THANH THANH HAI STEEL PRODUCTION JOINT STOCK COMPANY

THANH THANH HAI STEEL PRODUCTION JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN SẢN XUẤT VÀ THƯƠNG MẠI THÉP THÀNH THÀNH HẢI) is a fast-growing name in Vietnam’s steel trading and production industry. Although it may not yet be a household brand like some legacy corporations, it has become increasingly recognized within the domestic construction supply chain, especially for its steel sheet and metal wholesale activities. The company was established in October 2019 and is registered under tax code 1101930405, with its head office located at Vinh Loc 4 Street, Vinh Loc 2 Industrial Park, National Highway 1, Voi La Hamlet, Long Hiep Commune, Ben Luc District, Long An Province, Vietnam.

Financially, the company presents a case of rapid growth but also a warning about profitability constraints. By the end of 2023, total sales more than doubled to USD 179.28 million, showing a remarkable 107.4% increase year-over-year. This surge followed a previous 49.7% sales jump in 2022, underscoring the company's impressive revenue momentum over a short period. Total assets grew similarly, climbing to USD 60.16 million, an increase of 113.94%, indicating ongoing capital expansion, likely in inventory, equipment, or receivables.

Despite these impressive top-line and asset gains, profitability remains extremely thin. Net profit for 2023 was only USD 55,316, essentially flat compared to the previous year, and representing a profit margin of just 0.03%. This suggests that high sales are not translating into meaningful earnings—likely due to tight pricing in the steel market, high input costs, or aggressive sales discounts. While the company's equity position improved to USD 1.86 million, it still represents just a fraction of its asset base, which may indicate high leverage or limited retained earnings.

 Mr. Nguyen Thanh Hai , the owner and director, holds 80% of the company, with the remaining shares split between two other Vietnamese shareholders. This concentrated ownership provides strong strategic direction but also implies high exposure to founder-related risks. The company employs a lean management model and is privately held, without signs of external institutional investment or auditing scrutiny.

From a credit risk perspective, THANH THANH HAI STEEL PRODUCTION JOINT STOCK COMPANY is an aggressive grower with strong market activity but faces challenges in converting revenue into profit. Its rapid asset expansion and rising sales are positive indicators of business traction. However, the negligible profits and modest equity base signal potential liquidity pressures and financial vulnerability in downturns. Clients, suppliers, and lenders should take note of these dynamics. While the company can be a valuable commercial partner in terms of product supply and pricing competitiveness, credit exposure should be limited, closely monitored, and ideally secured.

For deeper evaluations, including financial health monitoring and risk ratings in Vietnam’s steel industry, refer to VANGUARD BUSINESS INFORMATION LLC (VBI)—your partner for credible, up-to-date business intelligence.