Fideco: Attraction from Special Products

Led by the business philosophy of “Global quality and customer’s belief,” Fideco is becoming a powerful trademark in Vietnam. On the occasion of Fideco celebrating its 20^th founding anniversary and receiving the third-class Labour Medal, the Vietnam Business Forum had an exclusive interview with Mr Tran Huu Chinh, General Director of Fideco.

Many companies collapsed after the devastating impacts of the global economic crisis but Fideco firmly advanced. Would you mind sharing your company’s experience in weathering the economic crisis?

The global economic crisis has caused adverse impacts on all companies, including Fideco. Thus, how to stand firmly and continue developing in the time of crisis is a hard-nut-to-crack issue.

Fideco is a multi-sector business but its business activities supplement and power each other. Therefore, Fideco has easily managed to mobilise financial sources to shore up the hardest-hit fields.

For instance, when the worsening global crisis led to the reduced demand for exported wheat flours, we quickly shifted to directly manufacturing breads or coordinating with domestic units to sell wheat flours.

In regards to the real estate market, we placed priority on our projects. We were determined to complete projects such as Fideco Tower and Fideco Review while others need to be put into an overall roadmap to survive the crisis.

Could you tell some typical projects of Fideco?

We have successfully invested in high-rise office projects in the downtown of Ho Chi Minh City. At present, we have expanded our investment activities into several industrial parks such as Chon Thanh – Binh Phuoc Industrial Park and Ham Tan Industrial Park – the first to use wind-to-power energy in Vietnam. To meet housing demands by local residents and workers in industrial parks, we have joined hands with several partners to build the 5-hectare Binh Trung Dong housing project, which constitutes villas and semidetached houses, and construct the 126-hectare Dong Binh Duong Urban Zone, which consists of housing areas and public utilities such as university, commercial centre and entertainment area. Besides, we also develop the 30-hectare high-grade Can Gio resort for high-income earners.

Fideco is a multi-sector business but all fields are progressing. Could you share your secrets?

Success is the outcome of many good factors. When we successfully develop a business field, we will step into another one. But, we need to research and think carefully before we officially do it. Our company’s strategy is to create special products to attract customers. If our products are too ordinary, they will hardly overwhelm other rivals. In our viewpoint, any customer segments have groups of special customers and we target these groups.

If we make intensive investments in any field, we will have top-notched experts to manage such fields. Hence, we never meet with overlapping operations but enjoy supplementary assistances of our business fields.

What do you think about business activities of Vietnamese companies at present?

Cooperation for mutual development is an outcome of a civilised economy. Vietnam is a market economy constituted by many economic sectors. As a result, it has thousands of businesses operating in different economic sectors. But, there are certain shortcomings. For instance, business associations and enterprises sometimes kindle irrational price wars, leading to instability and damage to producers. Several companies invest for short-term profits and do not base investment on actual social demands, resulting in increasing costs and wastes.

Posted by VBN on Nov 23 2009. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry