Trung Thanh Thai Nguyen Limited Liability Company (Vietnam)

The subject is engaged in trading coke, kinds of ferroalloy, refractory supplies, additives, and spare parts of furnaces used for the metallurgical industry. According to the Chief Accountant, turnover from coke brought over 60% of the subject's total sales in recent years. Besides, the company also participates in processing refractory bricks and trading steel, which only make up a minority of its annual revenue. Over 98% values of goods and products are consumed domestically, as revealed. The input products are not only purchased from local suppliers but are also imported from China, Singapore, India, Japan, Hong Kong, UAE, USA…The subject's sales continuously jumped in the years before 2022, particularly during the period of 2020-2021 because of hot growth in steel demand, reaching a peak of VND 6.014 trillion in 2021. However, the steel industry has been negatively affected by the post-COVID economic recession since the second quarter of 2022. With sharp declines in both sale quantity and sale prices, many local steel factories have had to operate at moderate production. Accordingly, the company reported a 24.97% revenue decrease against that peak, to VND 4.513 trillion last year. Additionally, the Chief Accountant said that sales generated by the subject in the first eleven months of 2023 amounted to VND 3.16 trillion, down by about 25% compared to the same period last year. The company is expected to achieve around VND 3.5 trillion for the FYE 31 Dec 2023, at least decreasing by VND one trillion over the value achieved last year, a 22% depression.