VNSTEEL - PHU MY FLAT STEEL COMPANY LIMITED

VNSTEEL – PHU MY FLAT STEEL COMPANY LIMITED (CÔNG TY TNHH MỘT THÀNH VIÊN THÉP TẤM LÁ PHÚ MỸ – VNSTEEL): A Steel Revival Anchored in State Ownership

Located in the heavy industrial corridor of Ba Ria – Vung Tau, VNSTEEL – PHU MY FLAT STEEL COMPANY LIMITED has emerged as a resilient player in Vietnam’s flat steel market. Registered under tax code 3502270157 and operating from Phu My 1 Industrial Park, Phu My City, the company is fully owned by Vietnam Steel Corporation, a state-run enterprise. With over a decade in operation since its registration on December 11, 2014, and a consistent capital base of USD 32.87 million, the firm has proven its staying power in one of the most cyclical and capital-intensive industries in Vietnam.

After two years of stagnant or declining performance, 2024 marked a dramatic comeback. Total sales jumped 71.42% year-over-year, recovering from a steep fall in 2023 to reach USD 253.3 million. Even more impressive was the 265.32% increase in net profit, which surged to USD 2.42 million, up from just USD 663,589 a year earlier. This profit rebound was supported by steady equity growth and a 65.54% leap in total assets, climbing to USD 79.57 million.

From a credit risk perspective, this recovery positions VNSTEEL – PHU MY FLAT STEEL COMPANY LIMITED as a more stable and liquid enterprise. The company’s working capital stands at USD 31.39 million, and its owner’s equity has risen consistently over the past three years, reaching USD 35.3 million by the end of 2024. Such financial resilience makes the firm a key player for those tracking Vietnam private financial data, particularly within the industrial materials sector.

Despite the impressive growth, the company’s profit margin remains thin—just under 1% relative to sales—which reflects the tight operating conditions of the steel industry. Moreover, the sharp drop in sales in 2023, followed by a rapid rebound, indicates high market volatility. That volatility, however, seems to be well managed under the leadership of Mr. Nguyen T. H., who currently serves as Director.

With 250 employees and activities ranging from basic iron and steel manufacturing to warehousing and metals trading, VNSTEEL – PHU MY FLAT STEEL COMPANY LIMITED plays a strategic role in Vietnam’s construction and infrastructure supply chain. As demand picks up amid infrastructure expansion and industrialization, the company’s positioning within a state-owned structure may offer both protection and opportunity.

In sum, VNSTEEL – PHU MY FLAT STEEL COMPANY LIMITED is not just another steel manufacturer—it is a strategic state-owned asset experiencing a financial revival. For stakeholders conducting business verification, this is a company to keep under watch—not only for its improving fundamentals, but for its central role in Vietnam’s evolving industrial economy.