THUDUCTRADINGANDIMPORTEXPORTJOINTSTOCK COMPANY

THU DUC TRADING AND IMPORT EXPORT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THƯƠNG MẠI XUẤT NHẬP KHẨU THỦ ĐỨC), known by its abbreviation TIMEXCO, is a long-established enterprise with over 25 years of experience in Vietnam’s petroleum and fuel trading sector. The company operates under Business ID 0301444626, officially registered on March 27, 2000, with its head office located at No. 231 Vo Van Ngan Street, Linh Chieu Ward, Thu Duc City, Ho Chi Minh City, Vietnam

Legal Status and Corporate Background

TIMEXCO is a joint stock company registered under the Ho Chi Minh City Department of Planning and Investment. The company’s charter and paid-up capital are USD 5.09 million, and it is publicly listed on the Hanoi Stock Exchange (HNX) under the ticker symbol TMC. It employs approximately 367 staff members and operates multiple branches in Ho Chi Minh City, demonstrating a broad retail and distribution footprint across southern Vietnam.

Its major shareholder is PetroVietnam Oil Corporation, which holds 51.01 percent of the company's shares. Ho Chi Minh City Petroleum Company Limited holds 14.9 percent, and other minority shareholders own 34.09 percent. This ownership structure gives the company strong industry linkages and access to Vietnam’s broader petroleum supply network.

The management team is led by Mr. Vo K. H., who serves as Chairman,  Mr. Pham N. M. as Deputy Director, and Mr. Vien T. K. as Chief Accountant.

Business Activities and Market Position

TIMEXCO’s primary business revolves around the wholesale and retailing of petroleum, diesel, and fuel products. This is complemented by a diversified portfolio that includes iron and steel trading, electrical appliances, household goods, motorcycles, and real estate-related services. The company also operates service branches for motorcycle maintenance, motor vehicle parts trading, and building construction, highlighting its effort to maintain stable income streams beyond the petroleum segment.

The firm’s long-standing affiliation with PetroVietnam has ensured steady fuel supply contracts and market credibility. Despite growing competition from newer entrants, TIMEXCO remains one of the key fuel distributors in southern Vietnam, particularly in the retail and wholesale supply of gasoline and lubricants to individual consumers and industrial clients.

Financial Overview

According to its financial statements for the year ending December 31, 2023, TIMEXCO recorded total assets of USD 14.09 million, a 12.19 percent decrease from 2022. Owner’s equity increased to USD 7.98 million, up 3.87 percent, while sales reached USD 104.34 million, representing a 17.38 percent decline year-on-year. Despite lower revenue, the company posted a net profit of USD 488,396, a 166.62 percent increase compared to 2022.

The company’s working capital rose to USD 1.61 million, improving liquidity, while maintaining a net worth of USD 4.77 million. This indicates that while market conditions remain challenging, TIMEXCO’s internal capital efficiency and cost control have improved considerably.

Risk Evaluation and Financial Outlook

From a credit risk management perspective, TIMEXCO displays operational stability, adequate liquidity, and moderate profitability, though it remains sensitive to global oil price volatility and domestic competition. The decline in revenue, coupled with shrinking asset value, suggests a need for tighter inventory and credit policy management. However, its increased profit and positive working capital growth signal resilience and a gradual recovery trend.

The company’s reliance on petroleum trading, a sector heavily influenced by fluctuating international crude prices and government fuel policies, requires ongoing monitoring. Its public listing and strong connection with PetroVietnam provide transparency and financial backing, reducing major solvency concerns.

Vanguard Business Information LLC (VNBIS) assesses THU DUC TRADING AND IMPORT EXPORT JSC as a moderate-risk enterprise with a stable market presence and improving financial structure. For business partners, maintaining balanced trading terms and continuous performance review is essential to Minimize Financial Risks and Maximize Business Opportunities when cooperating with this established yet evolving Vietnamese fuel trading corporation.