TRANG THI COMMERCIAL SERVICE JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THƯƠNG MẠI DỊCH VỤ TRÀNG THI): From Sleepy Sales to Sudden Surge—A Sharp Spike Raises Eyebrows

A quiet name tucked in Hanoi’s historic Trang Thi Street, TRANG THI COMMERCIAL SERVICE JOINT STOCK COMPANY has suddenly become a company worth watching. For two years it struggled with falling sales and shrinking profit, only to erupt in 2023 with a stunning 1,496% sales increase, taking total revenue from just USD 9.28 million in 2022 to USD 148.18 million. It’s the kind of explosive growth that begs a deeper look, and perhaps some caution.

Legally established since May 10, 1993, with Business ID 0100107437, the company operates from No. 12-14, Trang Thi Street, Hang Trong Ward, Hoan Kiem District, Ha Noi City, Vietnam. Listed on UpCOM under the ticker symbol T12, it is a publicly held joint stock company, majority-owned (53%) by Hanoi Trade Joint Stock Corporation (Hapro). Its General Director, Mr. Vu T. T., oversees approximately 200 employees, with a scope of operations that includes retailing home electronics, furniture, lighting equipment, and other household goods, along with manufacturing, warehousing, apparel, printing, and logistics.

At first glance, the company’s 2023 financial data reads like a corporate fairy tale. Assets tripled, from USD 65.3 million to over USD 207 million, and working capital jumped 115.75%, landing at USD 13.95 million. But while revenue soared, profit declined. Net income slipped 6.68% to a modest USD 212,408—barely a whisper against the top-line boom. Meanwhile, equity held steady at USD 56.18 million, reflecting a lack of fresh retained earnings, despite the huge asset influx.

This unusual combination, massive revenue growth but negligible profit increase, raises questions about cost control, accounting treatment of revenues, or perhaps non-recurring business events. In the context of Vietnam private financial data and credit risk analysis, such asymmetry between turnover and profit is a flag for deeper due diligence.

In truth, TRANG THI COMMERCIAL SERVICE JOINT STOCK COMPANY might be transitioning: a legacy retailer backed by a large parent, attempting to pivot or scale through new distribution channels or government-linked projects. But without a corresponding rise in profitability, the story is incomplete, and caution is warranted.

For anyone conducting business verification on this firm, this is not just a retail company; it’s a case study in dramatic change that demands answers. Only time- and careful monitoring- will tell whether it’s a new chapter of genuine expansion or a temporary accounting anomaly.