THANH SON COMMUNICATION SERVICES TRADING COMPANY LIMITED

In the heart of Vietnam’s bustling digital and telecom trade lies THANH SON COMMUNICATION SERVICES TRADING COMPANY LIMITED (Vietnamese name: CÔNG TY TNHH THƯƠNG MẠI DỊCH VỤ TRUYỀN THÔNG THANH SƠN), a limited liability company that is operating much like a high-frequency e-commerce and telecom powerhouse. Registered under tax code 0105370181, the company’s head office is located on the 17th Floor, TNR Tower Building, 54A Nguyen Chi Thanh, Dong Da District, Hanoi, with a branch in Ho Chi Minh City.

Founded in 2011, THANH SON COMMUNICATION SERVICES TRADING COMPANY LIMITED has specialized in trading game cards, phone cards (Viettel, Mobifone, Vinaphone), and digital top-up codes via its Esale platform. It has further expanded into a broad array of business lines, including e-commerce, telecommunications, web portals, courier services, and even water freight transport. This multi-industry spread gives the company reach, but also complexity.

In 2023, the company recorded USD 160.4 million in sales, representing a 4.66% decrease from the previous year. More concerning, however, is the 22.69% drop in net profit, which ended the year at only USD 559,685. At the same time, total assets dropped significantly—by 31.81%—to USD 7.34 million, although equity rose to USD 5.31 million, suggesting retained earnings and reinvestment.

The business is led by Mr. Tran T. A., who holds a 51% ownership stake and serves as Director, while ZION JOINT STOCK COMPANY, a well-known entity in the tech and media space, owns 49%. The workforce is relatively small, with just 50 employees, signaling a lean but scalable digital infrastructure.

As a high-volume, low-margin player in digital distribution, THANH SON COMMUNICATION SERVICES TRADING COMPANY LIMITED presents a mixed risk profile. While revenue is impressive, profitability is under pressure, and the drop in total assets raises liquidity flags. For vendors, partners, and investors, VANGUARD BUSINESS INFORMATION LLC (VBI) offers vital insights through credit risk monitoring, profitability trend tracking, and ownership verification tools, especially for companies navigating complex digital trade ecosystems.

In summary, THANH SON COMMUNICATION SERVICES TRADING COMPANY LIMITED is a noteworthy case of a modern digital trader built on telecom volume and e-commerce speed, but its sustainability depends on restoring margins and managing asset efficiency in the years ahead.