To survive and to develop on the market today, businesses not only need capital and inner strength, but also wise leadership - actually the most important element for any company. Thanh Chung Private Enterprise is no exception. Thus, since its inception, the company has attached great importance to both corporate governance and reputation protection.
A graduate of the Hanoi University of Commerce, Nguyen Xuan Thanh, Director of Thanh Chung Private Enterprise, returned to his hometown, Hoa Binh province to open a company specialised in trading and processing steel products. Since its establishment, the company defined to pursue continuous development of production activities. Thus, it has created stable employment, improved working conditions, raised incomes and living standards for employees, fulfilled obligations to the State Budget, and contributed to local socioeconomic development. Presently, the company has modern workshops and specialised equipment for standard steel production.
Located on a 1.4 ha campus in Mong Hoa commune, Ky Son district, Hoa Binh province, the enterprise has built factories, administrative buildings, a refectory, and houses for workers. Staffed by more than 50 regular well-paid employees, the company has contributed to generating well-paid employment and boosting social stability.
In pursuit of sustained development and operating expansion, the company will perfect its corporate governance and upgrade production facilities in the coming time. In particular, Thanh Chung’s strategy for the upcoming period is expanding production, improving quality and diversifying products to increase market share. However, the company faces certain difficulties due to external impacts.
In the context of economic slowdown, devalued dong (Vietnamese currency), rising lending rates, and other economic woes are stubborn challenges to all businesses. Thanh Chung is no exception. Production shrinkage is caused by rising input prices and higher demand for quality products, while capital sources are not enough for upgrading facilities. Production and business operations are below the capacity of the enterprise.
Overcoming these challenges, Thanh Chung Private Enterprise is determined to raise production capacity to get through the economic slowdown. Mr Thanh said: "Our company is trying its best to expand production lines and improve management quality. We are searching for a new direction in line with an open economy. Particularly, with our advantages in existing foundations, the company will promote strengths, eliminate redundancies, upgrade our production facilities, and expand production.”
Not only caring about his company’s development, Thanh is also very interested in the investment environment in Hoa Binh province. He said “Personally, I think the investment environment in Hoa Binh province is dynamic and clear in recent years. Provincial and local leaders have created favourable conditions for businesses to develop. Here, Thanh Chung Private Enterprise has received much support from local authorities, especially in security and administrative procedures.”
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