VIET NAM - ITALY STEEL JOINT STOCK COMPANY

Executive Summary

Established in 2004 and currently operating as an active joint stock company with foreign direct investment (FDI) status, VIET NAM - ITALY STEEL JOINT STOCK COMPANY (VISCO) has become a prominent name in Vietnam’s steel manufacturing industry. Headquartered in Pho Noi A Industrial Park, Giai Pham Commune, Yen My District, Hung Yen Province, the company is backed by major Japanese capital and technical expertise, with Kyoei Steel Ltd. (Japan)holding a dominant 98.24% ownership. This strategic backing supports VISCO’s long-term development and access to advanced metallurgical technology and global markets.

The company's legal registration is held under Business ID and Tax Code 0900222647, issued by the Hung Yen Province Department of Planning and Investment. As of 31 December 2023, it had a charter capital of USD 83.07 million, which is fully paid up, and it employed approximately 700 staff across its main plant and representative branches in Hanoi and Hai Phong. The company is chaired by Mr. Meguru Nishimura, with Mr. Yasuhiro Yonemura acting as General Director and Mr. Shin Yasuda as Deputy General Director—all of Japanese nationality—reflecting a strong overseas governance structure.

Business Operations

VISCO specializes in the manufacture of steel billets, steel wire coils (Ø6–Ø8), and deformed steel bars (D10–D40). Its operations span the full production cycle, including billet casting and rolling processes, to serve both the domestic construction sector and regional export markets. The company is also legally registered for a range of additional business lines, including metal trading, fabricated metal products, and certain IT-related services, although its primary focus remains steel production.

VISCO operates two key facilities: its main manufacturing base in Hung Yen Province and a branch in Hai Phonglocated in Dong Nam Cau Kien Industrial Park. It also maintains a representative office in Hanoi to coordinate commercial and strategic affairs. These locations strategically position VISCO close to key industrial and shipping hubs in Northern Vietnam.

Financial Performance

In the fiscal year 2023, VISCO reported total assets of USD 181.43 million, marking an impressive 53.04% year-over-year increase, signaling asset expansion or reinvestment in infrastructure. Owner’s equity rebounded strongly to USD 36.75 million, after a deficit in 2022, translating to a 934.53% increase—a result of capital infusion or write-backs. The company’s net worth followed a similar trend, reaching USD 36.69 million.

However, while the capital position has improved, profitability remains negative, with a net loss of USD 11.63 million, though this figure marks a 43.77% improvement over 2022’s deeper losses. Revenue declined by 13.05%, from USD 209.84 million in 2022 to USD 182.45 million in 2023. These figures indicate a challenging operating environment, possibly tied to fluctuations in steel prices, input costs, or global demand. Working capital remains in deficit at -USD 3.98 million, a point of concern that may affect short-term liquidity.

Strategic Assessment

With the strong backing of Japanese steel conglomerates and a long-established presence in Vietnam, VISCO maintains high operational credibility and potential for recovery despite recent financial losses. The combination of infrastructure scale, equity resurgence, and foreign expertise gives it the structural resilience to weather market volatility and prepare for profitability in future cycles.

For stakeholders, buyers, suppliers, and financiers interested in VISCO, it is highly recommended to obtain updated company reports, conduct financial due diligence, and assess the firm’s creditworthiness and operational risk profile before making high-value engagements. This can be facilitated through VANGUARD BUSINESS INFORMATION LLC (VBI), which provides verified company financial data, risk assessments, and in-depth intelligence reports via its trusted platform vnbis.com. With VBI's insights, stakeholders can make strategic, informed decisions about doing business with one of Vietnam's major steel manufacturers.