CoAsia: Contributing to Hoa Binh Socioeconomic Development

3:38:03 PM | 1/3/2023

CoAsia CM Vina Joint Stock Company, based in Luong Son Industrial Park, Hoa Binh province, is known as a high performing foreign-invested company in the province. Not only achieving strong business performance, the company also creates jobs for thousands of local workers and actively takes part in social and charity events. Vietnam Business Forum’s reporter has an interview with Mr. Lee Jae Han, General Director of CoAsia CM Vina Joint Stock Company.

Could you kindly introduce remarkable business results in recent years?

CoAsia Corporation manufactures camera modules, lenses and PCBs, and designs semiconductors. The concern has many subsidiaries in South Korea, Vietnam and Taiwan (China). CoAsia CM Vina Joint Stock Company (formerly HNT Vina Co., Ltd.) was established on January 25, 2014 with a total registered capital of US$10 million (VND 210 billion) to make 120 million camera modules a year.

After eight years of operation, the company has raised its registered capital to US$23.5 million (VND521 billion) to manufacture 151 million products a year.

With careful investment in human resources, focus on product quality and technology improvement, the company's revenue has continuously increased by 5-35% annually since 2014. This is a testament to customer trust in the company's product quality and production capacity.

CoAsia CM Vina has received many awards from customers for many years in a row, including the Best Partner in 2016, the Best Labor & Ethic Management Partner in 2018, the Best Clean Room Standard in 2019 and the Best Environment Healthy Safety Partner in 2020. In addition, the company has been presented many awards by the Hoa Binh Provincial People's Committee, the Hoa Binh Labor Federation and the Hoa Binh Social Security Agency.

In particular, in October 2018, the company was honorably presented the Certificate of High-Tech Company No. 24 in Vietnam by the Ministry of Science and Technology. To achieve this certification, CoAsia CM Vina invested much in research and development to improve technology, increase labor productivity, raise product quality and enhance high reputation among customers. This development is evidenced by its revenue growth over the years: US$666,000 in 2014, US$76,518,500 in 2015, US$133,541,063 in 2016, US$146,288,599 in 2017, US$193,091,155 in 2018, US$245,098,201 in 2019, US$258.685,349 in 2020, US$272,632,218 in 2021 and US$241,078,358 in the first 10 months of 2022.

Corresponding to revenue growth is job creation for workers in the province and neighboring provinces. From 412 employees in 2014, the company now has 2,000 employees, with a monthly individual money income of VND8 million. At the same time, CoAsia CM Vina is also a top tax payer of Hoa Binh province. In 2018, the Company was the second biggest taxpayer in the province.

What is the most important factor of the company in business?

As a manufacturer of electronic components for smartphones and a high-tech company, product quality is always the most important factor. Therefore, the company focuses on investing in human factors and technological competitiveness to provide high-quality cameras at competitive prices and promptly respond to customers' needs. That is also the spirit of customer-centricity.

This will bring good revenue for the company, generate a lot of stable jobs and incomes for employees and increase tax payment.

People are always decisive to business success. How has the company focused on this issue?

The company’s management understands that if a company wants to survive and develop, it must start from internal resources which are its highly qualified, committed and dedicated employees who work hard for the company. To achieve this factor, CoAsia CM Vina continuously trains and improves their qualifications in both online and offline forms, guided by South Korean experts, and organizes customer training courses.

Besides, a good welfare regime is an indispensable factor to reinforce their attachment to the company.

Materially, the company always creates useful playgrounds for employees to relax after each working day (including internal and external sports).

CoAsia CM Vina offers the best and complete free meals for employees, including breakfast, lunch, and dinner.

The firm also pays attention to their offspring, presents rewards to children with excellent academic achievements, and encourages them to study well to help the country.

As a result, only 3.5% of employees leave the company each year. This is a testament to the sustainable loyalty of employees to CoAsia CM Vina.

What do you think about the investment environment of Hoa Binh province? Do you have any suggestions for the province?

As soon as it studied and chose a location to build and grow a subsidiary in Vietnam, CoAsia Corporation realized that Hoa Binh province had various favorable factors for business development. The province is adjacent to Hanoi, the capital of Vietnam, which is convenient for freight distribution and transportation and abundant in human resources.

In particular, the provincial government, including tax, insurance and industrial zone authorities, has continuously reformed administrative procedures, seriously grasped opinions of enterprises, and promptly supported them to deal with existing and emerging problems. Thus, companies can trust and feel secure when they make long-term development investment in the province.

Thank you so much!

Duy Binh (Vietnam Business Forum)