Vietnamese businessman shares what to do with a lot of money, 4 valuable qualities

(Dan Tri) - The thoughts of Vietnamese businessmen in many fields are expressed: "The boss" of spices shares the story of what to do with a lot of money, Mr. Do Cao Bao talks about 4 noble virtues of businessmen...

Valuable qualities of an entrepreneur

Mr. Do Cao Bao - Founding Member, Member of the Board of Directors of FPT Corporation - summarized the four most valuable qualities of an entrepreneur: sincerity, trust, lovability, and social responsibility. Without one of these qualities, one cannot be a great entrepreneur, cannot succeed in business, and if one does succeed, it will only be small and temporary.

Mr. Bao confided that there was a time when many people had a completely wrong understanding of commerce and business, considering trade and commerce as deceitful and inhumane. But in reality, commerce and business forced people to travel, meet, interact, and persuade partners and customers.

To do so, entrepreneurs must learn about the psychology, habits, and needs of customers; must put themselves in the position of customers to understand their psychology, habits, and needs, to discover what customers want; must research and apply science and technology to produce the best and most suitable products.

They also have to find ways to conquer customers, convince customers to agree to buy their products and services instead of buying products and services from other suppliers, from their own country and not from other countries.

To do that, businessmen must be polite, sincere, courteous, serious, knowledgeable, trustworthy, trustworthy, lovable and socially responsible, and sometimes courageous and pioneering, said a representative of the trillion-dollar FPT corporation.

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Mr. Do Cao Bao (left) and Mr. Nguyen Trung Dung (right) both believe that one of the valuable virtues of a businessman is keeping his word.

Mr. Nguyen Trung Dung - Founder and General Director of Dh Foods Joint Stock Company - said that he was attending a food exhibition in Germany. Here, he met many companies that were established in 1931, nearly a hundred years ago, or a company that just celebrated its 60th anniversary.

For these companies, reputation is the most important, which is why they have existed for nearly 100 years and are still growing. That is the model that his company wants to follow. And a sustainable business must certainly be responsible to society. Only when society develops can a company exist and develop sustainably.

Mr. Dung said he often starts a new day with the thought of "a good new day" and "today will be better than yesterday". His and his company's goal is to try to improve a little bit every day, persistently taking small steps but determined to bring Vietnamese spices to many countries around the world. He wants to introduce to consumers around the world that Vietnam has diverse and delicious spice products that are not inferior to Japanese, Korean or Thai spices.

Although he does not idolize any businessman, the "Vietnamese spice tycoon" is quite fond of the saying "What is the use of having a lot of money" by Trung Nguyen's owner - Dang Le Nguyen Vu. Mr. Dung believes that production and business enterprises need sales and profits, but that is not everything.

If a business only focuses on profit, it will eventually reach a dead end. Businesses need to create values ​​that contribute to society, such as developing human-friendly products, protecting public health, etc.

For him, having a lot of money is necessary to have freedom in work and life, but one should not become a slave to money. Since returning to Vietnam after 3 unsuccessful startups abroad, Mr. Dung has started his 4th business with Dh Foods - a company specializing in producing regional specialty spices.

Every day, he said he feels happy because he can do what he loves, has money to pay his colleagues and himself; goes to football matches every week and lives with the person he loves. His joy is seeing the company always move forward, even in times of crisis.

The founder of the spice company suggested that the State should invest more in trade promotion, especially international exhibitions to support small and medium enterprises. Because international exhibitions are a great opportunity for businesses to introduce their products and find partners - something that simple introductory documents cannot fully demonstrate the value of the business.

In addition, exporting products will bring foreign currency to the country. Countries like Thailand, Korea, and China are doing this very well.

Wishes and expectations

Sharing his thoughts on Vietnam Entrepreneurs' Day, Mr. Le Dac Lam - founder of VNTrip Technology Company Limited - said that the most desirable thing right now is for the Government to join hands with businesses to stimulate consumption.

Mr. Lam said that the purchasing power of the economy is currently very weak while the policy of reducing value added tax by 2% has not brought about as much effect as expected. The government can consider implementing product subsidy programs, stimulating shopping with businesses as other countries have implemented. This stimulus will allow people to buy products and services at cheaper prices. He believes that subsidizing with such policies will bring about effectiveness.

In addition, this businessman said that businesses are facing many difficulties. "Especially with VNTrip, we serve thousands of large businesses. We notice that every month, business spending has decreased significantly, proving that businesses are facing many difficulties. This year, real estate businesses alone have not gone on a single business trip. Consumer goods manufacturing businesses have decreased by 30-40%, even large businesses are facing many difficulties," said Mr. Lam.

He added that although the announced interest rate has been reduced to 5%, in reality, businesses are still borrowing at 10% to 12% per year, and lending bottlenecks have not been resolved.

Ms. Nguyen Thi Huyen (left), Mr. Ho Quoc Luc (middle) and Mr. Le Dac Lam (right) shared many thoughts and expectations on the October 13th Businessmen's Anniversary.

Businesswoman Nguyen Thi Huyen - General Director of Vietnam Cinnamon Joint Stock Company (Vinasamex) - shared that in 2023, not only Vinasamex but also many other businesses will have a certain impact because the economy has many fluctuations, especially after the Covid-19 period.

