VAS STEEL TUE MINH JOINT STOCK COMPANY

VAS STEEL TUE MINH JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THÉP VAS TUỆ MINH) is a privately held steel manufacturing company that illustrates the turbulence of Vietnam’s steel sector — rising, falling, and recovering, all within three years. Established in 2010 and headquartered in Dat Cuoc Industrial Park, Binh Duong Province, the company operates under Business ID 3701729269 and is actively involved in the production and trading of steel billets and rolled steel.

The company reported sales of USD 244.2 million in 2023, a 10.08% decline compared to the previous year. Still, it managed to swing back into profitability, posting USD 2.45 million in net profit, after a loss of nearly USD 6 million in 2022. That’s a 141.37% turnaround, showing operational resilience, even if revenue and asset figures remain under pressure.

However, total assets dropped sharply by 13.94% to USD 126.25 million, and working capital remained low, at just over USD 424,000 — a slim buffer for a capital-intensive business. While owner’s equity grew modestly by 6.75% to USD 38.76 million, the company still hasn’t recovered to its 2021 equity peak of nearly USD 48.4 million, suggesting continued fragility.

Leadership is concentrated among a few individuals: Chairman Mr. NGUYEN BAO GIANG, General Director Mr. VU MINH TU, and Deputy General Director Mr. VU VAN HUY. Ownership is similarly concentrated, with VAS STEEL AN HUNG TUONG CO., LTD. holding a controlling 65.37% stake. The company has a workforce of about 850 employees and maintains offices in both Binh Duong and Ho Chi Minh City.

For partners, suppliers, or lenders evaluating this company, the mixed signals — revenue decline, recovering profit, and declining asset base — warrant caution. It’s a classic case of a company working hard to rebound, but still exposed to market fluctuations and internal vulnerabilities.

A complete business verification and credit risk review from a trusted source like VANGUARD BUSINESS INFORMATION LLC (VBI) is strongly recommended. With VBI’s services, stakeholders can obtain detailed insight into payment behavior, legal risks, shareholder structure, and financial health trends — critical tools for making informed, risk-aware decisions in the volatile steel industry.