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VIETNAM RAILWAYS (VNR)

Active

Business ID 0100105052

84-24 / 3942 5972

VIETNAM RAILWAYS (VNR)

Active

Business ID 0100105052

84-24 / 3942 5972

VIETNAM RAILWAYS (VNR)

Active

Summary

Name:

VIETNAM RAILWAYS (VNR)

Business ID (TIN):

0100105052

Date of Registration:

26 Jul 2010

Registered Office:

Ha Noi City Department of Finance

Address:

No. 118, Le Duan Street, Ha Noi City, Vietnam

Phone:

84-24 / 3942 5972

Financial Statement:

2020, 2021, 2022, 2023, 2024

VIETNAM RAILWAYS (VNR): The Backbone of National Transport Making a Fragile Recovery

VIETNAM RAILWAYS (VNR) (Vietnamese name: TỔNG CÔNG TY ĐƯỜNG SẮT VIỆT NAM) is the sole operator of Vietnam’s national railway system, linking the country from north to south across over 1,700 kilometers of tracks. As a state-owned enterprise under the Ministry of Transport, VNR plays a pivotal role in both passenger and freight transportation, as well as infrastructure maintenance and leasing services. It is registered under Tax Code (TIN): 0100105052 and headquartered at 118 Le Duan Street, Hoan Kiem District, Hanoi.

Under the leadership of Chairman and General Director Mr. Dang Sy Manh, VNR employs over 6,100 people, managing daily operations that support the movement of goods and people across the nation. Its monopoly status gives it unmatched reach and responsibility, but it also exposes the company to public scrutiny and the weight of state-managed reform.

Financially, 2023 marked a fragile but symbolic return to profitability after years of losses. VNR reported a net profit of USD 186,457, a narrow margin but a significant reversal from its USD 7.08 million loss in 2022 and over USD 23 million loss in 2021. Revenue reached USD 240.75 million, up 7.35% year-over-year, while total assets ballooned by 55.44% to USD 957.54 million. More impressively, owner's equity surged 65.68% to USD 857.65 million, driven by government capital injection and asset revaluation.

Yet, risks remain stark. VNR’s working capital is critically low at just USD 5.95 million, limiting its ability to cover day-to-day operational shocks or respond to infrastructure failures. Its profitability remains razor-thin, heavily dependent on state subsidies, and vulnerable to competition from faster and more flexible road and air transport options. With an aging infrastructure, slow modernization, and limited digitalization, VNR faces a difficult path toward long-term sustainability.

Strategically, VNR is attempting to reposition itself through partial service modernization and joint venture partnerships; however, progress has been slow. Its role as both infrastructure manager and transport operator may require structural separation—an idea discussed but not yet implemented.

As the only national railway company in Vietnam, VNR holds a unique place in the country’s economic fabric, but it must transform to stay relevant. For investors, policymakers, and logistics players, VNR represents both a strategic asset and a policy challenge.

To assess financial health, reform outlook, and partnership viability, rely on VANGUARD BUSINESS INFORMATION LLC (VBI)—Vietnam’s most trusted source for infrastructure intelligence and state-owned enterprise analysis.

Legal Profile

English Name:

VIETNAM RAILWAYS (VNR)

Vietnamese Name:

TỔNG CÔNG TY ĐƯỜNG SẮT VIỆT NAM

Short Name:

ĐƯỜNG SẮT VIỆT NAM (ĐSVN)

Business ID (TIN):

0100105052

Date of Registration:

26 Jul 2010

Registered Office:

Ha Noi City Department of Finance

Ownership Status:

State-owned

Operation Status:

Active

Contacts

Key Decision Makers:

+ DANG S.M

+ PHAN Q.A

+ HOANG G.K

+ HOANG N.K

Address:

No. 118, Le Duan Street, Ha Noi City, Vietnam

Phone:

84-24 / 3942 5972

Business Sector

Key business lines:

VSIC:

4911 Passenger rail transport

NACE:

49.10 Passenger rail transport, interurban

Industry Sales Growth

CAGR (2019 - 2023)

13.37%

YoY (2023)

3.92%

Companies by industry

Company distribution and propportions

0.0022%

Key Industry Players

Top 10 companies in passenger rail transport industry

vietnam railways (vnr) vietranstimex multimodal transport holding company s5 asia company limited sai gon railway transport joint stock company hanoi railway transport joint stock company long thanh phat transport service trading company limited binh minh tai co.,ltd (translated name) song lam construction and trading joint stock company tiim railways transport and trade joint stock company (translated name) vicsapa vietnam trading and tourism services joint stock company

Payment History

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Financial Performance

Assets	85.53%
Owner’s Equity	-74.43%
Working Capital	-40.89%
Net Worth	18.36%
Sales	1.31%
Operating income	-88.82%
EBIT	-7.60%
Gross Profit Margin	-51.00%
Debt to EBITDA	-0.76%

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Negative Payment Records

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Opinion from Analysts

Specific Questions About VIETNAM RAILWAYS (VNR)

When did VIETNAM RAILWAYS (VNR) start operating?

VIETNAM RAILWAYS (VNR) was started in 26 Jul 2010

What industry does VIETNAM RAILWAYS (VNR) operate in?

VIETNAM RAILWAYS (VNR) is operating in "Passenger rail transport" industry

How can I contact VIETNAM RAILWAYS (VNR)?

VIETNAM RAILWAYS (VNR) phone numbers is 84-24 / 3942 5972

What adverse news is there about VIETNAM RAILWAYS (VNR)?

VIETNAM RAILWAYS (VNR)’s has 4 bad news

What is stock symbol of VIETNAM RAILWAYS (VNR)?

VIETNAM RAILWAYS (VNR) is not listed company

Where is the location of VIETNAM RAILWAYS (VNR)?

VIETNAM RAILWAYS (VNR) is located at No. 118, Le Duan Street, Ha Noi City, Vietnam

What is VIETNAM RAILWAYS (VNR)’s business registration?

VIETNAM RAILWAYS (VNR) business registration is 0100105052

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VIETNAM RAILWAYS (VNR)

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VIETNAM RAILWAYS (VNR): The Backbone of National Transport Making a Fragile Recovery

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VIETNAM RAILWAYS (VNR)

VIETNAM RAILWAYS (VNR)

VIETNAM RAILWAYS (VNR)

VIETNAM RAILWAYS (VNR): The Backbone of National Transport Making a Fragile Recovery

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