DATC: Corporate Culture Creates Development Momentum

2:04:58 PM | 6/6/2024

In building and developing a socialist-oriented market economy, the Party and State of Vietnam always attach much importance to building corporate culture and promoting cultural factors in business, thus stimulating companies to grow and actively contribute to the cause of national industrialization and modernization. Understanding the power of corporate culture, Vietnam's core business force, including Vietnam Debt and Asset Trading Corporation (DATC), has promoted resources, built and maintained a cultural environment where members all have common values to share and agree on, to work towards a common goal.

DATC leaders participate in the 4th IPAF Annual International Conference

Upholding the strength of an “engagement” culture

After more than 20 years of construction and development, DATC has reaped many achievements, recognized and appreciated by the Party, State and business community for its role and contribution in debt handling and business restructuring, enabled by the effort, dedication and "commitment" of DATC leaders and all employees from generation to generation.

Work engagement is an inherent element at DATC. As a specialist in debt purchasing, selling and handling, and business restructuring, DATC is always chosen to tackle difficult projects where it is believed to be a business lifesaver. In fact, many debt settlement plans faced difficulties due to the complicated nature of debts, collateral or debt selling procedures. Fortunately, with its innovative approach, high risk tolerance and readiness to confront hardships, DATC managed to negotiate incredibly big deals at domestic and foreign banks. Endorsing the engagement spirit, DATC helped revive many businesses on the brink of bankruptcy in the wake of bad debt handling and corporate restructuring, such as Son La Sugar and Cane Company, Kon Tum Sugar and Cane Company, Sadico Can Tho Company and Vietnam National Shipping Lines (Vinalines).

In 2023, thanks to flexible changes in debt purchasing and settlement methods to ensure business efficiency, combined with consideration and selection of debt quality right from the survey and evaluation stages when settlement plans were made, DATC helped its affiliated units to have 12 new successful debt purchase and handling plans, many of which had great value. DATC signed a contract to purchase and handle VND8,227 billion and US$63.2 million (VND9,756 billion) of bad debts of credit institutions and companies. Revenue of debt and asset trading and settlement was VND2,264 billion, equal to 125% of the full-year plan and 154% of the result in 2022).

Therefore, building core values in corporate culture and translating the "engagement" culture into strength inside the collective and each employee is a prominent concern of DATC's leadership, including General Director Pham Manh Thuong. He believes that the "engagement" culture will help shape and encourage employees to believe in their own unlimited potential to learn, innovate and go beyond their own safety zone to face challenges with vigor and positive thinking. "Only with engagement can we integrate into a new period of development with constant competition in the market, along with strong digital development," he added.

The DATC team is excited to participate in the "Heart Connection" walking and jogging tournament in 2024

Building a corporate culture for a humane community

As part of the country's socioeconomic development strategy, social security is one of the contents stated throughout Party viewpoints and policies. Applying social security is a basic and indispensable content in corporate social responsibility. For companies with long-term, sustainable development strategies like DATC, promoting corporate culture through voluntary activities, social security activities and responsibility to the community is a very important task. Being imbued with the spirit of philanthropy and understanding hardships and dreams of the poor, DATC has launched many support activities and made practical contributions to social security.

Building charity houses for poor households is a meaningful humane activity that DATC has pursued and regularly supported with the desire to help families settle down with peace of mind and gradually escape poverty, thus playing a significant role in local socioeconomic development. In 2023, DATC joined with many units to build 10 houses for 10 poor households in Phuoc Hau commune, Ninh Thuan province, in response to the Social Security Program launched by the Ministry of Finance. DATC donated five houses with a total value of VND250 million.

Recently, DATC provided financial support of over VND700 million for the program of supporting the construction and repair of charity houses for 141 poor and near-poor households in Muong Ang district, Dien Bien province, launched by the Party Committee and the Trade Union of the Ministry of Finance. At the same time, the corporation donated VND500 million of gifts to the Muong Ang Study Promotion Fund.

In particular, one of the bright spots in DATC's social security movement, which is carried out annually by its employees, is the jogging and walking tournament called "Connecting hearts". Through this tournament, many poor children across the country have more hope of life from DATC's funding. In two seasons held so far, DATC raised VND250 million to fund surgeries for nine children with congenital heart disease treated at Hanoi Heart Hospital. Following that success, in 2024, to celebrate the 20th anniversary of DATC that has opened up debt trading, debt handling and corporate restructuring business in Vietnam, DATC continued to successfully host "Connecting hearts" program and donated VND150 million to light up hopes of life for unlucky young heart patients.

This activity not only upholds the spirit of solidarity and improves physical health, but also cherishes the strength and steadfastness of each individual in each running step, hence nurturing the will of never giving up in the face of difficulties and eagerly advancing to new destinations in work and life. With the view that each step of walking is an important step of progress in creating a better community, a world full of love, all the leadership and staff of DATC wish to spread good messages about love for the community, running with a compassionate heart, to bring joy and hope to people in difficulty. With a new vision and development approach, in the coming time, DATC will readily continue to organize community-oriented philanthropic activities and bring good values to society.

While competition is growing, policies are changed to adapt to new developments and professional staff of DATC are ready to meet significant challenges, corporate culture is still defined by DATC as a key factor to sustainable business development, a core value for it to build and develop a brand of its own identity. With specific actions in social security and the "engagement" culture upheld by each member, DATC will certainly create many unique competitive advantages and increasingly affirms its leading position in debt trading in Vietnam.

By Tran Ngoc, Vietnam Business Forum