Thai Binh Steel JSC Adopts Solid Governance

 The working mission to Thai Binh province was offered an opportunity to visit Thai Binh Steel Joint Stock Company. We were welcomed by the young businessman Ha Xuan Tung, Deputy Director of Thai Binh Steel Joint Stock Company. He guided us to his factory where we found a modern production model. He informed us of his company’s efforts to overcome difficulties and challenges and apply new governance methods to substantiate its position on the market.

 

Thai Binh Steel Joint Stock Company, located on a 2.5 ha campus in Phuc Khanh Industrial Zone, has a registered capital of VND120 billion and a modern production system. The company turns out a variety of products like rolled steel and drawn steel. It also acts as a freight forwarding agent in Thai Binh province. Besides, it provides warehousing services; purchases machinery and equipment; trades in steel, raw materials and scrap; constructs civil works; and exploits, trades and processes minerals.

 

Since its inception, the company has defined its business targets of continuously developing its production activities, creating stable employment, improving working conditions, incomes and living standards for workers, ensuring benefits of shareholders, fulfilling obligations to the State, and contributing to the social and economic development of the province. To date, the company has a complete warehousing system and specialised equipment meeting all requirements for steel production.

To meet higher market demand, the company has to improve its product quality and adopt more proper business strategies. It has quickly improved its organizational structure, management personnel to boost its governance effectiveness.

 

To develop sustainably and expand business activities in the coming years, the company will continue to enhance its governance, reinforce or upgrade production lines, and enter joint ventures with other partners to step into other fields to create leverage for better financial stability. In particular, with landmark changes in the future, Thai Binh Steel Joint Stock Company is expected to continue to assert its position in the market.

 

In the past, Thai Binh Steel Joint Stock Company has faced many challenges. Production shrank with the rising prices of raw materials and insufficient capital for equipment upgrades. Riding out difficulties and challenges, the company is determined to maintain and revive production. Deputy Director Tung said, “Thai Binh Steel Joint Stock Company is working hard to resume production lines, reshuffle management apparatus and find new directions consistent with the open economy. Based on existing advantages, the company will promote strengths, upgrade production factories, and expand production. It will also quickly reinforce leadership for a larger production scale.”

 

According to Deputy Director Tung, to survive and thrive in this period, a company needs not only capital, but also creative and determined leadership. Otherwise, that company cannot develop sustainably.