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Businesses thrive despite high bank lending rates
Despite being hit by high bank loan interest rates and increasing input costs, many Vietnamese companies have managed to survive, with some achieving good growth.
Amid financial difficulty, Vikybomi Corporation, which specialises in producing wheat flour, for instance, had earmarked a rather large amount of money to participate in trade fairs in the UK and South Korea, the Nguoi Lao Dong (The Labourer) reports.
The company's expectation finally paid off when it signed export contracts with an UK buyer. Last month, eight tonnes of Mikko powder mix were exported to the UK.
By taking part in trade fairs to bring Vietnamese products to rural and remote areas, its products became popular.
While many businesses had to suspend their projects due to capital shortage, Sai Gon Paper Corporation has decided to invest in the My Xuan II plant, which will help triple the corporation's productivity.
Recently, Sai Gon Paper Corporation has also signed a strategic co-operation and investment agreement with Japanese paper manufacturer Daio Paper Corporation and the Development Bank of Japan's Bridgehead fund. They have acquired a 34 per cent stake in Sai Gon Paper Corporation.
The agreement was considered the most deep strategic investment transaction in the country's paper industry.
Besides providing financial assistance, Japanese counterparts have also provided technology and training to help Sai Gon Paper Corporation raise its market share in the domestic market and increase exports to Japan.
The company has exported the first three containers of tissue paper to Japan; around 10 more containers will be exported to the market this month.
From June, the company expects to export between 15 and 20 containers of tissue paper to Japan.
In addition, it also plans to boost exports to Cambodia, Canada and the US.
Similarly, Ha My Joint Stock Company has invested more than VND100 billion (US$4.8 million) in a cashew processing plant in southern Binh Phuoc Province with advanced technology.
The processing plant operates following HACCP international standards - a science-based management system to ensure the safety of food, which will help improve competitiveness of Vietnamese cashew products in the world market.
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