Surprised with the company's capacity winning the Chau Son sand mine 137 times higher than the starting price

If we do a rough calculation, it is clear that these are surprising and truly unusual numbers.

Specifically, Chau Son mine has an exploitable reserve of 703,536m3. If this number is multiplied by the current common market price of sand of about 150,000 VND/m3 (purchased at the mine), the amount will be about more than 105 billion VND.

Thus, compared to the winning bid price, the enterprise must compensate for a loss of about more than 291 billion VND after selling all the sand.

It will be even more surprising to look at the financial picture of Viet Son Company over the years.

Accordingly, in terms of production and business activities, in 2021, Viet Son Company's revenue was less than 800 million VND, but due to operating below cost price, it was part of the reason why Viet Son Company suffered a loss after tax of more than 1 billion VND.

Entering 2022, Viet Son Company's revenue decreased to more than 600 million VND. At the same time, the company's profit after tax was about 30 million VND.

This small profit cannot "make up" for the previous losses. As a result, as of December 30, 2022, Viet Son Company is suffering an accumulated loss of approximately 24 billion VND.

By the end of 2022, Viet Son Company's total assets will be about 84 billion VND, an increase of 171% compared to the beginning of the year.

Of which, inventory is more than 5 billion VND, cash and cash equivalents are nearly 33 billion VND, in addition, Viet Son Company also spent more than 14 billion VND to invest in other units...

Meanwhile, Viet Son Company's debt is only over 3 billion VND, down 50% after 12 months. Notably, the company's financial debt is only about 10 million VND.

Viet Son Investment and Trading Joint Stock Company was established in February 2009, located at Lot BT5 - OBT07, Nam Vo Cuong urban area, Ly Thanh Tong street, Vo Cuong ward, Bac Ninh city.

Updated to March 2022, the company's charter capital reached 100 billion VND. Shareholder structure was not updated.

As of March 2023, according to the announcement on the National Business Registration Portal, the total number of employees at the company is 8 people, Mr. Ngo Thanh Quy (born in 1987) is the director and legal representative. Previously, the person in charge of this role was Mr. Ngo Thanh Son (born in 1970) - Chairman of the Board of Directors of the Company.

Few people know that Mr. Ngo Thanh Son is also the owner of a series of other enterprises in Lao Cai . These include: Binh An Agricultural Products Import-Export Company Limited (established in 2017), founding shareholder of Viet Son Lao Cai Import-Export Company Limited (established in December 2021, now renamed Korea Vina Garment Export Joint Stock Company; Founding shareholder of Lao Cai Investment and Trading Joint Stock Company (established in September 2022).

Not to mention, in May 2022 in Hanoi , Mr. Son also contributed capital to found Luxury Yacht Company Limited.

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