THAI VIET CORPORATION JOINT STOCK COMPANY

Vanguard Business Information (VNBIS) is a leading provider of business intelligence and risk assessment services in Vietnam. We want to present this analysis to support clients and partners in Minimizing Financial Risks and Maximizing Business Opportunities when engaging with THAI VIET CORPORATION JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THÁI VIỆT CORPORATION).

Company Overview

THAI VIET CORPORATION JSC is a foreign direct investment (FDI) enterprise in livestock farming and animal feed manufacturing. Established on April 22, 2013, under Business ID 4000928606, the company’s head office is in Trung Luong Hamlet, Tam My Commune, Da Nang City, Vietnam. It also operates branches in Dong Nai and Lam Dong provinces and a representative office in Da Nang. The company is managed by Mr. Pornchai S., a Thai national serving as General Director, and employs between 1,000 and 4,999 workers across its facilities.

Its ownership structure is entirely foreign, with T Paragon Holding Company Limited (Thailand) holding 100 percent of the shares, reflecting strong capital support from the Thai parent group.

Business and Operations

THAI VIET CORPORATION operates in pig farming, animal feed production, and meat processing, forming a vertically integrated agribusiness model. Its business includes poultry raising, agricultural machinery trading, food retail, and animal production support activities.

Over the years, the company has positioned itself as one of Vietnam's largest foreign livestock enterprises, benefiting from advanced Thai agricultural technologies and large-scale farming operations across multiple provinces. However, as with most feed and livestock producers, the company remains exposed to market volatility in feed costs, disease outbreaks, and price cycles in the domestic pork market.

Financial Highlights and Risk Indicators

As of December 31, 2023, THAI VIET CORPORATION reported:

• Total assets: USD 98.65 million (▲35.01% year-on-year)

• Owner’s equity: USD 41.76 million (▼11.47%)

• Sales: USD 104.68 million (▲54.9%)

• Net profit: USD –6.44 million (▼1,589%)

• Working capital: USD 5.75 million (▼76.24%)

While revenue and asset growth remain strong, the company incurred a significant loss in 2023, following two years of modest profitability. The sharp decline in net profit reflects cost pressures and weakened operating margins, likely due to rising feed prices and lower pork selling prices. The steep reduction in working capital also signals tighter liquidity conditions, warranting close monitoring.

Credit and Risk Evaluation

Despite its robust asset base and extensive operations, THAI VIET CORPORATION exhibits signs of financial stress, with declining equity and negative profitability. However, its strong foreign ownership, substantial fixed assets, and long-standing market presence mitigate default risk in the short term.

For business partners and credit insurers, the company should be categorized as a medium-risk counterparty—financially capable but vulnerable to market fluctuations. It is advisable to apply credit limits based on current liquidity and seek updated financial disclosures when entering into new agreements.

In conclusion, THAI VIET CORPORATION remains a large-scale, foreign-invested livestock enterprise in Vietnam with established infrastructure and industry experience. Nevertheless, recent financial deterioration calls for cautious engagement. Through continuous monitoring and transparent reporting, the company and its stakeholders can pursue sustainable growth while adhering to VNBIS’s guiding principle of Minimizing Financial Risks and Maximizing Business Opportunities.