Truong Hai Dreams of Becoming the Pride of Vietnamese Brand Name

In the recent five years, products of Truong Hai Auto Company have been known widely in the country and Director of Truong Hai automobile company Tran Ba Duong has been abundantly visible in the press, and he also repeatedly appeared on television and radio.

Prime Minister Nguyen Tan Dung is visiting Truong Hais automobile assembling factory in Chu Lai Economic Zone

The company is planning to reach the turnover of US$ 100 million for this year, a record figure in the history of the country’s automobile assembling industry. The company has been recording a growth rate of 30-40 per cent annually in the recent years. In addition, Truong Hai Auto Company has entered a joint venture with Viet Phuong Trade and Tourism Company which sees the establishment of an automobile assembling factory in Chu Lai Open Economic Zone in central Quang Nam Province with a total registered capital of VND 1400 billion. At present, they have realized the first phase of the project with an investment of VND 650 billion, of which Truong Hai Auto Company holds a 90 percent stake. With nearly 1500 employees, the company is tasked with improving skills and living standards of employees, and providing stable jobs for employees that help link employees to the Company’s strategic objectives.

Currently, Truong Hai’s sales have increased to 500 trucks and buses a month. Truong Hai is the most successful automobile assembler, now it ranks second behind Toyota Vietnam as the leading automobile manufacturer in Vietnam. Now, Truong Hai is manufacturing and assembling trucks and passenger cars. The company with annual capacity of 25000 units will diversify its products in response to the changing needs of customers. Furthermore, the company is actively seeking to expand its businesses and has grown considerably as more businesses in marine transportation, retailing and taking part in trading real estates. In 2005, a ship with a load of 4000 tons named Truong Hai that costed VND 40 billion was launched to sail between the central coastal provinces and Hong Kong and the coastal regions of the South of China. Additionally, the company has aggressively invested in real estates projects including high-rise apartment buildings. In fact, building strategic alliances with varied business partners is required to share risks and reponsibilities. Truong Hai expects that it will be restructured from a limited liability company to a shareholding company in the middle of 2007 and then will be listed in the stock market in 2008.

Truong Hai contributed nearly VND 1 billion to charitable and social activities, Tran Ba Duong who is serving as chairman of Dong Nai Young Business Association has called upon young enterprises to participate in community development activities. Therefore, member enterprises of the association in the past years has donated about 1 billion VND to help the community. In the end of August, the association put into operation its office to gather members of the association in order to exchange experience and support each other in production and trading. Besides, Dong Nai young business joint stock company was also set up by shareholders and member businesses of the association with the aim of helping the businesses to buy the stock of bankrupt companies for reinvestment purposes. Secretary of the Ho Chi Minh Communist Youth Union and President of the Viet Nam Youth’s League Nong Quoc Tuan has highly appreciated the contributions of Truong Hai company in general and Chairman Tran Ba Duong in particular to the association.

The second Congress of Dong Nai Young Business Association was opened on October 10 and Mr. Tran Ba Duong was re-elected as the Chairman of the association. New goals will be set for new period and President Duong will try further to achieve the goals.

Reported by Kim Loan