VINACOMIN - COC SAU COAL JOINT STOCK COMPANY

VINACOMIN – COC SAU COAL JSC (CÔNG TY CỔ PHẦN THAN CỌC SÁU – VINACOMIN): A Former Pillar of Quảng Ninh’s Coal Belt Facing Structural Decline

Vinacomin – Coc Sau Coal Joint Stock Company, once a significant member of Vietnam’s state-linked coal industry, stands today as a case study of an aging mining enterprise challenged by shrinking reserves, intensifying regulation, and structural transitions within the national energy sector. Registered in 2007 under business ID 5700101002, the company operated for years in Cam Phú Ward, Cam Pha City—one of Quảng Ninh Province’s historical coal strongholds. It employed more than 2,388 workers, reflecting the scale of its underground mining operations. However, the VBI report lists its operational status as Closed, marking a decisive end to its active mining role despite its continued listing on the HNX under stock symbol TC6.

Before shutting down, Coc Sau Coal displayed highly volatile financial performance. According to the financial charts on page 1, total assets contracted sharply from approximately USD 73.5 million in 2021 to USD 53.99 million in 2023, representing a two-year downward slide driven by depreciation of fixed assets, shorter investment horizons, and declining mining activity. Sales also fell dramatically to USD 93.19 million in 2023—a 29.92% YoY decline, suggesting a shrinking production scale and lower coal output. Yet paradoxically, net profit rebounded strongly to USD 2.47 million, a striking 3,724.98% YoY increase, partly because 2022 profit had collapsed to an unusually low base, and partly due to cost reductions common among enterprises preparing for structural closure or merger.

Equity increased to USD 16.11 million, reflecting support from its majority shareholder, the Vietnam National Coal and Mineral Industries Holding Corporation (VINACOMIN), which owns 65% of the company. A further 31.2% is held by minority shareholders, including individual investor Tran D. C. and foreign institutional shareholder Maybank Kim Eng Securities (Thailand), though neither holds material influence over corporate direction. This shareholding pattern makes Coc Sau Coal a typical state-majority mining company—strategic, tightly controlled, and deeply connected to Vietnam’s coal planning policies.

Coc Sau’s extensive registered business lines—ranging from mining and metal fabrication to rubber products, machinery repair, water supply, construction, and demolition—show how mining companies under VINACOMIN diversify their licenses to enable support activities surrounding extraction operations. Yet the company’s core remained hard-coal mining, one of the most capital-intensive and environmentally demanding sectors in Vietnam.

The red flag for credit and counterparties is the negative working capital, listed at USD -2.36 million in 2023, indicating liquidity stress before closure. Declining assets, reduced revenue, and negative working capital indicate tighter cash cycles—a typical pattern when mines approach the end of their resource life or undergo restructuring. The “Closed” operational status confirms that these pressures culminated in a complete halt of business activity.

For analysts and investors, Coc Sau Coal’s trajectory reflects broader industry realities: depletion of older mines in Quảng Ninh, rising extraction costs, and Vietnam’s gradual shift toward cleaner energy sources. For counterparties, legacy obligations, contractor payments, or environmental responsibilities may still exist, making due diligence essential.

For full financial tables, historical trends, shareholder breakdowns, management structure, and VBI’s credit assessment, the complete report on VINACOMIN – COC SAU COAL JSC is available at VNBIS.COM for verification and risk evaluation.