WELSTORY VIETNAM COMPANY LIMITED.

WELSTORY VIETNAM COMPANY LIMITED operates under Business ID 2300873626, registered on December 26, 2014, with its head office at No. 21, Street 8, VSIP Bac Ninh II Industrial Park, Tam Giang Commune, Bac Ninh Province, and a branch in Ho Chi Minh City. The company is a 100% foreign-owned enterprise, with full ownership held by Samsung Welstory Inc. (South Korea). It is a one-member limited liability company with charter capital of USD 16.6 million and an active workforce of approximately 3,500 employees

Business Activities and Market Role
WELSTORY Vietnam provides industrial meal services under long-term contractual arrangements with corporate clients, particularly those in the electronics and manufacturing sectors. Its operations are closely linked with Samsung’s supply chain, catering to factory employees and large industrial clients across northern and southern Vietnam. In addition to food services, the company’s registered activities include vehicle leasing, construction works, and real estate trading, though its core business remains in catering and facility management

Financial Performance
For the fiscal year ending December 31, 2023, WELSTORY Vietnam recorded:

• Total Assets: USD 39.27 million (▲49.41%)

• Owner’s Equity: USD 29.98 million (▲61.28%)

• Sales: USD 104.18 million (▲15.33%)

• Net Profit: USD 2.48 million (▲137.26%)

• Working Capital: USD 13.39 million (▼23.92%)

While revenue and profitability improved significantly, the decline in working capital indicates tighter liquidity management. The company’s profit margin remains modest, suggesting a business model driven by high turnover and narrow pricing margins — typical of large-scale catering operations.

Management and Ownership
The company is led by Mr. Park H. S., a South Korean national serving as General Director. The governance structure is tightly integrated with the parent firm, Samsung Welstory Inc., ensuring operational discipline, financial oversight, and access to corporate clients. However, this dependency also limits local autonomy, as strategic and financial decisions are often determined by headquarters.

Credit and Risk Analysis
WELSTORY Vietnam shows strong growth momentum, sustained revenue expansion, and a solid equity base. Yet, a few factors merit close attention from potential business partners and credit providers:

• Profitability remains low compared with total revenue, reflecting limited margins in contract-based catering.

• The company’s working capital decline could restrict flexibility in meeting short-term obligations if not properly managed.

• Its entire ownership under Samsung Welstory Inc. mitigates default risk but introduces group dependency risk, where external financing or support may depend on the parent’s strategic priorities.

From a financial risk management standpoint, the company’s credit profile is stable but should be monitored quarterly, especially regarding cash flow and receivables. Given its dependence on corporate clients and global food cost fluctuations, maintaining financial discipline is critical to preserving profitability.

Conclusion
WELSTORY Vietnam remains a financially sound and operationally efficient FDI enterprise with consistent growth and strong corporate backing. For business partners, it represents a low-to-moderate credit risk, suitable for standard trading terms with prudent payment monitoring.

As evaluated by VNBIS, a clear understanding of the company’s liquidity position and contractual exposure is essential to Minimize Financial Risks while leveraging long-term collaboration to Maximize Business Opportunities within Vietnam’s growing industrial catering and facility service market.