TOP RUN VIETNAM HAIPHONG COMPANY LIMITED

TOP RUN VIETNAM HAIPHONG COMPANY LIMITED (CÔNG TY TNHH TOP RUN VIỆT NAM HẢI PHÒNG) was established on January 23, 2014, and operates as a wholly foreign-invested enterprise (FDI) under Business ID: 0201380513, issued by the Hai Phong City Department of Planning and Investment. The company’s head office and factory are in Lot C5-3, Trang Due Industrial Park, Dinh Vu – Cat Hai Economic Zone, Hong Phong Ward, An Duong District, Hai Phong City, Vietnam.

TOP RUN VIETNAM HAIPHONG (TRVH) is a subsidiary of TOP RUN TOTAL SOLUTION CO., LTD (South Korea), holding 100% ownership. The company specializes in processing and manufacturing plastic and electronic components for products such as smartphones, televisions, refrigerators, washing machines, air conditioners, and in-car display screens, and also produces EPS foam. With a workforce of 1,100 employees, TRVH plays a critical role as part of the supply chain for major Korean electronics manufacturers, including LG and other OEM producers based in the Trang Due Industrial Park.

As of December 31, 2023, the company reported total assets of USD 91.91 million, an increase of 13.32% compared to 2022. Owner’s equity surged 131.65% to USD 40.16 million, while sales revenue reached USD 106.22 million, up 17.67% year-on-year. Net profit climbed 38.88% to USD 8.53 million, but working capital remained negative at USD -4.38 million, indicating that short-term liabilities exceeded current assets.

From a credit and financial perspective, the most critical observation is the imbalance between growth and liquidity. While revenue, assets, and profit rose strongly, the negative working capital suggests potential short-term financing pressure, likely due to expansion costs or high receivable turnover in a capital-intensive manufacturing operation. However, the company’s rapid equity growth and rising profitability imply that long-term financial health remains strong, provided liquidity management improves.

Overall, TOP RUN VIETNAM HAIPHONG CO., LTD demonstrates robust growth and operational strength, clearly dependent on Korean parent-company support and regional electronics demand. Its challenge lies in balancing aggressive expansion with sustainable liquidity, an issue that will define its financial stability in the coming years.