VIETNAM VACCINE JOINT STOCK COMPANY

VIETNAM VACCINE JOINT STOCK COMPANY, known as VNVC (Công Ty Cổ Phần Vacxin Việt Nam), has established itself as a leading private-sector provider of vaccination services in Vietnam. Founded in November 2016 and registered under Business ID 0107631488, VNVC operates as a privately held joint stock company. Within just eight years, it has grown rapidly, now employing over 5,000 staff and running an extensive nationwide network of clinics and branches, including major locations in Hanoi, Ho Chi Minh City, Dong Nai, and Binh Duong.

The company is led by Mr. Ngô Chí Dũng, who holds both the Chairman and General Director roles and is also the majority shareholder with a 60% stake. Under his leadership, VNVC has become a household name for vaccine accessibility in Vietnam, particularly during and after the COVID-19 pandemic. Its core business revolves around providing vaccines for all age groups, along with nutritional consultations and healthcare services for both children and adults.

From a financial data perspective, VNVC shows a solid foundation in revenue growth and asset expansion. In 2023, it reported total assets of USD 167.6 million and sales of USD 376.5 million—an increase of over 36% and 25% respectively compared to the previous year. Owner’s equity also rose by nearly 30%, reflecting increased retained earnings or possibly additional capital support.

However, the company’s profitability raises important questions for financial analysts and risk management professionals. Despite its strong revenue, VNVC’s net profit dropped sharply by 66.48% in 2023 to USD 3.65 million, down from over USD 10.8 million in 2022. This suggests possible operational inefficiencies, increased administrative costs, or pricing pressures within the highly regulated healthcare and pharmaceutical industry. Moreover, while VNVC’s working capital remains positive at USD 3.08 million, the margin is relatively tight for a business of its scale and expansion speed.

From a company credit report perspective, VNVC is an example of a fast-growing but operationally complex business. It maintains a broad portfolio of activities—from manufacturing medical devices to experimental research in medical sciences—which, while indicative of ambition, also increases exposure to compliance risks and resource dilution.

In summary, VNVC continues to play a vital role in Vietnam’s public health infrastructure, showing strong growth potential and national reach. However, its declining profit trend and capital intensity require close monitoring by stakeholders. Anyone engaging with the company—whether as a financial partner, supplier, or regulator—should closely examine its financial ratios, cost structure, and strategic focus areas as part of a robust risk management and due diligence process.