KIEN GIANG POWER COMPANY (CÔNG TY ĐIỆN LỰC KIÊN GIANG) is a state-affiliated electricity distribution branch operating in southern Vietnam under Business ID 0300942001-024. Though active for nearly three decades since its registration in May 1996, the company's financial health in 2023 paints a picture of operational contradictions — strong sales growth but deeply concerning liquidity.

The company reported sales of USD 253.73 million in 2023, an 8.31% increase compared to 2022. Meanwhile, net profit jumped 237.27% to USD 627,516, bouncing back after previous declines. On paper, this suggests improved cost control or more efficient service delivery. However, this modest profit must be viewed against the scale of revenue and a staggering negative working capital of USD 88.72 million, which signals persistent short-term liabilities exceeding current assets — a structural risk that should not be ignored.

Total assets dropped by 6.57% year-over-year to USD 183.38 million, raising questions about investment drawdown or asset depreciation. Conversely, owner’s equity improved sharply by 38.83%, reaching USD 52.12 million, suggesting either capital injection or retained earnings accumulation despite the liquidity squeeze.

While KIEN GIANG POWER COMPANY plays an essential role in regional energy supply, its legal status as a branchand lack of shareholder transparency make it more challenging to assess governance strength or independent decision-making capacity. Registered in Rach Gia City, the company is involved not only in electricity distribution but also in machinery installation, technical consultancy, and other ancillary services.

For anyone considering contracts, financing, or partnerships with KIEN GIANG POWER COMPANY, it is crucial to examine its creditworthiness and liquidity beyond headline revenue. Independent due diligence tools — like VBI’s company credit reports, legal status checks, and operational risk evaluations — are essential in identifying hidden exposures and making informed decisions. In the utility sector, where scale often conceals debt risk, independent verification is not optional — it’s critical.