SENDO STEEL PIPE JOINT VENTURE COMPANY LIMITED

Sendo Steel Pipe Joint Venture Company Limited is a long standing steel pipe manufacturer located in Phu My Industrial Park. As a joint venture with both Vietnamese and Japanese investors, Sendo Steel Pipe Joint Venture Company Limited plays an important role in supplying welded and galvanized steel pipes for construction and industrial customers across southern Vietnam. With more than ten years of operations, Sendo Steel Pipe Joint Venture Company Limited remains an active participant in Vietnam’s steel market, though its recent financial trajectory shows clear signs of stress that merit deeper review.

Leadership and Shareholders
The company is led by General Director Vo Dinh Tuyen, who oversees operations within the Phu My manufacturing facility. Its ownership structure is divided among three investors. SMC Trading Investment Joint Stock Company holds seventy five percent, making it the controlling Vietnamese shareholder, while Hanwa Company Limited of Japan and Hanwa Vietnam Company Limited each hold twelve point five percent. This blend of local and foreign ownership suggests an intention to combine domestic distribution reach with Japanese trading expertise, although the current financial position indicates that the joint venture is facing significant operational challenges.

Financial Performance and Operating Conditions
The financial results in the report show a company under clear pressure. Total assets fell sharply in 2023, continuing a multiyear decline visible in the chart on page one. Sales dropped by nearly half compared to 2022, and profitability again remained negative. Owner equity turned deeply negative at year end, reflecting accumulated losses that have wiped out earlier capital contributions. Working capital also remained significantly negative, which points to heavy reliance on short term liabilities to fund daily operations. Taken together, these indicators show that the company is operating with financial strain and may require restructuring or capital reinforcement to maintain stability.

Business Position and Sector Outlook
Sendo operates in a steel segment that has experienced soft demand, intense competition, and high input cost volatility over the last two years. Vietnam’s construction slowdown, coupled with global steel price fluctuations, has placed pressure on mid scale pipe manufacturers. The company’s location in Phu My gives it logistical advantages due to proximity to ports and industrial clusters, but the broader market environment remains challenging. Sustained losses indicate that the company is not yet fully adapting to market changes such as shifting construction cycles, contract delays, and more aggressive competition from larger integrated steel producers.

Insight
The most striking signal in the report is the combination of negative equity and declining sales at the same time that profit appears to have improved relative to the previous year. On the surface this improvement looks positive, but the trend chart on page one shows that the company is still losing substantial money. The improvement simply reflects a smaller loss compared to an exceptionally difficult year in 2022. This suggests margin compression, possible inventory adjustments, or one time cost reductions rather than a structural recovery. Investors and suppliers should pay close attention to whether Sendo can regain profitability without relying on short term liabilities, which currently carry a heavy burden in the company’s capital structure. Only the full VNBIS report clarifies how severe these pressures are and whether the company has the capacity to recover.

VNBIS Support and Business Services
Vanguard Business Information LLC provides detailed financial analysis, risk assessment, and ownership verification for stakeholders reviewing Sendo Steel Pipe Joint Venture Company Limited. The full VNBIS Company Comprehensive Report includes year by year financial statements, liquidity evaluations, debt structure analysis, and operational verification that extend far beyond the executive summary. For procurement teams, lenders, and business partners assessing exposure or planning new contracts, the complete report at www.vnbis.com provides essential insight for informed decision making.