THAI SON INVESTMENT CONSTRUCTION CORPORATION.

THAI SON INVESTMENT CONSTRUCTION CORPORATION (Công Ty Cổ Phần Đầu Tư Xây Dựng Thái Sơn) is a privately held joint stock company headquartered at No. 7, Bang Lang 1 Street, Vinhomes Riverside Urban Area, Long Bien District, Hanoi. With over 17 years of operation since its registration on August 22, 2007, the company is now one of the most prominent players in Vietnam’s construction sector by asset scale.

As of the end of 2023, THAI SON INVESTMENT CONSTRUCTION CORPORATION reported total assets of USD 1.69 billion, a modest year-on-year increase of 3.14%. However, this growth in assets contrasts sharply with its declining revenue and profitability. Sales dropped significantly to USD 169.27 million, a decrease of almost 29% compared to 2022 and more than 79% below its 2021 level. Even more concerning, the company posted a net loss of USD 3.62 million in 2023 after generating profits of USD 355.87 million in 2021 and USD 23.58 million in 2022. This represents a drastic deterioration in earnings performance, with profitability plunging by more than 115% year-on-year.

Equity slightly declined to USD 736.91 million, down 0.75%, indicating capital is holding relatively steady despite earnings losses. The company maintains a positive working capital position of USD 170.6 million; however, the combination of declining sales, negative profit, and minimal equity growth signals a challenging period of financial and operational adjustment.

The General Director, Vu Q. T., oversees a broad range of registered activities that extend beyond construction into areas such as engineering consultancy, clay material production, wholesale of machinery and construction materials, as well as advertising and household appliance manufacturing. The company is majority-owned (66.46%) by Vinhomes Joint Stock Company, which links it to one of Vietnam’s largest real estate developers.

Given the decline in business performance over the past two years, especially in core revenue and profit, it is important for stakeholders to closely monitor THAI SON INVESTMENT CONSTRUCTION CORPORATION's next financial cycle. Despite its sizable asset base and strong ownership, the company’s operational efficiency and revenue model may be under pressure amid shifting market dynamics in Vietnam’s real estate and infrastructure sectors.