IMEX CUU LONG: Ready to Meet Partners’ Demand

Vinh Long Import - Export Joint Stock Company (IMEX CUU LONG), formerly a state owned company, was transformed into a joint stock company and officially put into operation December 1, 2007 under Business Registration Certificate 1500171478 issued by Vinh Long Province’s Department of Planning and Investment. This is a memorable time for the whole staff of the company.

 

Since being turned into a joint stock company, IMEX CUU LONG has tried to rearrange its production activities, focusing on key products with high competitiveness; selling outdated equipment as well as upgrading production lines and facilities for operation expansion. The company has also dealt with weaknesses in its production and business activities. It has built a development strategy, including cooperating with partners for sustainable development and cutting inefficient investment areas, instead of just paying attention to rice export, considered its spearhead business.

 

During the operation process, it has improved technology and selected investment areas. Currently IMEX CUU LONG is managing and operating two affiliates namely Co Chien Food Factory and Cai Cam Food Factory. The factories’ production capacity has been improved to meet the demand of both local and foreign partners.

 

IMEX CUU LONG’s products are highly appreciated for both quality and competitive prices. In the first half of 2011, the company exported 140,100 tonnes of rice, fulfilling 82.41 per cent of the year plan and up 267.30 per cent against the same period of last year. During the period, it obtained an export value of US$62.56 million. Its total rice import and export volume was estimated at 161,745 tonnes, meeting 89.86 per cent of the year plan and up 188.13 per cent on-year. Between January and June, the company had total revenues of VND2.78 trillion, fulfilling 86.74 per cent of the year target, and up 295.96 per cent on-year. It achieved a pre-tax profit of VND31.9 billion, meeting 91.31 per cent of the target and up 133.48 per cent on-year. It paid VND10.5 billion in taxes, fulfilling 82.35 per cent of the year plan and up 148.26 per cent on-year. Labourers’ average income was estimated at VND6 million, up VND125,000 on-year. The company has attracted more skilled workers and qualified managers.

 

General Director Le Tuan said, “The two main factors behind IMEX CUU LONG’s success is human resource development and the proper business strategy set by its leaders. IMEX CUU LONG is built based on the principle of solidarity and labourers are considered as the company asset. The firm’s success is proved by product quality which satisfies customers’ needs. Human resource management is one of top priorities of the company and the sharing and solidarity spirit is an important factor for its success.”

 

Mr Tuan added that, to create equal and healthy competition among Vietnamese rice exporters, the Government should apply a tax collection method on domestic food business firms, instead of value-added tax deduction. This should be learnt from price changes in the domestic market in 2008. The exporters also need preferential interest rates for equipment and technology renovation to sharpen their competitiveness against foreign rivals, particularly since the country opened its food business sector in 2011.