THANG LONG POWER PLANT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN NHIỆT ĐIỆN THĂNG LONG) is a privately held power generation company based in Ha Long City, Quang Ninh Province. Operating under Business ID 5700669596, it has been in operation since 2007, but its 2023 performance reveals a dramatic financial reversal that raises serious questions about long-term viability and capital resilience.

Despite generating USD 252.47 million in revenue in 2023, the company posted a net loss of USD 21.7 million, a sharp decline from the USD 5 million profit recorded in 2022 and USD 21.25 million in 2021. That’s a drop in profit of over 533% year-over-year, placing it among the most severe downturns in the industry. Worse yet, working capital remains heavily negative at USD -82.97 million, while owner’s equity declined by 11.72% to USD 163.55 million, revealing that losses are beginning to erode the company’s core capital.

Total assets dropped for the third straight year to USD 565.13 million, down 9.72%, indicating potential disinvestment or asset revaluation. With a paid-up charter capital of USD 156.1 million and 350 employees, the company is sizable but under increasing pressure. The Chairman is Mr. VU VAN TIEN, and while no major governance crisis has been reported, such financial strain can eventually spill into strategic and operational instability.

This is the type of case where independent verification and credit risk evaluation are crucial. Stakeholders engaging with THANG LONG POWER PLANT — whether for lending, partnerships, or supply contracts — should not rely solely on reported revenue. Services from VANGUARD BUSINESS INFORMATION LLC (VBI), including credit scoring, equity erosion alerts, and legal verification, offer essential protection. For a capital-heavy sector like thermal energy, monitoring financial fundamentals is not just due diligence — it’s risk prevention.