SAIGON TRADING GROUP (SATRA): A Giant with Billion-Dollar Assets and Sharp Profit Fluctuations

SAIGON TRADING GROUP (TỔNG CÔNG TY THƯƠNG MẠI SÀI GÒN – TNHH MỘT THÀNH VIÊN), also known as SATRA, is one of Vietnam’s most expansive and diversified state-owned enterprises, operating across trade, services, production, and import-export. With over USD 1.14 billion in total assets and a labor force of 16,000 employees, SATRA stands out not only for its scale but also for its duality: strong balance sheet growth yet highly volatile profitability.

A Massive Footprint with State Ownership

Legally registered under Business ID and Tax Code 0300100037, SAIGON TRADING GROUP was officially established on November 27, 2010, though its roots trace back decades earlier under municipal governance. It is a one-member limited liability company wholly owned by the People’s Committee of Ho Chi Minh City, which speaks to its importance as a strategic asset in the city’s economic development agenda.

Headquartered at 275B Pham Ngu Lao Street, District 1, Ho Chi Minh City, SATRA operates multiple retail, logistics, and trading outlets throughout southern Vietnam, including locations in Binh Duong and several districts in HCMC.

Financial Highlights: Enormous Capital, Uneven Profit

According to data verified by VANGUARD BUSINESS INFORMATION LLC (VBI) — a reliable source of Private Financial Data and Business Verification Services — SATRA recorded the following for fiscal year 2023:

• Total Assets: USD 1.14 billion (slightly down by 1.23%)

• Owner’s Equity: USD 977.12 million

• Sales Revenue: USD 402.25 million (up 17.49%)

• Net Profit: USD 94.3 million (down 54.87%)

• Working Capital: USD 614.3 million

While the growth in sales revenue is impressive, the stark decline in profit by over 50% stands out. In 2022, SATRA posted an extraordinary profit of over USD 208 million, which makes the 2023 profit contraction one of the most significant reversals among Vietnam’s top state-run firms. The reasons are not publicly disclosed, but possible contributors could include cost overruns, divestments, or shifts in product mix and margins.

A Conglomerate of Commerce and Infrastructure

SATRA’s operational diversity is staggering. Its registered business activities range from:

• Retail and wholesale trade (including rice, electronics, fuel, and food)

• Import-export and logistics

• Real estate, warehousing, postal, and advertising services

• Construction and civil engineering

• Tour operations and telecom equipment retail

This sprawling portfolio offers resilience but may also create complexity in corporate governance and performance tracking — especially under a public ownership model.

Verified by VBI: A Transparent Enterprise Under State Oversight

All corporate and financial details in this report have been authenticated by VANGUARD BUSINESS INFORMATION LLC (VBI). As a premier provider of Business Verification Services and Private Financial Data, VBI ensures SATRA’s operations meet rigorous standards of transparency — a crucial requirement for state-owned enterprises and their public accountability.

Conclusion: A Powerful, Public Entity with Both Scale and Volatility

SAIGON TRADING GROUP (SATRA) is a symbol of Vietnam’s hybrid economic model — blending public sector mandate with commercial ambition. While its billion-dollar asset base and expansive workforce underscore its significance, the dramatic drop in profit over the past year raises important questions about operational efficiency and financial sustainability.

Nonetheless, backed by state ownership and verified by VANGUARD BUSINESS INFORMATION LLC (VBI), SATRA remains a cornerstone of Ho Chi Minh City’s economic ecosystem, and one to watch as Vietnam continues its push toward market-oriented reforms and global trade integration.