VICEM ENERGY AND ENVIRONMENT JOINT STOCK COMPANY

As an auditor with in-depth experience analyzing capital-intensive enterprises in Vietnam, I offer the following balanced introduction to VICEM ENERGY AND ENVIRONMENT JOINT STOCK COMPANY (Công ty Cổ phần Năng Lượng và Môi Trường VICEM)—a publicly listed enterprise operating under stock symbol VTV on the HNX exchange.

Established in 2006 and headquartered in Hanoi, VICEM ENERGY AND ENVIRONMENT JOINT STOCK COMPANY is a key member of the Vietnam National Cement Corporation (VICEM) ecosystem, which retains a 62.95% ownership stake. With a charter capital of over USD 12.81 million and a diversified portfolio spanning coal trading, river transport, real estate services, and construction materials, the company supports supply chain logistics and energy inputs essential to Vietnam’s cement industry.

From a financial standpoint, the company has seen considerable volatility in recent years. After peaking in 2022 with USD 182.8 million in revenue, the company’s 2023 revenue dropped to USD 117.05 million, a sharp decline of nearly 36%, indicating possible market contraction or operational disruption. This falloff in revenue has significantly impacted the bottom line: net profit for 2023 declined 72.59% to just over USD 217,000, marking a considerable deviation from the previous upward trend. Although the company remains profitable, the margin compression points to rising costs, competitive pressures, or inefficiencies in its multi-sector activities.

Total assets in 2023 stood at USD 43.79 million, down 27.25% from the year prior, suggesting a potential divestment, asset revaluation, or capital restraint. While the company has managed to maintain relative equity stability—with owner’s equity declining just 3.34% to USD 16.91 million—such results indicate constrained reinvestment capacity in light of declining profits and static capital levels.

From a structural perspective, VICEM ENERGY AND ENVIRONMENT JOINT STOCK COMPANY appears moderately leveraged, with an equity ratio that suggests cautious borrowing but perhaps an underutilization of financial leverage to fuel growth. Its broad scope of registered activities—from coal trading and transport to cement manufacturing and property leasing—offers diversification but could also dilute managerial focus and strain strategic coherence.

In summary, VICEM ENERGY AND ENVIRONMENT JOINT STOCK COMPANY remains a strategically positioned enterprise within Vietnam’s industrial value chain, but its financial trajectory in 2023 signals the need for tighter operational controls, cost optimization, and clarity in its business focus if it aims to sustain long-term shareholder value in a challenging market landscape.