Despite being a member of Vinacomin Northern Coal Trading Company, Vinh Phu Coal Trading Company was unable to complete its business plans and pay enough salary to employees in 10 straight years before 2011. But 2012 is different. The company has managed to overcome difficulties and even outdone its revenue target, said Director Nguyen Khac Lam.
Vinh Phu's current success is the result of constant effort and consensus from all managers and employees, resolute change in administration and above all, a suitable and flexible management strategy to win the trust of customers.
In 2012, the company was also affected by rising inflation and worsening recession like other businesses. Economic slowdown also contracted the consumption demand of customers. Besides, most processing facilities and trading shops are located in unfavourable locations, thus shipping costs increase when the dry season comes.
The company actively captured market demand and took practical measures to maintain stable operation and improve incomes for employees. The firm retained close relationships with clients by taking the risk of selling coal on credit to regular customers. However, this policy was applied only to selected customers to minimise risks and avoid unrecoverable debts.
To date, with eight processing stations and one shop in Vinh Phu and Phu Tho provinces and a staff of 71 employees, Vinh Phu Coal Trading Company has outdone its revenue target of VND450 billion set for 2012, much higher than the value of VND400 billion in 2011. The average monthly income of an employee is VND7.5 million.
Importantly, the company always has a good human resource development strategy. For years, the core personnel planning has always been paid special attention to. The company sends young managers to attend advanced training courses organised by the Vinacomin Northern Coal Trading Company. Thus, it can assess the competency of every potential staff member for better personnel arrangement. The firm at all times encourages its employees to be devoted to the work and creates a favourable working environment for them.
In addition to business focus, the company attaches great importance to supporting the civic and material lives of its employees. Apart from statutory employment policies, the firm provides support and remuneration for well performing units. Especially in 2012, the company also donated VND100 million to support the provincial poverty fund, an act highly appreciated by the Phu Tho Provincial People's Committee.
The current success is also evidence of the continuous changes and determination of the entire company for better future development.
Duy Binh
Vietnamese
