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XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

Active

Business ID 2700113605

84-229 / 3876 930 / 3876 931 / 3630 703

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

Active

Business ID 2700113605

84-229 / 3876 930 / 3876 931 / 3630 703

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

Active

Summary

Name:

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

Business ID (TIN):

2700113605

Date of Registration:

17 Mar 1993

Registered Office:

Ninh Binh Department of Planning and Investment

Address:

No. 1, Trang An Road, Tan Thanh Ward, Ninh Binh City, Ninh Binh Province, Vietnam

Phone:

84-229 / 3876 930 / 3876 931 / 3630 703

Fax:

(84-229) 3876 932

Financial Statement:

2020, 2021, 2022, 2023, 2024

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE (Doanh nghiệp tư nhân Xây dựng Xuân Trường)is one of the largest privately held construction entities in Ninh Bình, known for high-profile spiritual tourism projects and massive infrastructure works. Legally, it operates as a one-owner private enterprise, under Business ID 2700113605, with registered capital exceeding USD 616 million, an unusually high figure for a private enterprise structure in Vietnam.

Yet beneath this impressive scale, the financial and operational signals reveal significant structural risks that any investor, partner, or lender should carefully examine.

1. Extreme Asset Expansion But Almost No Profit — A Fundamental Red Flag

The company’s total assets jumped from USD 194.8 million in 2021 to USD 308 million in 2023.

However, across the same period:

Profit was only USD 15,933
Profit declined for two consecutive years
Net profit margin is effectively 0.016 percent

For a company of this size, such minimal profitability suggests one of several scenarios:

Capital is tied up in long-term projects that have not yet generated returns
Revenue recognition may be intentionally delayed
Cash flow could be negative despite positive revenue
Significant assets may be non-productive or overvalued
Excessive reliance on advances, deposits, or internal capital movement

A risk manager would immediately question whether these assets can actually be liquidated or monetized, or whether they are tied to projects with uncertain completion timelines.

2. Working Capital Deep in Negative Territory — Liquidity Risk Is High

The report shows working capital at negative USD 19.68 million, a dramatic deterioration of nearly 58 percent year-on-year.

This is a critical sign of liquidity stress:

The company may not have sufficient short-term resources to meet obligations
Cash cycles in construction are long and volatile
A squeeze in payables or delays in receivables could disrupt operations
Projects dependent on state approvals or tourism flows may face unpredictable delays

For a company managing thousands of workers and multi-year megaprojects, negative working capital can signal cash-flow pressure beneath a large but immobile asset base.

3. A One-Owner Structure With USD 616 Million in Charter Capital — Governance Risk

The enterprise is owned entirely by one individual, the director:

Nguyen V. T.

In corporate governance terms, this creates several high-risk exposures:

No board oversight
No separation between ownership and management
All strategic decisions depend on one person
Lack of an accountability mechanism
Potential succession issues in a company with 4,000 employees
Charter capital declared is exceptionally high relative to financial performance

A private enterprise of this size operating without the checks and balances of a joint-stock structure is highly unusual and raises questions about internal control systems and transparency.

4. Revenue Growth Without Matching Profit — Operational Efficiency Concerns

Sales almost doubled in 2022 and continued to rise in 2023, reaching USD 96.39 million.

Yet profits continue to fall. This may indicate:

Rising material costs have not passed to customers
Inefficient cost management
Revenue concentrated in low-margin contracts
Contractual obligations that leave little room for profitability
Aggressive bidding or political obligations in tourism-related megaprojects

If revenue is rising but profit is shrinking, the operational model may be under strain.

5. Conclusion: A High-Scale Company With Very High Risk Signals

On paper, XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE looks enormous.

But from a risk management perspective, it presents multiple structural warning signs:

Extremely low profit despite massive scale
Negative working capital
Sharp declines in profit
Extraordinary asset growth without transparency
A one-owner governance model for a company handling hundreds of millions of dollars
Heavy exposure to significant tourism and infrastructure projects that depend on state approval, capital intensity, and long ROI cycles

For lenders, suppliers, or partners, this is a company that requires deep due diligence beyond surface financials.

