TERUMO BCT VIETNAM CO., LTD. (CÔNG TY TNHH TERUMO BCT VIỆT NAM), a wholly foreign-owned subsidiary of TERUMO BCT EUROPE (Belgium), plays a significant role in the production of medical instruments in Vietnam—particularly blood bags and blood separators for both domestic and export markets. Founded on January 7, 2013, and based in Long Duc Industrial Park, Long Thanh District, Dong Nai Province, the company has grown rapidly over the past decade and now employs over 2,000 workers.

On the surface, TBV appears to be thriving. According to the latest Company Financial Data independently verified by VANGUARD BUSINESS INFORMATION LLC, the company recorded USD 190.36 million in sales for the fiscal year ending March 2023, a 21.49% increase from the prior year. Profitability also impressed, with USD 60.03 million in net profit, growing 24.31% year-over-year. These figures would typically suggest a healthy and successful business.

However, a closer examination reveals warning signs that shouldn’t be ignored. First, total assets declined slightly by 2.08%, and more concerningly, owner’s equity dropped 4.53% to USD 165.88 million, indicating that some of the company’s earnings are not being retained or reinvested efficiently. These downward shifts—especially following strong growth years—signal potential internal pressures, possibly in capital deployment or cost control.

The company’s working capital, although still positive at USD 52.94 million, decreased by 10.28%, which could imply increased reliance on short-term financing or growing operational liabilities. For a company operating in the tightly regulated and capital-intensive healthcare manufacturing sector, this is not a minor concern and raises red flags from a risk management perspective.

Adding to the financial imbalances is the mismatch between the modest charter capital of USD 47.72 million and the scale of operations. While it’s not unusual for FDI firms to scale rapidly, this disproportion can signal potential undercapitalization risks if growth outpaces capital support or liquidity buffers.

With ownership centralized in Belgium and no local shareholders, transparency and compliance standards may follow foreign frameworks, which can complicate local oversight. As such, for institutions considering partnerships or procurement, VANGUARD BUSINESS INFORMATION LLC strongly recommends conducting full Due Diligencethrough our detailed Company Report, which examines not just performance but also governance, solvency, and risk exposure.

In summary, TERUMO BCT VIETNAM CO., LTD. is undoubtedly profitable, but the declining asset and equity trends suggest growing pains or structural inefficiencies. What appears healthy from a profit lens may, in fact, be more fragile than expected—underscoring the need for deeper scrutiny and regular risk evaluations.