Saving businesses on the brink of bankruptcy
In the summer of 2015, Mr. Do Trong Thuy was mobilized and appointed by the Ministry of National Defense to the position of Chairman and Director of Tay Bac Company in a situation like the helmsman of a ship about to sink in a storm. The Company's assets at that time were zero, and were "negative" by tens of billions of VND. Banks did not lend because there was no collateral. Workers were unemployed. Previously, the General Staff of Military Region 2 had proposed to the Ministry of National Defense a plan to dissolve Tay Bac Company. "With 14 years of experience as a Director, including 13 years of successfully and excellently completing tasks at a base unit of Ha Thanh Company, Hanoi Capital Command, I set a high determination to revive the business, but few people believed I could do it," Mr. Thuy recalled.
Putting aside the surrounding doubts, he determined to get involved by both grasping the situation, building a plan, and perfecting the organization. The direction of the Company was to go right into the basic construction business, the Company's previous main business with projects such as building border patrol roads; building industrial, civil, traffic, irrigation works, etc. "At that time, many of the Company's employees had been unemployed for many years, some people with high professional qualifications had asked to transfer jobs, now it was very difficult to call them back to work because they were stable. Not to mention, public opinion in the Company suspected that this Director might take advantage of state-owned enterprises to borrow money so that the Company would be in debt again," he shared.
To resolve the difficulties, he rolled up his sleeves and took action. He told everyone: "Without a single cent of negative assets, what can I use?" He himself had to use his family's assets, persuade his wife and children to agree to let the Company mortgage their house and borrow money for business capital. The Company's leaders found a very scientific method of handling debts. He and the departments proactively and meticulously checked the books and asked households and individuals to sign debt acceptances, and worked with the authorities to handle the backlog. In the first year of leading the Company, he and the Party Committee and the Board of Directors basically stabilized the organization, clearly defined receivables and payables, and clarified the Company's assets that had been misappropriated by some individuals for many years. At the end of 2016 - the second year of leading the Company, the unit exceeded 60% of the plan, and the business revived spectacularly.
“With the strategy: Sustainable development - putting ourselves in a difficult position to create momentum, the Company has proactively expanded its territory, gradually affirming its brand and reputation with customers, constructing projects that ensure quality, technique, aesthetics, and progress; creating a solid foundation to help production and business become more and more effective, gradually affirming a solid position in the market and a mark in all regions of the country,” he shared.
"Three best"
Leaving the army in October 2022, in March 2023, Lieutenant Colonel, Master of Economics Do Trong Thuy took over the management of Hoa Xa Joint Stock Company, whose director his wife, Ms. Cao Thi Thu, has been for 20 years.
Hoa Xa Joint Stock Company (formerly Hoa Xa Company Limited) was established in October 2002 at 360A Nguyen Luong Bang, Hai Duong City with the main business lines being trading in construction materials, transporting goods by road, constructing civil works, operating dance clubs... Recently, the field of accommodation services and office rentals has received the most investment and dedication from him.
Taking us to visit the representative offices of the 5-star HoaXa Tower project in Hai Duong City, which are now more than 85% occupied, many customers have paid rent for the entire 49-year project life cycle, he said that when the project was established, many members of the Board of Directors of the Company were concerned because doing business in tourist apartments (Condotel) and office apartments for rent (Officetel) in Hai Duong was not suitable. "Hai Duong is not a tourist destination to do this type of real estate. This type is only suitable for localities with developed tourism services such as Hai Phong, Quang Ninh...", Mr. Thuy shared.
With the thought that creating different products would certainly be successful, he set the criteria for an apartment that guaranteed "3 bests", which were the most classy, the cheapest and the most convenient. To convince members to support his plan, he recounted a business story from nearly 20 years ago. "In early 2003, at that time, the dance club business was only in big cities like Hanoi, Ho Chi Minh City, Hai Phong... Everyone thought that opening a dance club in Hai Duong would not have any customers, it would only lead to bankruptcy. But that bold decision brought unexpected success. Hoa Xa is also proud to be a dance club with more than 11 years of operation but has not had any incidents related to banned substances," said Mr. Thuy.
The 5-star HoaXa Tower project is on the right track, including 234 rooms of all kinds, with areas ranging from 46m2 - 127m2. To serve customers who need modern, youthful and luxurious accommodation, especially suitable for foreign experts working in Hai Duong. HoaXa Tower is invested in very meticulous interior design, selecting decorative details, suitable for functions and structures to bring customers truly relaxing experiences. HoaXa Tower is the solution to this problem when the apartments are fully furnished with modern and elegant furniture. The building has modern free amenities such as 4-season salt swimming pool, sauna, gym, yoga room... to meet all accommodation, entertainment and relaxation needs. Reasonable price, modern 5-star standard furniture - 1-star price, HoaXa Tower's Condotel and Officetel apartments are the perfect choice for everyone. "Currently, I have more time for the Company. In the near future, Hoa Xa Joint Stock Company will have many unique products and services launched in the Hai Duong market," Mr. Thuy revealed.
With the bravery of a soldier of Uncle Ho's army, I believe that Mr. Do Trong Thuy will steer the Hoa Xa ship to continue to go far, contributing to the overall development of Hai Duong province.
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