VINACOMIN – MINERALS HOLDING CORPORATION (TỔNG CÔNG TY KHOÁNG SẢN TKV-CTCP): Resilient State-Linked Miner in a Shifting Resource Landscape

Sales Stability vs. Asset Decline

VINACOMIN – MINERALS HOLDING CORPORATION, also known as VIMICO, continues to be one of Vietnam’s key players in the mining and production of precious and non-ferrous metals. As a joint stock companyregistered under Business ID and Tax Code 0100103087, VIMICO is headquartered at No. 193 Nguyen Huy Tuong Street, Thanh Xuan District, Hanoi. With over 14 years of operation, the company maintains an extensive portfolio of mining, smelting, and metal manufacturing activities spanning copper, iron, gold, and silver.

As of 2023, VIMICO reported total assets of USD 302.49 million, reflecting a year-on-year decrease of 11.7%, continuing a downward trend from 2021. Despite this contraction, sales revenue remained virtually unchanged at USD 481.94 million, showing only a marginal 0.05% drop from 2022. This demonstrates VIMICO’s operational resilience in maintaining output and sales volumes, even as asset values and investment capacities appear to be adjusting downward.

A Modest Profit Recovery Signals Operational Stability

In 2023, net profit rebounded to USD 6.16 million, marking a significant 163% increase over the previous year, when profit had dropped dramatically to just over USD 2.34 million. Still, this figure remains far below the company’s 2021 earnings of USD 23 million, suggesting VIMICO is in a phase of cautious recovery rather than full resurgence. Its owner’s equity also declined by 5.44%, ending the year at USD 95.93 million. With working capital of USD 3 million, the company maintains basic operational liquidity, though with less financial buffer than some of its state-linked peers.

Corporate Structure and Leadership

VIMICO operates under the majority control of the Vietnam National Coal and Mineral Industries Holding Corporation Limited (TKV), which owns 98.06% of its shares. As a publicly listed company on UPCoM under the stock symbol KSV, VIMICO is subject to public disclosure requirements, offering a degree of transparency to institutional investors.

The company is led by Chairman Mr. Nguyen Van Hai, with Mr. Trinh Van Tue as General Director and Mr. Ly Xuan Tuyen as Deputy General Director. With a workforce of over 4,450 employees, VIMICO is one of the largest employers in the non-ferrous metal mining sector in Vietnam, operating across multiple provinces and industrial zones.

A Wide Spectrum of Industrial Activities

VIMICO’s registered business activities are extensive. In addition to the mining of iron ores, precious metals, and other non-ferrous minerals, the company is licensed for metal casting, machinery manufacturing, treatment and coating of metals, and even the production of fertilizers and refractory products. This diversification supports risk mitigation across commodity cycles, but may also dilute operational focus in leaner financial years.

Objectivity and Forward Outlook

While VIMICO remains a strategic asset for Vietnam’s mining industry, the decline in asset value and equity over the past three years raises important questions about reinvestment, exploration activity, and cost controls. The recent profit recovery is a positive signal, but not yet a trend. Analysts, suppliers, and potential partners should closely monitor future financial disclosures to see if profitability stabilizes and asset values rebound.

For those considering deeper commercial engagement with VINACOMIN – MINERALS HOLDING CORPORATION, independent financial verification and credit monitoring remain essential. In volatile sectors like mining, long-term partnerships require up-to-date risk assessments and trustworthy financial intelligence, which can be supported by tools such as those offered by Vanguard Business Information (VBI).

In short, VIMICO remains a cornerstone of Vietnam’s state-linked mining infrastructure, but its next steps will determine whether it sustains, consolidates, or seeks renewed expansion.