THANH THANG GROUP CEMENT JOINT STOCK COMPANY

THANH THANG GROUP CEMENT JOINT STOCK COMPANY (Vietnamese: CÔNG TY CỔ PHẦN XI MĂNG THÀNH THẮNG GROUP) is a privately held joint stock company headquartered in Ha Nam Province, Vietnam. Established in 2013 and operating for over a decade, the company has positioned itself as a sizable domestic player in cement manufacturing, with expansion into related areas such as quarrying, site preparation, construction materials, and transport.

With a workforce of approximately 1,500 employees, THANH THANG GROUP CEMENT JOINT STOCK COMPANY reported total assets of over USD 692 million as of year-end 2023. While this figure suggests considerable capital investment and operational scale, the company’s financial performance in 2023 reveals increasing pressure beneath the surface. After two years of revenue growth—most recently reaching USD 262.91 million in 2023—the company posted a net loss of USD 44.26 million. This follows a USD 10.5 million loss the prior year, marking a sharp decline from the modest profit of USD 2.99 million recorded in 2021.

Owner’s equity fell nearly 27% year-on-year, from USD 155.27 million to USD 113.89 million, reflecting accumulated losses and shrinking financial reserves. Working capital was reported at a negative USD 43.11 million, which could raise short-term liquidity concerns for suppliers, contractors, and lenders. While revenue continues to grow slowly—up 2.36% year-on-year—profitability has collapsed, with a dramatic 320% drop in net income in 2023. The company’s balance sheet, while still large, shows signs of operational stress and unsustainable cost structures.

The company is led by Mr. Do Van Tien, who also holds the dual role of Chairman cum General Director and owns 34.55% of the shares. The largest shareholder, THANH THANG GROUP INVESTMENT JOINT STOCK COMPANY, holds a 63.2% stake, indicating tight group-level control. There are no known foreign shareholders, and the company remains wholly domestically owned.

For businesses considering trade partnerships, financing, or supply agreements with THANH THANG GROUP CEMENT JOINT STOCK COMPANY, the current financial indicators merit attention. While the company remains operational and continues to report strong top-line sales, the consistent and deepening losses—combined with negative working capital—highlight the importance of independent business verification before entering into commercial commitments.

At VANGUARD BUSINESS INFORMATION LLC (VBI), we provide objective and up-to-date business intelligence on companies like THANH THANG GROUP CEMENT JOINT STOCK COMPANY. Our services include credit risk assessment, financial performance monitoring, litigation checks, and business verification reports, helping partners and investors make data-driven decisions in Vietnam’s fast-evolving industrial sectors. If your company is evaluating opportunities involving Thanh Thang or any other cement manufacturer in Vietnam, VBI’s tailored reporting and due diligence services can offer essential insights to reduce exposure and improve decision confidence.