Abstract
This paper analyzes the current state of working capital management (WCM) among 20 listed steel enterprises in Vietnam from 2016 to 2024. The findings indicate that current assets have outpaced revenue growth, reflecting an expansion in operational scale and the securing of resources for production and business activities, particularly during the post- Covid-19 pandemic recovery phase. Cash management remains closely aligned with business volume, with a stable reserve ratio of approximately 5% of revenue; however, cash utilization efficiency has shown signs of deceleration since 2020. While Inventory turnover has shown improvement, contributing to a significant reduction in financial pressure and storage costs, as inventory is the largest component of working capital for steel companies. A low accounts receivable turnover suggests that enterprises are employing loose credit policies to support customers amidst the prolonged downturn in the residential real estate market. Furthermore, the financing policy reveals its inherent risks by maintaining a high ratio of short-term debt to total assets (50% – 55%), posing a potential systemic liquidity risk. The study proposes managerial implications involving the tightening of trade credit, the application of quantitative inventory models, and the restructuring of long-term capital sources. Optimizing the cash conversion cycle is identified as the key for the steel industry to enhance adaptability and ensure long-term sustainable development.
Key words: Working capital management, cash and cash equivalents, accounts receivable, inventory, steel enterprises.
JEL classification: G32, G31, L61.
DOI: 10.63767/TCKT.37.2026.106.112
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Ban biên tập Tạp chí Kinh tế & Quản trị Kinh doanh
Phòng 514, Nhà điều hành, trường Đại học Kinh tế & Quản trị Kinh doanh
Địa chỉ: Phường Tân Thịnh, thành phố Thái Nguyên
Email: tapchikt-qtkd@tueba.edu.vn; Điện thoại: 0208.3903373
