Sao Mai An Giang - Speedy Moves

9:34:35 AM | 13/12/2010

At present, Sao Mai An Giang, whose shares (ticker ASM) are floated on the Hochiminh Stock Exchange, is widely known as a powerful, fast-growing real estate and aquatic company. However, it is little known that that Sao Mai An Giang had a very low starting point characterised by a very small business scale 10 years ago. At an interview with the Vietnam Business Forum, Mr Le Thanh Thuan, General Director of Sao Mai An Giang (ASM), said: "The Sao Mai An Giang trademark is built from the very ambition of the entire company, from high-ranking figures to low-ranking employees. The today success accrues from our consensus, joint stance and unity in building up prestige and brand culture.
Living through difficulties after going public
Sao Mai An Giang Investment and Construction Corporation (Sao Mai Conscorp) was formerly the Architecture Joint Venture Company established in 1988 and went public in 1997. From this milestone, Sao Mai An Giang has quickly developed into a leading company in An Giang province. After nearly 15 years, from a small company with unique construction business, Sao Mai An Giang has expanded into various fields like real estate investment, fishery and tourism. Impressively, Sao Mai An Giang makes proud success in all business fields.
Starting with projects in the southern province of An Giang to accumulate capital and experience, after only a short time, Sao Mai An Giang reached out to many investment projects across the country. Even in economic recession and freezing real estate market, Sao Mai An Giang has still made impressive breakthroughs in many large projects.
The year 2000 marked an important milestone in the company history as Sao Mai An Giang successfully built Sao Mai Binh Khanh high-grade urban zone in Long Xuyen. At that time, the Sao Mai Binh Khanh urban zone was a symbol of urbanisation. This luxury urban project is a stepping stone for Sao Mai An Giang to undertake other upmarket urban zone and residential projects like Sao Mai - Tri Ton urban zone (31 ha, Tri Ton district), Sao Mai - Tinh Bien urban zone (20 ha, Tinh Bien district), Sao Mai - Cho Vam urban zone (15ha, Cho Vam Town), Ap Thi - Cho Moi residential zone (3.5 ha, Cho Moi Town) and Phu Huu residential zone (area 3.6 ha, Phu Hoa Town) in An Giang province; P1 Banking residential zone (5 ha, Cao Lanh City, Dong Thap province), Sao Mai P7 urban zone (12.7 ha, Ben Tre Town, Ben Tre province), Nui Cam - Tinh Bien villas and resort (17 ha, Tinh Bien district), Thien Canh Son villas and resort (6 ha), etc. These projects contributed to the urban development of many provinces and cities in Mekong Delta region.
It is noted that many projects undertaken by Sao Mai An Giang used to be long-suspended and difficult projects for many companies. Particularly, the Sao Mai Binh Khanh luxury urban zone was initially licensed to a real estate developer but it failed to carry out in three years. Thus, the An Giang People’s Committee - the provincial governing body - then handed it over to Sao Mai An Giang. The Nui Cam vacation villa complex in Tinh Bien district was unable to be carried out by many companies before being transferred to Sao Mai An Giang by the Provincial People’s Committee. Many “sleeping” projects were awakened by Sao Mai An Giang’s the experience and financial availability.
In spite of economic crisis and intense competition, Sao Mai An Giang is determined to enter into Ho Chi Minh City, starting with an office, apartment and commercial service building complex in District 8. The 32-storey twin towers with 90,000 square metres of floor cost more than VND1,000 billion. In addition, Sao Mai An Giang also acquired a land plot in the capital city of Hanoi to build similar twin towers in 2011. Besides, several companies are going to be completed to add to the hall of fame of the company.
Apart from real estate projects that bring fame and success to Sao Mai An Giang, the Vam Cong Industrial Park is a springboard for the company to jump into new business fields. The aquatic factory No. 1 invested by IDI Company - an affiliate of Sao Mai An Giang - reasserts the aspiration of the corporation to conquer new heights and diversify operational scopes to become a powerful multi-business group as expected by the company’s management. Starting official operations in 2007, the aquatic factory No. 1 has quickly established its market position and become a leading seafood exporter in Vietnam.
In the next five-year development strategy (2010 - 2015), Sao Mai An Giang will invest about VND1,500 billion to develop Vam Cong seaport and industrial complex to serve exporting demand in the Mekong Delta region. This project will house more than 10 large factories and provide warehouses for some 4 million tonnes of goods. It is expected to become the launch pad for the economy of Mekong Delta region to take off.
After nearly 15 years of equitization, ASM has reached peaks of brand and capacity build-up. From a small business with a modest capital of VND906 million, Sao Mai An Giang currently possesses a powerful workforce and financial capacity to meet all long-term development requirements.
Sao Mai An Giang has made long robust and speedy steps. This is proven by the number of projects the company has developed even in the time of economic crisis when many companies were struggling to survive. In the first nine months of 2010, Sao Mai An Giang made a total turnover of more than VND411.7 billion, profit after tax exceeded VND105 billion, up 352.6 percent over the same period in 2009. Also at this time, the Board of Directors of the Company approved a plan to issue seasoned shares to raise the authorised share capital from VND99.126 to VND401.452 billion. The capital hike is not only a strategic step to boost up the financial capacity and increase competitiveness but also demonstrates the desire for constant development to reach new highs.
Human resources – Core of Success
With sound development policies since its inception, ASM always follows up policies of the State and the global trends to promote its activeness, creativity and resilience. Thus, experiencing many ups and downs of the economy, Sao Mai An Giang always can anticipate difficulties, seek out opportunities in challenges, hold on the ground, and leap forward. Remarking on outstanding successes, Mr Le Thanh Thuan, General Director of Sao Mai An Giang, said, real estate investment is highly profitable but it requires huge capital and contains risks. Thus, ASM always tries the best to broaden knowledge, define development strategy, make correct market forecasts, economise and be responsible to shareholders. These core elements have strengthened current promising steps of Sao Mai An Giang.
To have a strong brand like today, Sao Mai An Giang’s personnel philosophy and orientation is crucially important. The company sets store by building corporate culture to create an equitable, friendly working and living environment. All employees are provided most favourable conditions to study, improve working profession as well as demonstrate their capabilities. Capable and skilled staffs are offered preferential treatments and opportunities to improve their working skills. Thanks to good personnel policies, Sao Mai An Giang now has a strong experienced workforce which is the key to the sustainable development of the company at the present time and in the future.
Speaking of future strategies, Mr Le Thanh Thuan said Sao Mai An Giang will doggedly persist in its multi-industry development objectives aimed at becoming a powerful conglomerate to boost sustainable development. In addition to investing and expanding real estate business, ASM will focus on commercial services and expand seafood export markets.
Sao Mai An Giang has confirmed the value and strength of a dynamic, forward brand. The past success of Sao Mai An Giang is attributable to the consolidation of wisdom, bravery, willpower and desire.
Quoc Hung