Globalising Quang Minh Co-op

 

During a survey trip to the US market in August 2003, the board of directors of Quang Minh found that handicrafts, even at high retail prices, were still favoured by foreigners. Vietnam made up only 1.5 percent of the market share. Quang Minh Co-operative used water hyacinths to produce a variety of customer-oriented products. To popularise its name globally, Quang Minh Co-operative attended many international fairs like Giang Vo Exhibition (in Hanoi, Vietnam), Megashow Fair (Hong Kong), Nanning Trade Fair (China), Paris Expo (France), Franfrunk Trade Fair (Germany) and others. It also opened a website and joined many business associations like the Vietnam Cooperative Alliance, the Vietnam Chamber of Commerce and Industry (VCCI), the Vietnam Handicraft Business Association, and the Vietnam Enterprises Network, as well as a variety of handicraft forums in the country. The co-operative also cooperates with other companies to increase the supply of inputs, diversify output products and strengthen its position on the market.

 

The export turnover of Quang Minh Co-operative increased from US$2.22 million in 2004 to more than US$3.5 million in 2006, accounting for 80 percent of Tien Giang province’s handicraft export earnings. The co-operative targets annual sales growth of over 20 percent, creates stable jobs for over 4,000 employees with monthly income of VND1.5 million and plays an active role in the poverty reduction that the State is striving for.

 

More importantly, the market prestige of Quang Minh Co-operative is strengthened. For many consecutive years, Quang Minh Co-operative has won certificates of merit and other awards from the Vietnam Cooperative Alliance, the Ministry of Industry and Trade and the Tien Giang Provincial People’s Committee. These honours have inspired the entire cooperative to make farther steps forward.