Binh Dinh Production Investment Service Import-Export Corporation (PISICO) was formerly the Nghia Binh Export Forest Product Processing Exploiting Cooperation Company (Ratanakiri) set up in 1985.
After more than 20 years of construction and development, PISICO is becoming a leading company and an active player in the industrialisation and modernisation process of the Binh Dinh provincial economy. Vietnam Business Forum reporter has a talk with Mr Nguyen An Diem, President of the Board of Directors of PISICO, about the operating results of his company.
As a leading multi-field and multi-sector and enterprise in Binh Dinh Province, what are major achievements of PISICO in its history?
The development history of PISICO features its endless effort to weather difficulties and challenges to become a principal company in the province. Initially, PISICO had only 70 employees and a chartered capita of VND1 million. To date, PISICO had 22 member units, eight subsidiary companies (with more than 50 per cent of stake held by PISICO) and seven joint ventures (less than 50 per cent of stake held by PISICO). The company obtained revenue of more than VND2,000 billion (US$212 million), export revenue of US$115 million and profit of VND85 billion.
At its start, PISICO mainly exploited timbers. At present, the company has jumped into many other fields with five being the majors: wood and forest product processing, afforestation and paper material trading, agricultural product and mineral production and trading, provision of commercial, tourist, hotel, importing and exporting services, and real estate and seaport investment and development.
Especially, during its history, PISICO’s revenue grows up year after year, by 10 - 15 per cent on average. All wholly owned units are making profit. The corporation’s trademark is becoming more and more popular.
From the above achievements, PISICO Corporation has won the first-class and second-class Labour Medals from the State President for its great contributions and achievements from 2000 to 2004, certificates of merits at the Vietnam International Trade Fair (Expo 2003), the Golden Cup for Community Development in 2006, the Golden Cup for Reputed Trademark in 2006, the Golden Cup for Progress and Sustainable Development and many others.
What has helped PISICO achieve such strong and solid growth?
There are three factors for the success of PISICO. The first one originated from internal relationship. In spite of numerous difficulties, the corporation always takes care of material and spiritual life of its employees. It excellently allocates and uses employees to tap their full working capacity. It creates firm solidarity inside the corporation and settles down all internal disputes. Remarkably, leaders must show up their roles.
Regarding the external relationship, PISICO has built up reputation and trademark in the eyes of customers and always puts the customer benefit on the top. The last major factor is the long vision of PISICO for future development orientation.
Like other enterprises, PISICO will have to face up with certain challenges. What solutions has PISICO been applying to developing and enhancing competitiveness?
Since its transformation into a holding company, the corporation’s leaders estimated difficulties and challenges in the new era. Accordingly, we will focus in four groups of solutions.
The first group of solutions involves in production materials. To ensure the supply of materials for production operations, we are making effort to create new wood processing and timber material areas. Apart from the existing area in Binh Dinh Province, PISICO is carrying out many projects to grow forests in Gia Lai, Kon Tum, Phu Yen and Quang Binh provinces to expand the area of eucalyptus and casuarinas.
In the neighbouring country of Laos, PISICO is planting 8,000 - 10,000 ha of rubber trees and 1,000 - 2,000 ha of cassava plants in SeKong Province to provide materials for alcohol factories in Atopu or Binh Dinh. We will strengthen trade promotion activities to expand material sources. It will approach new markets like Africa, South America, Australia and others to seek partners for long-term business ties.
The second group of solutions is to strengthen and develop the market and customer to increase sales, principally wood and timbers, farm produce and minerals. In addition to keeping the relationship with traditional customers, we will intensify trade promotion activities, seek new customers and partners and attend domestic and international trade fairs.
The third group of solutions relates to managerial apparatus and personnel. In the coming time, the corporation will restructure its material apparatus and go public in 2009.
The final group of solutions is involved in investment and finance, the balance between investment capital and working capital. In the coming time, we will carry out the following projects: Growing forests in Laos with an estimated capital of VND40 billion, building an ethanol production and cassava cultivation project in Atopu (VND30 billion), constructing a timber enterprise (VND200 billion), building Ca Nhon and Canh Vinh industrial complexes, Nhon Phu garden villas, Hoai Nhon residence and trading centre (VND150 billion) and taking part in Nhon Hoi infrastructure investment project.
Quoc Hung
Vietnamese
