Binh Minh Plastics Earns Top Recognition for Sustainable Growth
Binh Minh Plastics JSC, a company partnered with SCG, has once again secured a prestigious spot among the top 50 listed companies as recognized by Forbes Vietnam.
This latest achievement marks the 12th consecutive year the company has earned this distinguished recognition, powerfully reaffirming its enduring leadership position within Việt Nam’s highly competitive plastic pipe industry, along with its robust capacity for sustainable growth and its history of outstanding business performance.
Niwat Athiwattananont, the general director of Binh Minh Plastics, shared his perspective, stating, “Being recognised in Forbes Vietnam’s top 50 listed companies is a huge honour for us.
This achievement reflects Binh Minh Plastics’ continuous efforts in pursuing sustainable development, with product quality as the foundation.”
He also highlighted the firm’s future orientation: “With positive revenue and profit in 2025, we are committed to developing innovative, high-quality, and environmentally friendly products that create long-term value for our customers, shareholders, and the community.”
The compilation of the Forbes Vietnam Top 50 list adheres to a rigorous process, employing both quantitative and qualitative criteria.
The quantitative indicators include metrics such as overall profitability, a minimum revenue threshold set at VNĐ500 billion (US$18.9 million), return on equity (ROE), return on invested capital (ROIC), earnings per share (EPS) growth, and the mandatory submission of audited financial statements.
On the qualitative side, the comprehensive assessment takes into account the stability and sustainability of the business model, the firm’s competitive market position, adherence to corporate governance standards, and its potential for long-term growth.
Exceptional Financial Performance and Margin Expansion
In 2025, in direct alignment with its Inclusive Green Growth strategy, Binh Minh Plastics has demonstrated exceptional financial strength, achieving remarkable milestones across its key performance indicators that position it for a historic profit year.
The company’s performance in the second quarter was particularly noteworthy, posting revenue exceeding US$49.67 million, which represents a solid 13 per cent increase year-on-year.
Crucially, the cost of goods sold rose at a comparatively slower pace than revenue growth, a key factor that helped the gross profit swell to US$23.14 million, marking an impressive 21 per cent increase.
This careful cost management resulted in the gross margin climbing to 46.7 per cent, a figure that represents the highest margin the company has achieved since 2018.
Consequently, the net profit after tax climbed significantly to nearly US$12.5 million, an 18 per cent rise year-on-year, marking the highest Q2 net profit in its 48-year history of operations.
For the first half of 2025, the accumulated revenue reached over US$101.9 million, coupled with nearly US$23.4 million in net profit.
This half-year result already fulfills half of the company’s full-year revenue plan and exceeds 58 per cent of its annual profit target.
Should this strong operational momentum be sustained, Binh Minh Plastics is poised to deliver the highest annual profit in its operating history.
Financial income also saw a sharp rise of nearly 50 per cent to over US$947,418, largely driven by increased deposit interest, as the company strategically increased its bank deposits to US$86.78 million from US$72 million at the beginning of the year.
Sustainable Innovation and Enhanced Shareholder Value
Beyond its impressive financial figures, Binh Minh Plastics is aggressively reinforcing its market leadership through a deep commitment to innovation and sustainability, while also maintaining a highly attractive dividend policy for its shareholders.
The strong financial performance has given the company the flexibility to maintain and affirm an appealing dividend policy.
This year, the company has announced plans to allocate at least 50 per cent of its net profit for dividend payouts, ensuring healthy returns to investors.
Reflecting this commitment, in the previous year, 2024, the company paid out a substantial 99 per cent of its profits, totaling over US$37.2 million, as cash dividends, equivalent to US$0.45 per share.
Beyond purely financial success, Binh Minh Plastics continues to affirm its vital role in product innovation and environmental sustainability.
The company is actively diversifying its portfolio to include more eco-friendly products, directly addressing the escalating demand for green construction and sustainable urban development in Việt Nam.
A major sustainability milestone was achieved when Binh Minh Plastics became the first enterprise in Việt Nam’s plastics and building materials industry to attain the highest level of the Singapore Green Building Product certification, the coveted ‘Leader’ status.
This certification was granted for its core product lines, which include PVC-U, PP-R, and HDPE pipes and fittings used for drinking water, as well as corrugated PE pipes designed for wastewater applications.
This recognition marks a significant and verifiable step in the company’s sustainable development journey, further strengthening its leadership position in the plastic pipe industry.
Looking ahead, the company’s strategy is centered on driving sustainable growth through continuous innovation, focused green product development, and achieving operational excellence, thereby delivering greater value to shareholders while making a tangible contribution to Việt Nam’s overall sustainable development goals.
