Hai Phuong Company Limited (Hai Phong municipality) (Vietnam)

In the 2021-2021 period, the subject has continuously raised its charter capital to VND 500 billion. According to Ms. Trang, a staff of the company, it aims to invest in upgrading the loading capacity of its vessels, reaching from 3,000 DWT to 56,000 DWT (formerly from 3,000 DWT to 33,000 DWT), and also to supplement the working capital demand.  It is exploiting a fleet, including 11 ships, for example, Hai Phuong Star, Hai Phuong 87, Hai Phuong 86, Hai Phuong Ocean, Hai Phuong Sky, etc for international sea freight. In the field of domestic transportation, it mainly provides services for Formosa Steel in Ha Tinh Province in which it hires ships from outsources, Ms. Trang added. The fiscal year 2021 was a successful operating year of the company since both revenue and net profit reached the peak with VND 817,874 million and VND 136,108 million respectively. Although the owner's investment capital had been supplemented, it was still largely based on external resources. Loans and incurred loan interest expenses clearly increased in 2020 and 2021. It is expected that an on-going increase in the charter capital to VND 500 billion in May 2022 could remarkably improve its financial structure.