Inheriting advantages in position and strategic vision from the parent company (WONDERFUL), Sungold Commodity Co., Ltd has emerged as one of the leading companies in Hai Duong province, thanks to its strategic vision, advantageous positioning, and robust investment strategies. The company has made significant contributions to the province’s export value.
Mr. Tran Duc Thang, Secretary of the Hai Duong Provincial Party Committee, visits the Sungold product showroom
Strategic location selection and focused investment
According to Ms. Nguyen Thi Tinh, Deputy General Director of Sungold Commodity Co., Ltd, the company prioritizes geographical location as a crucial factor in its decision-making process. Cong Hoa Industrial Park was chosen due to its prime location at the heart of the northern key economic region, encompassing the Hanoi-Hai Phong-Quang Ninh Economic Triangle. This strategic position provides convenient access to Hai Phong Seaport and Cat Bi Airport (approximately 50 - 60 km away), facilitating seamless export transportation. Additionally, its proximity to Hanoi, Bac Ninh, Bac Giang, Hung Yen, and other provinces ensures a steady supply of production inputs while minimizing time and financial costs. Moreover, land prices in Hai Duong were comparatively lower than in other provinces and cities at the time of investment (2019). Furthermore, leaders at all levels and sectors within the province, including the Hai Duong Industrial Zones Authority, the Department of Planning and Investment, the Department of Natural Resources and Environment, the Customs Office, Police Department, and Chi Linh City have consistently demonstrated an open-minded, friendly, and proactive approach in supporting businesses. They have streamlined administrative procedures with remarkable efficiency.
Sungold Commodity Co., Ltd invested in Cong Hoa Industrial Park after conducting a comprehensive study of the infrastructure investor and operator, Vietnam Rubber Industrial Zone and Urban Development Joint Stock Company. The company ascertained that the park aligns with its strategy as a modern high-tech industrial park adhering to international standards. Consequently, Sungold acquired 3.5 hectares of land and employed 100 workers to establish fully automated modern factories equipped with state-of-the-art machinery. The company prioritized hiring well-trained, dedicated workers to operate and manage the machinery and equipment.
The total initial investment capital in 2019 amounted to US$9.8 million. However, this figure has since increased by US$3.9 million, reaching a total of nearly US$14 million. With investments in modern machinery and technology, Sungold’s products are exported to European and U.S. markets, consistently earning high praise from partners and customers.
Despite these achievements, Sungold encountered numerous challenges, particularly due to the COVID-19 pandemic coinciding with the company’s production phase. The project was conceived and planned in 2018, licensed by Hai Duong province in early 2019, and commenced production in 2020. Unfortunately, 2021 witnessed the peak of the COVID-19 pandemic, significantly impeding Sungold’s progress.
“At that time, Sungold maintained constant communication with partners and customers while simultaneously consolidating production and enhancing specialized skills and techniques among workers. Additionally, the company collaborated with Cong Hoa Industrial Park, Chi Linh City, and Hai Duong province to implement stringent disinfection measures,” she emphasized.
Sungold’s export products
Enabling sustainable development
In 2021, the COVID-19 pandemic disrupted supply chains and exports to European and U.S. markets, resulting in the company’s export value exceeding US$3 million. Fortunately, in 2022, concerted global efforts to contain the pandemic, coupled with proactive engagement with partners and customers and sustained production activities, propelled the company’s export value to an impressive US$5.3 million. During the first half of 2023, Sungold achieved a remarkable 40% year-on-year revenue growth. The company anticipates generating revenue of US$10 million from a shipment of 5,000 tons by the end of 2023.
Moreover, Sungold Commodity Co., Ltd is recognized as an exemplary employer. The monthly income of its employees increased from VND8.5 million in 2021 to VND9.4 million in 2023. This upward trend augurs well for Sungold and Vietnam’s consumer goods industry at large.
In early 2023, Sungold proactively registered for and participated in the International Consumer Goods Fair in Guangzhou (China). This strategic move aimed to forge partnerships, expand its product consumption markets, and attract potential customers. The company garnered significant attention from numerous partners and customers in new markets who expressed interest in establishing cooperative agreements.
To further enhance satisfaction among existing and new partners and customers, Sungold consistently prioritizes technology investment. As the supply of consumer goods to foreign markets stabilizes between 2025 and 2030 as projected, Sungold will focus on developing the domestic market. This strategic endeavor aims to enable Vietnamese consumers to access top-quality consumer goods at reasonable prices manufactured by Sungold.
| WONDERFUL is the holding corporation of Sungold Commodity Co., Ltd, a globally renowned consumer goods manufacturer and trader with over 20 years of experience. Consequently, Sungold is well-positioned to establish market share with both old and new partners and customers. The policies and strategies of WONDERFUL and Sungold prioritize research and development, with a significant focus on funding. In addition to maintaining well-performing businesses with substantial market shares, Sungold strives to produce environmentally friendly products made from sugarcane bagasse, corn stalks, and rice husks. The company also creates distinctive products for festivals and special events, featuring a wide range of designs catering to various customer tastes. These products offer not only utility value but also great spiritual value for customers, thereby significantly enhancing the brand value of the company. |
By Ha Thanh, Vietnam Business Forum
Vietnamese
