THUAN PHONG EXPRESS COMPANY LIMITED (Vietnamese name: CÔNG TY TNHH MỘT THÀNH VIÊN CHUYỂN PHÁT NHANH THUẬN PHONG), registered under business ID 0313617136, is one of Vietnam’s fastest-scaling logistics and courier service providers. Operating under the brand name J&T Express, the company has become a recognizable name across e-commerce and last-mile delivery networks. Its headquarters is located in Ho Chi Minh City, and it boasts a massive workforce of over 25,000 shippers, signaling strong operational capacity in Vietnam's increasingly competitive logistics market.

Founded in January 2016, THUAN PHONG EXPRESS COMPANY LIMITED has seen a dramatic rise in sales, reporting USD 257.29 million in revenue in 2023—a significant 51.58% increase compared to the previous year. This rapid growth highlights the company’s increasing market share in the express delivery sector, making it highly visible on digital platforms and among top e-commerce logistics partners. From an SEO perspective, keywords such as “J&T Express Vietnam,” “express delivery service,” “e-commerce logistics Vietnam,” and “J&T freight shipping” are central to its growing digital footprint.

Yet, the financial structure of THUAN PHONG EXPRESS COMPANY LIMITED reveals deeper issues. Despite achieving profitability for the first time in 2023 with a net profit of USD 2.83 million, the company is burdened by a negative equity position of USD -94.33 million. Its working capital is deeply in the red at USD -154.76 million, raising sustainability concerns, especially for potential investors or partners assessing long-term risk. While profitability turned positive, the financial leverage remains unusually high, suggesting that past expansions may have relied heavily on debt or internal subsidies.

Another notable point is that the company is entirely owned by TIEP DAT VIET NAM COMPANY LIMITED, further centralizing ownership and decision-making. This concentrated ownership structure might allow agility but also limits transparency, which could be a red flag for business analysts or strategic partners seeking open corporate governance.

Despite its financial imbalance, THUAN PHONG EXPRESS COMPANY LIMITED continues to invest heavily in technology, infrastructure, and regional expansion. Branches across Vietnam—from Ho Chi Minh City to Can Tho, Thai Nguyen, and Dak Lak—show an aggressive national reach strategy. Its core business in courier and freight services is bolstered by registered activities in warehousing, postal operations, and IT services, providing it with some diversification potential.

In conclusion, THUAN PHONG EXPRESS COMPANY LIMITED is a logistics giant in the making—scalable, fast-moving, and tech-integrated—but also financially vulnerable. It is a company that performs well in keyword-dense, SEO-driven sectors like e-commerce logistics, yet raises questions about fiscal sustainability, equity erosion, and corporate transparency. For partners and investors alike, its trajectory warrants both enthusiasm and caution.