Funagamex: A Success Story

3:26:21 PM | 7/8/2005

In the process of international economic integration, the Vietnamese textile-garment sector is confronted with numerous difficulties and fierce competition. In order to survive and develop, the sector has to upgrade production facilities, increase business activities and expand markets. One of the successful companies is Phuong Nam joint stock company (Funagamex).

Funagamex was established on April 1, 2001 by Decision 9/2001-QD/BCN of February 20, 2001 of the Ministry of Industry. Funagamex began operating with stable development solutions. Along with the efficient use of equipment, the company encouraged its workers to improve production methods and apply science and technology to increase their product quality and output. In 2003, the turnover of the company hit VND33 billion. The company continues to diversify its products, especially those of high value and stable consumption such as jackets, t-shirts for foreign partners in markets in the US, Japan, Hong Kong and Taiwan.

In order to maintain and expand markets, the company has intensified its marketing, secured timely information and precise evaluations of market demand so as to develop the correct strategy. Turnover in the first half of 2004 was VND23 billion and is expected to reach VND43 billion for the whole year. The profit per registered capital is 32 per cent and in dividends is 18 per cent. In addition to its business solutions, management has also improved offering more dynamic and efficient organisation, technical and foreign language training. In early 2002, the company was granted certificate ISO 9001:2000.

The company has maintained year-on-year increase of turnover, improved working conditions and stable jobs for its 950 workers with average per capita income of VND1.6 million a month. In the past three years, the company has received several certificates of merit from different organisations and will continue to promote its trademark and products.