According to Ms. Huyen, normally the demand and purchasing power of customers will increase more each year, but in the recent period, the number of orders has slowed down, with fewer orders. However, Vinasamex still finds opportunities in the difficulties.

"After Covid-19, consumer habits have also changed, they are more interested in functional products to protect health and increase the immune system. Accordingly, we also take advantage of our strengths and consider this an opportunity for our business," Ms. Huyen shared.

The CEO expects that 2024 will be a year of economic recovery and development opportunities for Vietnamese businesses. The difficulties of the past period can be considered as "a test", retaining businesses with internal strength, sustainable development orientation and differentiation.

With Vinasamex, the company will take advantage of the world's trending product groups such as pharmaceuticals and cosmetics to increase revenue. "Hopefully, not only us but also other businesses in Vietnam will have new ideas in the near future and prepare carefully for the future," Ms. Huyen commented.

Mr. Ho Quoc Luc - General Director of Sao Ta Food Joint Stock Company - commented that 2023 is a year of many fluctuations, difficulties following difficulties for businesses. In that context, businesses must also "cut their coat according to their cloth", have careful assessment and preparation. For unexpected incidents, businesses must also promptly "respond" and cope to minimize damage.

"In 2024, businesses will probably face many difficulties due to the complexity of the world situation. But in times of difficulty, we get used to it. When there are no difficulties, we feel strange and lacking, because that's how business is," Mr. Luc said with a laugh.

To promptly adapt and overcome difficulties, CEO Sao Ta believes that businesses need to "go with the wind", grasp information promptly, and have timely reactions.

The Party, the State and the People are the mainstay of the business community.

Speaking at a recent meeting with Vietnamese businessmen, Prime Minister Pham Minh Chinh said that Vietnamese businessmen and the business community play a very important role in the cause of national construction and development.

After more than 36 years of innovation, by 2022, Vietnam's GDP will reach about 409 billion USD, an increase of about 51 times (GDP in 1986 reached about 8 billion USD). Notably, in the period 1986 - 2022, Vietnam is in the top 5 countries with the largest economic growth in the world.

Vietnam has become the fourth largest economy in ASEAN and the 40th in the world, with international trade in the TOP 20 of the world, and is one of the most dynamic and open economies in the world. Vietnam's national brand is valued at 431 billion USD in 2022 and is the national brand with the fastest growth rate in value in the world.

The Vietnamese business community has been constantly developing in both quantity and quality, making great and important contributions to the cause of national construction and defense in many aspects; being the main force, pioneering in creating many jobs and livelihoods for workers, thereby contributing to hunger eradication, poverty reduction and socio-economic development.

The Prime Minister affirmed that the Party, State and People are always the mainstay and always trust the Vietnamese business community (Photo: VGP/Nhat Bac).

Currently, Vietnam has nearly 900,000 operating enterprises, about 14,400 cooperatives and more than 5 million business households, the business sector contributes more than 60% of GDP, about 30% of the total working population.

Enterprises and entrepreneurs are present in almost all industries, production and business fields, operating not only domestically. Many enterprises and entrepreneurs have made a name for themselves, affirming their brand value to reach out to the region and the world, contributing to bringing Vietnamese brands to the world and enhancing Vietnam's position in the international arena.

In addition to production and business activities, the business community also always demonstrates social responsibility. Many business people have been actively participating in hunger eradication, poverty reduction, gratitude programs, community programs, supporting people to overcome the consequences of natural disasters, contributing to strengthening the great national unity bloc.

Building and promoting the role of Vietnamese entrepreneurs in the new era.

On October 10, the Politburo issued Resolution 41 on building and promoting the role of Vietnamese entrepreneurs in the new era, which sets out specific goals by 2030, with a vision to 2045. One of the messages set out by 2030 is to strive for more and more businesses to reach regional level, some businesses to reach world level...

The vision by 2045 is to develop a team of entrepreneurs with the capacity and qualifications to meet the national development goals, high income, regional and international position and prestige; a part of enterprises with world brands, leading a number of global supply chains and value chains.

Prime Minister Pham Minh Chinh said that in the coming time, the Government will effectively implement Resolution 41 of the Politburo, focusing on 8 groups of tasks and solutions.

In particular, continuing to stabilize the macro economy, control inflation; improving the business investment environment; removing bottlenecks in resource mobilization, production and business; promoting the strong development of all types of markets, safe, healthy, transparent; promoting the disbursement of public investment capital...

The Prime Minister asked the business community and entrepreneurs to continuously improve their competitiveness, reach regional and international levels; focus on Party development work in enterprises; proactively innovate production and business models, restructure enterprises associated with development according to green economy, digital economy, circular economy...

The Prime Minister affirmed that the Party, State and People are always the mainstay and always trust the Vietnamese business community. The Government and the Prime Minister pledge to always stand side by side, share, encourage and fully absorb the opinions of associations and business communities to build and develop a strong and united business and entrepreneur community.

The spirit is not to say no, not to say difficult, not to say yes but not do, if said must be done, if committed must be done and if done, must have specific results.

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