VIET PHAP STEEL CORRUGATED JOINT STOCK COMPANY

VIET PHAP STEEL CORRUGATED JOINT STOCK COMPANY has operated for more than 8 years in Vietnam’s steel manufacturing and galvanization sector, and during that time VIET PHAP STEEL CORRUGATED JOINT STOCK COMPANY has expanded into a mid sized industrial producer supplying galvanized steel to construction, infrastructure and industrial clients. Today, VIET PHAP STEEL CORRUGATED JOINT STOCK COMPANY operates from the Nam Dinh Vu Non Tariff and Industrial Zone in Hai Phong, a strategic location for heavy industry and import export logistics.

Leadership and Ownership Structure

The company is led by General Director Mai M. N., supported by Deputy General Director Phan T. T. and Chief Accountant Ngo T. P. With 300 employees and a charter capital equivalent to more than $25.7 million, the firm maintains a privately held ownership model. Notably, Singapore based Fuyuanhua International Pte. Ltd. holds a 35 percent stake, indicating foreign capital participation and cross-border governance expectations. The remaining 65 percent is held by domestic shareholders, creating a mixed ownership base that combines local operational control with international investment oversight.

Position in Vietnam’s Steel Manufacturing and Galvanization Chain

The company specializes in manufacturing galvanized steel, a segment influenced heavily by construction cycles, infrastructure development and industrial expansion. Its registered activities extend into inland water transport, warehousing, road freight, site preparation, plumbing and electrical installation, reflecting a strategy of backward and forward integration around steel logistics and construction support services. This breadth mirrors the operating model of many Vietnamese industrial manufacturers that diversify along the supply chain to control freight, storage and installation costs.

Revenue and Profit Performance Under Sector Pressure

The company recorded revenue of $74.17 million, reflecting a steep 26 percent decline YoY. This drop aligns with the slowdown in steel demand across Vietnam during 2023, driven by stalled real estate projects, weaker construction investment and tighter credit conditions. Despite the revenue contraction, profit rose to $932,428, an increase of 57.87 percent YoY, signaling improved cost control or better margin management even in a downcycle. This profit rebound following a sharp decline in 2022 highlights a degree of operational adaptability.

Asset Growth and Liquidity Constraints

Total assets increased to $56.22 million, a 7.51 percent YoY rise and the company’s highest asset position over the past 3 years. Equity climbed to $17.28 million, reflecting consistent capital accumulation and strengthening balance sheet fundamentals. However, working capital fell sharply to $658,956, a 55.2 percent decline, raising concerns regarding liquidity, short-term cash flow and the company’s ability to manage procurement cycles in a capital-intensive manufacturing environment. For a steel manufacturer dependent on raw material imports and logistics-heavy operations, limited working capital can restrict production flexibility and inventory purchasing power.

Operational Dynamics of a Mid Sized Steel Producer

Manufacturing galvanized steel requires significant investment in plant operations, energy consumption and raw material imports. The company’s diversified business activities in water transport, warehousing and road freight suggest a structural approach to reducing logistics costs and improving supply chain control. However, the revenue decline and shrinking working capital indicate that the company must manage production volumes carefully to avoid liquidity stress. With rising steel price volatility and a slow recovery in construction demand, operational efficiency will increasingly determine competitiveness.

Why This Company Remains Relevant in Vietnam’s Industrial Supply Chain

Despite a difficult year for the steel sector, the company maintains strong asset growth, stable equity expansion and positive profitability. Its location inside the Nam Dinh Vu industrial zone and its involvement in logistics-related activities enhance its strategic positioning. As Vietnam gradually restarts construction and infrastructure projects, mid-sized steel manufacturers with diversified logistics capabilities are likely to regain volume more quickly than non-integrated producers. The firm’s combination of domestic ownership and foreign investment also provides a platform for potential technology upgrades and stronger corporate governance.

VNBIS Insight for Investors, Lenders and Procurement Teams

VNBIS provides a comprehensive analysis of VIET PHAP STEEL CORRUGATED JOINT STOCK COMPANY, including ownership verification, balance sheet strength, liquidity conditions and operational resilience. The VNBIS Company Comprehensive Report offers deeper insight into credit behavior, solvency indicators and long-term sustainability. For investors, lenders and buyers seeking clarity before forming partnerships, GET THE FULL AND CUSTOMIZED REPORT AT www.vnbis.com