Starting his business with bare hands, Le Phuoc Vu has successfully built “Hoa Sen” steel brand name. He is also well-known as a person living under Buddhist tenets with social charity activities for the sake of the community.
Starting business from bare hands
In 1994, Le Phuoc Vu started his business by opening a small store specialized in providing various corrugated iron sheets for roofing with few capital of two-tenths of a tael of gold and VND200,000. Three years later, he decided to set up a corrugated iron rolling factory and then developed it into Hoa Sen Group in 2001 with the initial investment capital of VND30bln.
For sustainable development, Le Phuoc Vu has managed Hoa Sen
Group by the following four principles: Improving product quality; giving the
best care to clients; expanding distribution system and promoting domestic
market. These have also helped promote Hoa Sen steel brand name at home and
abroad. 
Le Phuoc Vu, CEO of Hoa Sen Group awarded the third-class Labor Medal
With a close business chain plus quality high products, Hoa Sen Group has always reached high results in revenue and profit. This is also a difference of Hoa Sen Group compared to other steel companies. Upon the difference, Hoa Sen Group quickly sold out a large number of inventory items, helping it overcome difficulties in the global economic crisis of 2008.
Hoa Sen Group has also attached special importance to building its brand name via many significant activities, including sponsoring social charity programs. In a bid to expand its production, Hoa Sen Group last year opened a new steel mill at the Phu My 1 Industrial Park in Ba Ria-Vung Tau Province applying modern technologies.
In 2010, Hoa Sen Group’s charter capital amounted to VND1.008trillion, 33 times higher than that of 2001. Hoa Sen Group is also estimated to reach 452,873 tons of various products, VND10.086trillion in total revenue and VND350bln in post-tax profit during the 2011 and 2012 fiscal year. Compared to the previous fiscal year, Hoa Sen Group has continued gaining strong growth in output( by 19%), revenue ( by 24%) and profit ( by 119%), despite economy facing difficulties.
Happiness belongings to giver
As an entrepreneur living under Buddhist tenets, Le Phuoc Vu has always got involved in genuine business activities; generated genuine jobs for laborers and done his best to bring basic happiness to all people.
Le Phuoc Vu said: “Happiness belongs to givers, not receivers when money earned by us are used properly”. Along with his success in business and production activities, he has always expressed his responsibility to the community via many social charity programs.
With achievements done, Le Phuoc Vu was awarded the third-class Labor Medal. Hoa Sen Group was also awarded many noble prizes, including the Vietnam Gold Star Award during the 2005 and 2011 period; the 2011 Top Ten Vietnam Gold Star Awards; the 2011 Top 10 Enterprises Taking Social Responsibility; the "Sai Gon Outstanding Entrepreneurs” title; the Plentium Award for Product Quality 2011 by Business Initiative Direction (B.I.D) in Spain…
Reported by K.T-Translated by Trung Dong
