THANH THANG GROUP INVESTMENT JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN ĐẦU TƯ THÀNH THẮNG GROUP) is a large, privately held enterprise based in Ninh Binh Province, Vietnam. It has been around since 2005 and is involved in a range of industries, but its main business centers on quarrying stone, sand, gravel, and clay. Over the years, it has expanded into construction, real estate, coal trading, transportation, and even hospitality and food services.

The company is registered under business ID and tax code 2700269063 and is located in Tri Dong Hamlet, Gia Thanh Commune, Gia Vien District. Its scale is notable—with more than 350 employees and total assets of over USD 209 million as of the end of 2023. The paid-up capital is high too, reaching nearly USD 108 million. This is clearly not a small operation. But size, as we know, doesn’t always mean strength.

Looking closely, some warning signs begin to emerge. Sales in 2023 jumped significantly, up by 52.93% year-over-year to USD 141 million. That’s impressive growth in revenue terms. But at the same time, the company recorded a loss of USD 6,904. This came after making a small profit the previous year and follows an even larger loss in 2021. So despite the strong top line, profitability appears elusive. Margins may be razor-thin, and it’s worth asking: Is the growth being fueled by sustainable operations or simply volume?

Another key red flag: negative working capital. The company closed 2023 with a working capital deficit of over USD 39 million. That’s not a trivial figure. It suggests short-term liabilities far exceed liquid assets, meaning the company may have to rely on outside financing or stretch payment terms with suppliers to stay afloat. This situation can quickly become risky if credit lines tighten or if customers delay payments.

Ownership is extremely concentrated. Director Do V. T. holds 99.58% of shares, with two others holding small symbolic percentages. While this gives the director full control, it also eliminates independent oversight. In a company of this size, such control can be efficient—but it also makes the business vulnerable to governance risks, especially if decisions are made without internal checks or external accountability.

Despite these concerns, it would be unfair to overlook the company's role in the local economy. With over 350 employees and a large footprint in Vietnam’s construction and resource industries, THANH THANG GROUP INVESTMENT JOINT STOCK COMPANY plays a real part in infrastructure and material supply. But from a credit and risk assessment perspective, the picture is far from stable.

The combination of fast revenue growth, persistent losses, and substantial negative working capital should not be ignored. Whether the company can translate its revenue scale into reliable, long-term profitability—and whether it can manage its liquidity risks—remains an open question. For suppliers, lenders, or partners, this is a business that requires careful monitoring, tight credit terms, and a well-defined contingency strategy.