Tin Nghia Corporation, founded in 1989, is playing a leading role in the economy of Dong Nai province. With a solid foundation, acumen and innovation efforts, especially after successfully going public, the corporation has entered a new promising development stage.
Calibre substantiated with four core areas
After going public in 2016, Tin Nghia Corporation had a registered capital of VND1,558 billion with 10 subsidiaries and six associates active in four core business lines: industrial park infrastructure investment and real estate; petroleum and gas trading; logistics services; and coffee and farm produce trading and commodity export/import.
Among its core business areas, industrial zone infrastructure and real estate investment is highly appreciated by domestic and international business communities. Tin Nghia Corporation invested in eight industrial parks in Dong Nai and Ba Ria - Vung Tau provinces with a total area of 3,500 ha. Up to now, its industrial parks have attracted more than 250 enterprises with a combined investment capital of more than US$5.3 billion.
In petroleum business, Tin Nghia Corporation is a leading oil and gas retailer in Dong Nai province. By its focus on ensuring right quality, sufficient quantity and perfect service delivery, the prestige of Tin Nghia Petroleum is strongly trusted by consumers. Currently, Tin Nghia is investing in petroleum depots and ports to directly import petroleum products for the domestic market. This step will help it take greater initiative in petroleum business strategy and pay more taxes to the local state coffers.
In import and export business, particularly coffee production and export, in 2016, Tin Nghia Corporation exported 128,000 tonnes of coffee beans for US$223 million, ranked second among 10 biggest coffee exporters of Vietnam. The corporation has been recognised as a leading exporter of Vietnam by the Ministry of Industry and Trade since 2003. In an effort to increase coffee values, Tin Nghia Corporation invested US$28 million to build an instant coffee mill with a first phase capacity of 3,200 tonnes in Nhon Trach Industrial Park 3, Nhon Trach district, Dong Nai province. Powered by cutting edge technology and modern equipment, the plant will meet all quality, food hygiene and safety, and environment standards. Most of its outputs are expected to be consumed in North America, Europe and Asia - Pacific.
Strategically lying in the southern key economic zone, logistics is also a well-performing business of Tin Nghia Corporation. Situated near ports and industrial parks, Bien Hoa ICD with on-site customs agents is a trusted address for domestic and international shipping lines, importers and exporters. In its farther strategy, Tin Nghia Corporation has expanded logistics operations to Nhon Trach district by investing in Phu Huu General Port in order to connect with the bonded warehouse system in the region to meet multimodal transportation demands and bring satisfaction to customers by service and cost optimisation. This approach of the corporation matches the development strategy of Dong Nai province.
Restructuring accelerated
Despite domestic and international economic volatility, Tin Nghia Corporation has managed to maintain a good growth rate and always earned over VND10 trillion of revenue a year. In 2016, in spite of ongoing economic difficulty, Tin Nghia Corporation endeavoured to complete its business plan with VND10,774 billion of revenue and VND220 billion of profit, meeting 151 per cent of the full-year plan. The firm also paid over VND280 billion to the State Budget, equal to 281 per cent of the yearly plan. With these results, Tin Nghia Corporation continued to be ranked in the Top 100 largest enterprises of Vietnam by Vietnam Reporting Joint Stock Company (VNR) and online newspaper Vietnamnet.
Mr Le Van Danh, Deputy General Director of Tin Nghia Corporation, said, in order to achieve these results in the face of prolonged domestic and world economic fluctuations, Tin Nghia Corporation has made great efforts. “There are many factors, both subjective and objective, enabling Tin Nghia Corporation to overcome all challenges in the way and keep on admirable growth. Subjectively, we soon identified difficulties and challenges to actively adjust our strategies and have proper development approaches to actual situations. Objectively, Tin Nghia received great supports from local authorities, customers and partners,” he explained.
“In the face of difficult times, Tin Nghia Corporation actively reformed its business operations. The firm built and submitted its corporate restructuring plan to competent authorities in 2013. Accordingly, it divested and withdrew interests from unsecured businesses and inefficient projects such as tourism, hotel and some real estate projects. The concern has focused on four core businesses: industrial park infrastructure investment and real estate; coffee and farm produce trading and commodity export/import; petroleum and gas trading; and logistics services,” he added.
Besides, the restructuring plan provided an equitisation roadmap for the holding/parent corporation. Matching the State policy, this plan has been proactively carried out by Tin Nghia Corporation. Therefore, after just one year getting equitisation approval, the corporation successfully launched IPO. After going public, its governance model has been changed to be more flexible, dynamic and effective.
At present, against the backdrop of deeper integration, in order to carry out its business and investment development strategy, Tin Nghia Corporation will continue with its corporate restructuring scheme by restructuring and developing human resources to improve management capacity. “We regard human resources as our most valuable asset and we thus hire a foreign consulting for human resources restructuring. At the same time, we apply advanced management software to management and administration works. This will help improve our work efficiency, reduce costs and lay the foundation for sustainable development,” said Le Van Danh.
Mr Le Van Danh, Deputy General Director of Tin Nghia Corporation, said, Tin Nghia Corporation is ready to welcome and accompany investors in its four core businesses. “Lying in the Southeast economic quadrangle, Dong Nai has a very convenient position. In the future, when expressways and ports are built and upgraded, especially the planned Long Thanh International Airport, the province will have a complete, perfect transport infrastructure system and an ideal investment environment. Dong Nai authorities are also making great efforts in reforming administrative procedures. Therefore, investors can fully trust the competence and conditions of Dong Nai province. Like other local enterprises, Tin Nghia Corporation always welcomes and has the great honour of going with investors, customers and partners to success,” said Danh.
Quoc Hung
Vietnamese
