THAI NGUYEN IRON AND STEEL JOINT STOCK CORPORATION: A Legacy Burdened by Losses

THÁI NGUYEN IRON AND STEEL JOINT STOCK CORPORATION (Vietnamese: CÔNG TY CỔ PHẦN GANG THÉP THÁI NGUYÊN, or TISCO) is a long-standing industrial player in Vietnam’s steel sector. Officially registered on June 24, 2009, with Business ID and Tax Code number 4600100155, the company operates as a joint stock enterprise under significant state ownership. Its majority shareholder is VIETNAM STEEL CORPORATION, holding 65% of shares.

Headquartered in Group 13, Cam Gia Ward, Thai Nguyen City, TISCO is listed on UPCOM under the ticker TIS, with a charter capital of approximately USD 75.59 million. The corporation is led by Chairman Mr. NGHIEM XUAN DA and General Director Mr. NGUYEN MINH HANH, overseeing a workforce of 3,211 employees.

Despite its size and history, THÁI NGUYEN IRON AND STEEL JOINT STOCK CORPORATION is showing serious signs of financial distress. In 2023, the company reported a staggering loss of USD 7.25 million, a sharp plunge from a modest profit of USD 5 million just two years prior. The year-on-year drop in profit was a catastrophic -1881.89%, underscoring severe inefficiencies.

Total revenue declined sharply to USD 391.55 million, down 18.54% from 2022, while equity fell by over 12.62% to USD 70.15 million. Even more alarming is its negative working capital of USD -156.18 million, indicating potential liquidity challenges and over-reliance on short-term liabilities.

While total assets remained relatively stable at USD 421.18 million, the business is clearly underperforming in key financial indicators. This suggests that THÁI NGUYEN IRON AND STEEL JOINT STOCK CORPORATION, like many state-backed firms, suffers from chronic inefficiencies and poor cost-effectiveness. The company is struggling to compete in a sector that demands lean operations and strategic reinvestment.

TISCO’s wide scope of business—from mining and smelting to construction materials—does not appear to be translating into sustainable profits. The current trajectory raises critical concerns about financial mismanagement and outdated operational models.

For investors, partners, or credit evaluators, THÁI NGUYEN IRON AND STEEL JOINT STOCK CORPORATIONshould be approached with caution. The company may still hold value due to its infrastructure and legacy, but its weakening financial health warrants close scrutiny—especially when assessing its viability through due diligence services offered by VANGUARD BUSINESS INFORMATION LLC (VBI).