There’s something resilient about HOA BINH MINH CORPORATION COMPANY LIMITED.

Born more than two decades ago in Yen Bai Province — far from the booming lights of Hanoi or Ho Chi Minh City — this company has quietly but surely made its mark. Officially registered on May 29, 2003, under Business ID 5200213156, Hoa Binh Minh today operates actively across construction materials, motorbikes, automobiles, and even livestock farming. It’s a sprawling business, proudly Vietnamese, privately owned by Mr. Bui Minh Luc (holding 65%) and Ms. Nguyen Thi Hien (holding 35%).

Financially, however, the past few years haven’t been kind. By the end of 2023, the company’s total assets had shrunk to USD 35.47 million, a steep fall of 36.37% compared to the previous year. Revenue also dropped sharply to USD 346.96 million, down 23.76%, and profits plummeted by nearly 58% to just USD 444,292. Working capital turned negative at USD -11.09 million, signaling liquidity stress. It's clear that Hoa Binh Minh is feeling the pinch of Vietnam’s cooling construction sector and the fierce competition in automotive trading.

Yet, despite these tough numbers, the company’s spirit remains. Under the leadership of General Director Bui Minh Lucand Deputy General Directors Nguyen Thi Hien and Nguyen Thi Hong Lan, Hoa Binh Minh continues to employ 4,000 people nationwide. That’s 4,000 families depending on the company’s ability to weather storms. Its broad portfolio — from motorbikes to steel, from construction materials to pig farming — shows a survival instinct, an unwillingness to be cornered by one industry’s ups and downs.

Hoa Binh Minh is, in many ways, a symbol of Vietnam’s mid-sized family businesses: ambitious, adaptable, occasionally battered by market forces, but deeply rooted in hard work and hope. Going forward, it’s clear the company will need to sharpen its focus, rethink its cash management, and possibly consolidate its diverse operations. But if history is any guide, it would be unwise to count them out just yet.