After 47 years of development (1972), especially after 15 years of equitization (2004), Yen Bai Joint Stock Forest Agricultural Products and Foodstuff Company (YFATUF) has become a leading enterprise. This achievement is attributed to its ongoing innovation efforts, market search and corporate governance and its persistency in strategy, objectives and harmonized interests.
Looking back on the 15-year equitization road, YFATUF President Tran Cong Binh said, the company has been developing rapidly and sustainably, achieving all plans, fulfilling its tax obligations, and ensuring jobs, income and livelihoods for its employees.
In 2004, YFATUF had five factories with 460 employees, fetched revenue of VND53 billion, paid VND3.8 billion to the State Budget and paid employees an average monthly salary of VND1.2 million. In 2018, the company had eight factories with 650 employees, earned VND388 billion of revenue, paid VND31.7 billion of tax and paid an average of VND6.8 million a month. Particularly, in 2018, the company achieved many impressive results: Revenue increased by 40% year on year in addition to exceeding goals on export value, profitability and State budget contribution. This result came from YFATUF’s efforts to enlist valuable supports from local authorities and agencies and effective preparations for production conditions such as human resources, capital, machinery and market.
As 2019 is the first year to apply the new accounting year (from October 1 of the previous year to September 30 of the following year), the company’s accounting period has only nine months but it is determined to earn revenue of VND300 billion and export value of US$2.7 million, and fulfil 100% of the tax payment plan. To realize these goals, the company is adjusting internal management regulations, assigning work responsibility and strengthening internal inspection and control.
For many years, YFATUF has boosted investment in facilities, ensured safe working conditions and industrial hygiene, and applied information technology to environmental treatment. YFATUF always insists on its business objectives and strategies: Processing and trading in agricultural and forestry products and foodstuffs; standardizing and professionalizing executive management; building and upholding corporate reputation; selecting and establishing relations with partners on the basis of mutual respect, loyalty, cooperation, sharing, transparency and harmonization of benefits. The company has paid attention to developing human resources, fulfilling obligations to the State, shareholders' interests and community responsibility through actively supporting social security programs which need hundreds of millions of Vietnamese dong a year. At the same time, the company also has participated in new countryside construction programs such as recruiting local workers for its factories, supporting infrastructure construction; supporting sustainable farming programs. This is the destination and corporate culture of YFATUF, stressed President Tran Cong Binh.
In the coming time, based on traditional products, the company will continue to invest in upgrading technologies to make high-quality paper, conducting research on production of cassava starch like modified flour and Jumbo industrial packages. But, to follow this direction and grow more, YFATUF’s employees expect authorities to further improve the business environment by strengthening administrative procedure reform; creating consistent policy mechanisms; and making transparent investment attraction, especially considering procedural simplification for buying and selling raw materials originated from planted forests, facilitating farmers and businesses. In addition, the company adjusted social insurance coverage for unskilled workers employed less than three months when they do not want to pay social insurance or full-time employees doing seasonal work, thus forming a more open business environment.