TU LAP CONTRUCTION COMPANY LIMITED

TU LAP CONSTRUCTION COMPANY LIMITED (CÔNG TY TNHH XÂY DỰNG TỰ LẬP) has been operating in Phu Tho Province for more than two decades. Established on August 14, 2001, the company is legally structured as a limited liability company and is registered under Business ID and Tax Code 2600251062. Its head office is located at No. 3010 Hung Vuong Street, Van Phu Ward, Viet Tri City. With 550 employees and three additional branches within Phu Tho, it has a notable local footprint in civil and industrial construction.

At a glance, the financials suggest a well-capitalized enterprise. As of year-end 2023, total assets reached 211.32 million USD, while equity stood at 128.94 million USD. Working capital was strong at 85.18 million USD, providing a comfortable liquidity cushion. These are healthy signs. However, the company’s profit for 2023 was just 2.12 million USD, barely 1.5 percent of revenue. That is a thin margin by construction industry standards and indicates a possible mismatch between capital intensity and profitability.

Revenue growth has also plateaued. After jumping 81 percent in 2022, sales declined slightly in 2023 to 140.29 million USD, a drop of 0.65 percent. While this is not alarming, it raises the question of whether TU LAP is approaching capacity limits or facing contract delays or pricing pressure. The sharp rise in profit in 2023 (up over 100 percent year over year) looks better on paper than in absolute terms, as the baseline figure from the previous year was just over one million USD.

The company is directed by Nguyen V. T., who also holds a tiny stake (0.1 percent). Most ownership rests with Hoang N. H. (76.67 percent) and Hoang T. Q. (23.13 percent). This concentration of shares, while typical in private enterprises, should be considered in relation to control dynamics and decision-making transparency.

From a credit risk standpoint, the company’s biggest strength lies in its asset base and equity position. However, the low return on that equity and the recent sales stagnation suggest underutilized capacity or inefficient operations. For suppliers, banks, or partners, the takeaway is clear: TU LAP is not a high-risk firm, but it is not high-margin either. Contracts should be structured with milestone-based payment terms and monitored for execution delays.

In short, TU LAP CONSTRUCTION COMPANY LIMITED is stable but slow-moving. It carries financial weight, but for now, it is not converting that strength into strong profits.