The updated VNBIS Comprehensive Report, including FS2024, cash flow analysis, debt schedule, related-party transactions, and project-based financial segmentation, will be essential for understanding the real financial health of this giant.

Legal Profile

English Name:

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

Vietnamese Name:

DOANH NGHIỆP TƯ NHÂN XÂY DỰNG XUÂN TRƯỜNG

Business ID (TIN):

2700113605

Date of Registration:

17 Mar 1993

Registered Office:

Ninh Binh Department of Planning and Investment

Ownership Status:

Privately held

Operation Status:

Active

Contacts

Key Decision Makers:

+ NGUYEN V.T

+ DO T.T

+ NGUYEN T.T

Address:

No. 1, Trang An Road, Tan Thanh Ward, Ninh Binh City, Ninh Binh Province, Vietnam

Phone:

84-229 / 3876 930 / 3876 931 / 3630 703

Fax:

(84-229) 3876 932

Registration Address:

No. 16, Xuan Thanh Street, Tan Thanh Ward, Ninh Binh City, Ninh Binh Province, Vietnam

Business Sector

Key business lines:

VSIC:

4291 Construction of hydraulic structures

NACE:

42.91 Construction of water projects

Industry Sales Growth

CAGR (2019 - 2023)

9.72%

YoY (2023)

8.46%

Companies by industry

Company distribution and propportions

4,115

0.1415%

Key Industry Players

Top 10 companies in construction of hydraulic structures industry

thang long mechanical construction joint stock corporation lilama 10 joint stock company vinaconex 25 joint stock company xuan truong construction private enterprise viet nam agricultural of construction joint stock corporation nam khang construction investment development one member limited liability company sci e&c joint stock company handong engineering & construction joint stock company dong tay trade and construction investment joint stock company hai duong – rural development & dike stone construction joint stock company

Payment History

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Financial Performance

Assets	-23.92%
Owner’s Equity	37.93%
Working Capital	-45.26%
Net Worth	80.06%
Sales	85.35%
Operating income	-23.48%
EBIT	-23.62%
Gross Profit Margin	38.81%
Debt to EBITDA	13.07%

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Opinion from Analysts

Specific Questions About XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

When did XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE start operating?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE was started in 17 Mar 1993

What industry does XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE operate in?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE is operating in "Construction of hydraulic structures" industry

How can I contact XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE phone numbers is 84-229 / 3876 930 / 3876 931 / 3630 703

What adverse news is there about XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE’s has 5 bad news

What is stock symbol of XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE is not listed company

Where is the location of XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE is located at No. 1, Trang An Road, Tan Thanh Ward, Ninh Binh City, Ninh Binh Province, Vietnam

What is XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE’s business registration?

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE business registration is 2700113605

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XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

1. Extreme Asset Expansion But Almost No Profit — A Fundamental Red Flag

2. Working Capital Deep in Negative Territory — Liquidity Risk Is High

3. A One-Owner Structure With USD 616 Million in Charter Capital — Governance Risk

4. Revenue Growth Without Matching Profit — Operational Efficiency Concerns

5. Conclusion: A High-Scale Company With Very High Risk Signals

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XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

XUAN TRUONG CONSTRUCTION PRIVATE ENTERPRISE

1. Extreme Asset Expansion But Almost No Profit — A Fundamental Red Flag

2. Working Capital Deep in Negative Territory — Liquidity Risk Is High

3. A One-Owner Structure With USD 616 Million in Charter Capital — Governance Risk

4. Revenue Growth Without Matching Profit — Operational Efficiency Concerns

5. Conclusion: A High-Scale Company With Very High Risk Signals

Company Profile Report

Company Standard Report

Comprehensive Report

GET IN TOUCH FOR EXCLUSIVE DEALS!

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