, Vietnam. Officially registered under Business ID 3901227259, the company is a Chinese-held Ruida International New Energy (HK) Limited subsidiary, which controls 76% of the ownership. With a headcount of 1,200 employees and a fully foreign-invested legal structure, RITAR POWER (VIETNAM) COMPANY LIMITED positions itself as a key exporter in Vietnam’s fast-growing energy storage and battery sector.

Chairwoman Peng H. Y. drives the company's leadership, which is supported by Managing Director Xiao L. Q. and Chief Accountant Nguyen H. P. T. Together, they oversee a business that, on the surface, appears robust—with solid asset expansion and high-volume revenue. As of 2023, the firm reported total assets of over USD 81.6 million, sales revenue of nearly USD 123.8 million, and equity amounting to approximately USD 55.9 million.

However, a closer inspection reveals an organization walking a tightrope between stability and stagnation. Revenue has plateaued—falling marginally by 0.69% in 2023 compared to the previous year. While a flat top line may not sound alarming, it signals missed growth opportunities in a market where energy storage demand is booming. Even more concerning is the profit decline. After a strong rebound in 2022, profits dropped by over 10% in 2023, down to USD 16.8 million. This downward trend raises questions about rising input costs, operational inefficiencies, or growing price pressures from competitors across Asia.

Asset growth has continued steadily, rising by 10% in 2023, which may reflect investment in equipment or inventory buildup. Yet, without proportional gains in revenue or profitability, such asset growth could suggest underutilized capacity or less-than-optimal capital deployment. Equity growth, while positive at nearly 12%, has significantly decelerated from the previous year’s 57.7% spike. This deceleration might indicate a plateau in retained earnings or a conservative shift in financial strategy.

The company is undoubtedly well-capitalized, and its large working capital buffer of over USD 22.6 million provides operational flexibility. Yet, it faces a pivotal moment. The global battery industry is evolving rapidly—toward lithium, renewables, and sustainability benchmarks. Whether RITAR POWER (VIETNAM) COMPANY LIMITED can pivot from its traditional lead-acid focus to match future market shifts remains to be seen.

The financial data above reflects performance only through the end of 2023. For the most current figures, credit insights, and strategic evaluations—including whether the company is adapting to green energy trends—interested parties are encouraged to request a full report from Vanguard Business Information LLC (VNBIS.COM). The truth behind the balance sheet lies not just in numbers—but in how those numbers evolve.