VENUS GAS COMPANY LIMITED

VENUS GAS COMPANY LIMITED (CÔNG TY TNHH GAS VENUS) has rapidly grown into one of Vietnam’s more prominent names in the wholesale gas distribution sector — but its financial condition in 2023 reveals a company under increasing internal pressure despite top-line success.

Registered as a limited liability company with Business ID 0105162576, VENUS GAS was established in February 2011 and is headquartered in Ba Dinh District, Hanoi. The company’s operations span across multiple provinces with a production site in Bac Ninh and representative offices in Quang Ninh and central Hanoi. Its core business is the wholesale of solid, liquid, and gaseous fuels, with a specialization in gas refilling and distribution.

The company’s sales revenue in 2023 reached USD 252.45 million, up 28.41% year-over-year — a figure that typically signals strength. Total assets also climbed by 30.55%, hitting USD 142.76 million. However, these top-line gains contrast sharply with deteriorating profitability and cash flow. Net profit was negative USD 2.34 million, though it technically improved from a deeper loss in 2022. Working capital remained critically low at USD -40.88 million, highlighting serious liquidity stress. This imbalance between growth and solvency is concerning, especially for a fuel distributor in a capital-intensive sector.

Ownership is concentrated: Mr. LE TIEN DUONG controls nearly 69% of the company, while General Director Mr. NGUYEN QUOC ANH holds just over 16%. This structure may ensure internal alignment but could also limit governance checks in strategic decision-making. The sharp volatility in equity, which surged by over 2,700% after plunging in 2022, signals potential recapitalization efforts rather than organic financial strength.

Given this mix of aggressive growth and financial fragility, engaging with VENUS GAS COMPANY LIMITED requires clear-eyed risk assessment. Credit risk, liquidity pressure, and ownership concentration all warrant scrutiny. That's why stakeholders — including suppliers, banks, and leasing firms — are advised to seek independent credit reports, financial risk ratings, and business verification from providers like VANGUARD BUSINESS INFORMATION LLC (VBI). These services can illuminate the full risk profile, beyond just headline sales numbers, helping ensure informed and secure commercial decisions.