2010 was the year to mark many important events of Binh Duong province’s business community amid the world financial storm. Province-based businesses, namely Truong Thanh Woodwork Corp., Dai Thien Loc Steel Joint Stock Co., Dong A Steel Joint Stock Co.,…upheld their inner strength for stable growth and quick penetration to new markets which were previously the “prerogative region” of the multinational corporations.
As of October 2010, a delegation of the government and business representatives from Umshwathi city in the Republic of South Africa visited Binh Duong to seek investment opportunities. Provincial Woodwork Processing Association received the delegation.
Truong Thanh Woodwork Corp. and representative of the Umshwathi city’s government signing a Memorandum of Understanding (MoU) on business cooperation
Umshwathi City Mayor said: “South Africa is a large country and full of natural resources. We have only gained independence for 16 years, so there is a high demand for development. This will be the potential and the chance for cooperation in all fields between us and the business community in Binh Duong. We will sign a cooperation contract with Truong Thanh Woodwork Corp. on growing forest; setting up a joint venture company to exploit afforestation and process furniture products. Our advantages are to have a large consumption market and be easy to penetrate great markets, due preferential policies on tariff. Whilst, Vietnamese people are very diligent and creative with high-level skills…, helping us to overcome difficulties…”.
Vo Truong Thanh, chairman of Truong Thanh Woodwork Corp. said: “The South African government has pledged to consume around 30%-50% of the company’s total furniture output manufactured in the first three years under the MoU between two sides. Binh Duong provincial Woodwork Processing Association will be also provided a 2,000sq.m showroom to introduce its furniture products to European markets and US. In return, we will receive and train managerial staff for our partner UmShwathi city and then will send our experts to the city for production management and market exploitation…”.
Meanwhile, Dai Thien Loc Steel Joint Stock Co. has focused on export activities. The company has initially got involved in exporting its products to near and safe markets like Laos, Cambodia, Thailand…and then penetrated to Myanmar, Bangladesh, Congo, Gambia, Mozambique, Liberia, Ghana…Between 2008 and 2010, the company’s revenue reached strong growth despite the impacts of the global economic crisis. Noticeably, the company gained an after-tax profit of more than VND200bln and paid more than VND199bln for State budget…
According to Dai Thien Loc Joint Stock Co.’s General Director Nguyen Thanh Nghia, Binh Duong’s businesses need to have a thorough grasp of the market rules, apply and fully uphold their inner strength and have confidence to penetrate new and choosy markets for better development abroad...
Reported by Duy Chi-Translated by K.T
