VINACOMIN NUIBEO COAL JOINT STOCK COMPANY

VINACOMIN NUIBEO COAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THAN NÚI BÉO - VINACOMIN), listed on the Hanoi Stock Exchange (HNX) under the ticker NBC, plays a critical role in Vietnam’s coal supply chain. Based in Ha Long City, Quang Ninh Province—a hub of Vietnamese coal mining—NBC is a cornerstone enterprise of the nation’s state-backed coal and minerals industry.

Financials Signal Pressure and Resilience

As of 2024, the company reported:

• USD 115.23 million in revenue (down 13.74% YoY)

• USD 1.52 million in net profit (down 64.37% YoY)

• USD 105.59 million in total assets

• USD 21.59 million in owner’s equity

Despite headwinds in pricing and demand, NBC remains operationally active with a workforce of 3,000 employees and stable public ownership. Its capital structure is notably anchored by a 65% stake from the Vietnam National Coal and Mineral Industries Holding Corporation Limited (VINACOMIN), reinforcing its credibility and national strategic importance.

Negative Working Capital Raises Caution Flags

With a working capital of negative USD 34.67 million, potential partners, lenders, and investors must approach NBC with a clear understanding of its liquidity constraints. While asset-heavy and publicly supported, the company's ability to cover short-term obligations appears tight—highlighting the importance of full credit analysis before any business engagement.

Leadership and Diversification

Led by Chairman Pham Cong Huong and Director Ngo The Phiet, the company has expanded its registered activities beyond coal to include:

• Quarrying and mining of hard coal, lignite, and iron ore

• Construction of mining and utility infrastructure

• Machinery repair and metal fabrication

• Road freight transport

This breadth of services supports NBC’s long-term sustainability, especially amid shifting energy policies and environmental mandates.

Why Due Diligence is Crucial

In the energy and extractive sectors, financial and legal risks can significantly impact business continuity. Any engagement with VINACOMIN NUIBEO COAL JOINT STOCK COMPANY—be it trade, credit, or investment—requires a detailed understanding of its financials, debt profile, governance, and legal standing.