After a decade in the market, Ms. Nguyen Thi Huyen, the CEO of Vinasamex, believes that in order for Vietnamese agricultural products to gain competitiveness and be exported to demanding markets like the United States, strict quality requirements must be applied.
On Vietnamese Entrepreneurs’ Day, General Director Nguyen Thi Huyen had a conversation and interview with Nhadautu.vn newspaper.
This year, although the domestic economic situation faces many challenges, it also faces many great opportunities, especially when Vietnam – the United States upgrade their relationship to a comprehensive strategic partnership. For Vinasamex, the United States is one of the very large markets and full of opportunities that the company wants to expand with high quality products from Vietnam’s own cinnamon and anise trees.
Congratulations on Vietnamese Entrepreneurs’ Day. This year, the domestic and foreign economies continue to have many fluctuations, significantly affecting business operations. In that context, how do you evaluate it and what message do you have for the business community?
CEO Nguyen Thi Huyen: Many macroeconomic indicators in recent months have shown signs of recovery and prosperity of the economy after COVID-19. However, we are also facing many challenges and difficulties.
The challenge is even more serious when the world economic growth prospects are threatened by epidemics, inflation, the global financial system weakens while political conflicts continue to escalate, and raw material supply chains are disrupted… Many complex and unpredictable factors are slowing down the recovery process and exposing the global economy to the risk of recession.
In this difficult situation, along with strengthening the internal capacity of businesses, optimizing costs, and using resources effectively, solidarity in the business community is very important.
On this occasion, I wish our country’s businessmen to always firmly pursue great aspirations, dare to face every challenge, and strive for resounding successes to realize the vision of a prosperous Vietnam.
Although the economy still has difficulties, this is also a “golden” opportunity when Vietnam and the United States upgrade to a comprehensive strategic partnership. In your opinion, what is that opportunity?
CEO Nguyen Thi Huyen: After Vietnam – the United States upgraded to a comprehensive strategic partnership, there are great opportunities for Vietnam and domestic businesses.
There are obvious benefits such as better relations between the two countries that can create more favorable conditions for Vietnamese agricultural products to access the US market. Trade agreements and trade incentives can be promoted, helping to reduce trade barriers and create opportunities for exporting businesses.
In addition, this upgrade will bring more projects to support agricultural export businesses, including providing market information, guidance on US food regulations and standards, and other services to help businesses quickly access the largest market in the world.
In addition, Vietnam will also “open the doors” to attract US businesses to seek investment and expansion opportunities.
What about Vinasamex?
CEO Nguyen Thi Huyen: Vinasamex is focusing on production and export to four main markets: the United States, Japan, Korea and European Union countries. Among them, customers from the United States always account for the highest market share.
We not only sell to B2B customers but also sell through the Amazon channel to retail customers. And when trade agreements and Vietnam-US relations reach new heights, I believe the company will have more advantages in developing the market and increasing sales market share in the United States.
As is known, accessing and exporting products to the US market requires many strict conditions. Therefore, the company needs to maintain product quality, uphold certifications related to product quality, sustainability, and circular economy, according to their standards.
Futhermore, the company is expanding the scale of its factory, applying high technology to production to meet market needs; Build and promote brand identity, images, and brand stories associated with indigenous cultural elements.
The company is also researching to design new product packaging models to suit the international market. In particular, the company has been researching potential product groups for the US market.
So, how has the company scale changed to take advantage of this opportunity?
CEO Nguyen Thi Huyen: Currently, we are expanding our scale, instead of previously working with only 1,000 farmer households with about 1,000 organic hectares, now we have 3,000 farmer households with 4,200 hectares.
The company is also building two more factories to serve the processing of other essential product lines, focusing on the organic essential oil production industry. These essential oils are used to sell to cosmetic brands.
Factories will aim to extract the essences in essential oils. In particular, the factory in Bao Thang, Lao Cai produces curmarin used for anti-stroke medicine, shikimic acid used as anti-inflammatory medicine, treatment during radiotherapy, anti-HIV medicine and strengthens the immune system and is good for blood vessels. The factory in Lang Son will extract shikimic acid and sell it to a company that makes the anti-influenza drug Tamiflu.
Changing customer orientation will be an opportunity to solve difficult problems in the coming time. Instead of customers only using products for decoration, the company will aim for more essential products with higher demand, such as medicine and beauty care products. At the same time, the produced products will have higher added value, targeting potential customers.