VIET HUNG PHU REAL ESTATE BUSINESS INVESTMENT JOINT STOCK COMPANY

VIET HUNG PHU is a foreign-invested joint stock company established on May 22, 2017, and legally registered with the Ho Chi Minh City Department of Planning and Investment under Business ID 0314416104. Its principal business is real estate project development, focusing on trading own or rented property and land use rights. The company maintains its head office at Deutsches Haus Building, 33 Le Duan, District 1, Ho Chi Minh City, and a registered business address in District 4.

The company is wholly foreign-owned, with CVH SUMMER PTE. LTD (Singapore) holds 99.98% of the equity. The remaining 0.02% is split between two Cayman Islands-based entities. Ms. Wan Yoke Yee, a Malaysian national, serves as Director, with Ms. Le T. M. T. as Chief Accountant.

Financial Performance Review (2023)

2023 marks a pivotal year for VIET HUNG PHU, with significant improvements across all major financial indicators:

• Revenue: The company generated USD 117.56 million in revenue in 2023—its first recorded sales since inception. This reflects the commencement or delivery of a significant real estate project, likely tied to the “De La Sol” development, as indicated by its official website and transaction address.

• Profitability: After posting net losses in 2021 and 2022, the company rebounded sharply in 2023, posting a net profit of USD 33.94 million. This represents a +3,120.66% year-over-year swing and positions the company significantly more profitable than many peers in Vietnam's real estate space.

• Equity & Capital Base: Owner’s equity rose by 87.14%, reaching USD 72.88 million, while total assets stabilized at USD 109.15 million, a marginal increase of 0.37% over the previous year. Working capital remains strong at USD 73.92 million, providing solid liquidity and reducing short-term default risk.

Credit Risk Assessment

From a credit perspective, VIET HUNG PHU exhibits a strong balance sheet with the following favorable indicators:

✅ Excellent liquidity: Working capital above USD 70 million offers reassurance for short-term creditors.
✅ Rapid profitability recovery: Transitioning from two years of losses to a substantial net profit suggests well-executed project delivery.
✅ High equity ratio: The equity-to-assets ratio is approximately 66.8%, which supports long-term solvency and investor confidence.
✅ Transparent ownership: Although wholly foreign-owned, the company’s parent in Singapore provides additional international credibility.

However, there are still some considerations:

⚠️ Sales concentration: With 2023 being the first year of recorded revenue, it's likely tied to one or two completed projects. Future earnings could fluctuate if this income is not recurring or project pipeline visibility is low.
⚠️ Low employee count: With only 17 employees, most development activities are likely outsourced. While this model is not unusual in real estate, it does require strong contractor oversight.

Credit Recommendation

Based on 2023 data, VIET HUNG PHU should be considered a low-to-moderate risk entity in the short to medium term. It is creditworthy for supplier terms, investment partnerships, and moderate financial exposure, particularly when tied to clearly scoped projects with secured off-take.

Nonetheless, any extension of large credit lines or long-term exposure should be accompanied by a forward-looking assessment of the project pipeline, revenue recurrence, and ongoing operational activities.

VNBIS Recommendation

Investors, suppliers, and lenders are strongly encouraged to consult detailed due diligence and ongoing monitoring services from VANGUARD BUSINESS INFORMATION LLC (VNBIS) to support secure business decisions. With deep local expertise and global coverage, VNBIS helps you minimize financial risk and maximize business opportunities when partnering with companies like VIET HUNG PHU in Vietnam’s real estate sector.