THACO AUTO BINH DUONG COMPANY LIMITED

THACO Auto Binh Duong Company Limited has been active for more than fifteen years as one of the commercial arms of the larger THACO group in southern Vietnam. Located on Binh Duong Boulevard in Thuan An City, the company focuses on the distribution, trading, and servicing of motor vehicles. According to the financial summary on page one, the business recorded 76,255,211 USD in sales in 2023 and managed total assets of 24,240,476 USD. These headline numbers show that THACO Auto Binh Duong continues to operate at meaningful scale, but the underlying shifts in the financial statements point to a year defined by tightening liquidity and reduced profitability.

Leadership and Governance Stability

The company is chaired by Ms Nguyen Thien My, who oversees operations and governance. She is supported by Administration Director Nguyen Van Kha. Ownership is entirely held by THACO Auto Company Limited based in Quang Nam, which maintains one hundred percent control over this dealership entity, as displayed in the shareholder section on page two. This structure provides strategic consistency with the wider THACO ecosystem, but it also means financial decisions and capital infusions depend on the group level rather than the local business unit.

A Multi Segment Automotive Trading and Service Platform

THACO Auto Binh Duong operates across a wide range of automotive related activities. Its primary function is the trading and distribution of passenger vehicles with nine seats or fewer, but its registered activities extend into sales of motorcycles, retail of automotive parts, fuel retail, leasing of motor vehicles, repair services, and associated brokerage functions. This breadth is typical of dealership models, which rely on multiple revenue streams to smooth out fluctuations in car sales. The extensive list of registered lines on page two shows the company’s intention to capture value across the full vehicle ownership cycle, from sales to service to parts.

Financial Performance and Operating Conditions

The financial picture for 2023 reveals a difficult period. Sales fell sharply from 112,593,647 USD in 2022 to 76,255,211 USD in 2023, a decline of more than thirty two percent as illustrated in the chart on page one. Profit dropped to 713,256 USD, a significant fall from the 3,068,210 USD reported in the previous year. Total assets increased slightly to 24,240,476 USD, but this expansion occurred alongside a severe contraction in working capital, which sank to negative 13,760,000 USD. This negative working capital level is highlighted in red on page one and represents a more than fifty four percent deterioration year over year.

Such financial movement indicates that the company is relying heavily on short term liabilities to support its operations. Dealerships often operate with tight liquidity due to inventory financing, but a shift of this magnitude suggests that 2023 was a year where costs, inventory cycles, or credit arrangements placed pressure on the business. Equity remained stable at 3,919,313 USD, but the near zero change in equity from the previous year reflects limited internal capital generation. The combination of falling profit, falling sales, and deep negative working capital is a signal that operational adjustments may be needed to restore financial comfort.

Strategic Position in Vietnam’s Automotive Market

THACO remains one of the most recognizable automotive groups in Vietnam, and its Binh Duong dealership benefits from brand recognition, established customer networks, and the large concentration of automotive buyers in the province. The region’s rising population and strong industrial base continue to generate long term demand for vehicles and related services. However, the company’s financial results in 2023 suggest that the business unit was affected by weaker consumer demand, slower loan approvals for car purchases, and sector wide pressure from tightening credit conditions.

For THACO Auto Binh Duong, the path forward lies in recalibrating its cost structure, improving inventory turnover, and strengthening after sales revenue streams that are less sensitive to economic swings. The core brand remains strong, but the financials indicate that this dealership must operate with sharper focus in the coming period.

VNBIS Support and Business Intelligence

Vanguard Business Information LLC provides a comprehensive set of analytical tools for organizations evaluating THACO Auto Binh Duong Company Limited. The full VNBIS Company Report includes detailed breakdowns of liquidity, debt patterns, credit risk, and operational trends that cannot be seen in the summary data alone. For lenders, suppliers, and potential partners who need a deeper understanding of the company’s financial resilience and long term stability, the full report offers a reliable foundation for informed decision making. It is available at www.vnbis.com.