Last updated: Tuesday, May 21, 2013
Friendco Flexible to Overcome ChallengesPosted: Saturday, July 14, 2012
As a member of Saigon Industry Corporation (CNS), Friendship Industry - Trade Joint Stock Company (Friendco) has faced numerous difficulties and challenges. But, with its unity and creativity, Friendco has managed to get through hardships and assert its brand name on the market.
Previously, Friendco mainly manufactured bicycles with a daily output of capacity 300 - 400 units. With certified quality, diversified models and eye-catching design, Friendco bicycles quickly occupied the domestic market at that time. However, the presence of more modern vehicles changed the leader of the bike industry. As a result, the company’s sales slowed in the domestic market. However, with its sharpness and flexibility, Friendco quickly found a new effective direction: Exporting metal table and chair frames, snow sweepers, and rattan covers for tables and chairs to Italy, Greece and other markets. In addition, the company supplied nearly 20,000 frames for children’s bikes for Cho Lon Plastics Company. It also entered a joint venture with Hong Kong-based Vikotrade to manufacture farming equipment like plows, tillers and harvesters.
In 2005, Friendco officially went public. Since this milestone, the company’s operations have thrived. It gradually stepped into new business lines like offices for lease and commercial services. The firm managed to get over the hardest time of economy. Office projects at 357 Le Hong Phong Street and on Doan Van Bo Street are operated effectively by the company. This success, plus lucid guidance and huge support from Saigon Industry Corporation, Friendco confidently carried out new projects like building a high-rise residential, commercial and service complex for medium-income residents at 279 No Trang Long Street - a cooperation project with a member company of Hoang Anh Gia Lai Group.
Explaining these successes, Mr Lu The Chinh, Deputy General Director of Friendco, said: “Friendco’s pride and competitive advantage lie in our experienced and skilled mechanical workers. Many mechanics and welders have won Golden Hand titles. Defining our staff as the decisive factor to success or failure in business operations, Friendco pays special attention to human resource development, aiming to form a dynamic and skilful force to meet development demand of the company at present and in future. In addition to well-trained human resources, reasonable price, timely delivery and product quality are also important factors in the reputation of Friendco brand. Understanding the importance of technology to production and life, the company has continually renovated machinery and equipment to generate the best-quality products to meet the most demanding requirements of customers. From these efforts, Friendco-branded products have captured the trust of the most demanding customers.”
From its achievements, Friendco plans to invest over VND100 billion to build a factory covering nearly one hectare in Hoa Phu Industrial Park, Cu Chi district at the end of 2012. Besides, it will upgrade technologies of existing bike production lines. It will also increase investment for production of mechanical items and interior decorations to assert the Friendco brand name on the market.
With sound investment and development strategies, Friendco is confident to make headway and become an important element in the economic development of Ho Chi Minh City and the country in general.