Everpia Vietnam: Confirming Strong Brand

Everpia Vietnam is the owner of high-grade EVERON bedding – a premium brand for most consumers in Vietnam. The company has its own way to success. It is always patient and tenacious of what it is pursuing.

Viko Moolsan, founded in 1993 at a total investment capital of US$15 million, was one of the first South Korean companies in Vietnam. In 2003, Glowin Group took over Viko Moolsan and renamed it Viko Glowin to match with the Glowin Group’s global policies, and since a2004, KD Partners assumed the ownership. Mergered with the parent company in South Korea, the company was renamed Everpia Vietnam Company in 2006. In 2007, Everpia Vietnam was transformed into a joint stock company. Currently, the company is operating three factories in Dong Nai province; in Duong Xa commune, Gia Lam district, Hanoi City, and Tra My Industrial Park in Hung Yen Province.

Efforts to build up the trust

To secure a strong foothold in the market today, Everpia Vietnam has experienced numerous difficulties, even to the extent that it seemed to be unable to overcome. In a close talk with us, Mr Lee Jae Eun, General Director of Everpia Vietnam, said: After two times of changing its owners because of bankruptcy of mother companies in South Korea, the staff did not know of their career futures.

“In November 2004, I took on the leadership of the company from South Korea and found out that Everpia Vietnam would be on the brink of bankruptcy if it did not have proper changes,” Mr Lee said. For a company, the most important thing is to build up the trust: The board of directors and managers believe in workers; workers believe in the sustainable development of the company and devote to the development of the company; the company trusts its partner and vice versa.

With that determination, in 2007 Lee decided to fly to Vietnam to manage the company himself. At first, he and the board of directors restructured Everpia Vietnam’s operations, built internal linking software systems and installed surveillance camera systems throughout the company. In 2008, he chaired a workshop in Ha Long City and made the declaration that “Within three years, Everpia Vietnam will be the best company and will be the pride of all the staff. It will be the most enticing workplace in which all people want to be.”

In the past years, Everpia Vietnam has gradually realised its commitments of its leaders. The salary climbed 35 % in two years (2008 and 2009); workers enjoy a break after two hours of working; and in addition to monthly bonus (incentive), the company also grants special year-end bonuses. Besides, the company also pays attention to improving the working environment for employees by building refectories and toilets amongst others. Every year, the company organises holidays for staff and their families and hosts cultural and sporting events. Its clerks have two Saturdays off every month.

To win the trust and strengthen the attachment to the company, Everpia Vietnam has supported its agencies in many ways like building advertising hoardings, advertising products on local mass media channels, supporting transport fees for far-lying dealers, connecting general dealers with the company’s internal networks to identify sales and regulate production to meet the market demand in the quickest and most flexible manner.

Mr Lee said: “Everpia Vietnam wishes to provide a better working environment for its employees, thus, creating the trust of workers and convince them to make wholehearted devotion to the development of the company.”

Proud achievements

In 2009, Everpia Vietnam attained remarkable achievements despite domestic economic difficulties. Mr Lee said: “Sales impressively grew 28 % and profit after tax climbed 50 %.” With inspirational business successes, all employees of Everpia Vietnam were granted 400 to 500 % of salary in that fiscal year. In 2008, the employees were also given a bonus of 200 % monthly baseline salary when the fiscal year ended.

With nearly 20 years of experience in the Vietnamese market, Everpia Vietnam introduced EVERON-branded bedding products to customers. A brand is known for good-looking products, plentiful designs, reasonable prices, nationwide distribution network, and appropriate consultancies. Everpia Vietnam has more than 250 sole authorised agents in the country and the company’s products have quickly strengthened the market foothold. Currently, the company’s EVERON blankets, bedcovers, pillows and padding mattresses are holding the largest market shares, with some 50 % in Hanoi and 30 % nationwide. Everpia Vietnam is also a big market share of solid cotton sheets, with a top position in the northern market.

With the advantage of strong EVERON brand, Everpia Vietnam has drawn the interest of big foreign investment funds like Mirae Maps Opportunity Fund 2, Dream Venture Fund 7 and KB Investments. In 2009, nearly VND90 billion from investors of Bao Viet Security Co, Agreseco, FPT capital, Red River holdings and other entities was injected into the company. Therefore, the company’s financial source is always growing.

Apart from business front, the company annually donates a handsome sum of money to social and charity activities in the country.

Holding prominient EVERON brand, Everpia Vietnam has achieved significant business success.

A bright prospect

The company has encouragingly completed half of its business plan set for 2010. Mr Lee said Everpia Vietnam strived to attain a 35 % growth this year. Looking to the future, although EVERON-branded products are high-grade, they remain of little globally known. Hence, Everpia Vietnam has built up an export plan to ship its products into foreign target markets. The company will design products for export. It established export specialising units to kick off outbound shipments from late 2009, with its first markets of South Korea, USA and Japan.

Mr Lee said: “The goals of Everpia are the highest sales, the highest rate of returns and the biggest contributions to the Vietnamese society.” As a leading company in the blanket, bedcover and padding mattress market, Everpia Vietnam has made great progress in recent years. The company plans to float its shares on the stock exchange to raise its corporate position and offer investors the opportunity of governing Everpia – a company with high and sustainable growth on the Vietnamese market.

VCCI

Tags: Everpia Vietnam, Vietnam companies, Vietnam enterprises