Tien Son Thanh Hoa Joint Stock Corporation, set up nearly 25 years ago, has emerged to become a top business in Thanh Hoa province and affirmed its reputation in the domestic and international textile and garment markets.
In the past five years, the corporation has continuously invested to expand production with 155,804-square meter spacious factories to date. The firm injected VND496 billion in modern machinery and equipment and provided jobs for 9,000 employees. Apparel production and productivity has been constantly improved. The average labor productivity rose from US$17 per employee a day in 2014 to US$23 in 2018, an increase of 35%. Building enormous facilities to achieve stronger goals, Tien Son Thanh Hoa Joint Stock Corporation has gradually expanded its operations and will soon list its shares on the Hochiminh Stock Exchange (HOSE), starting a new path of development.
Starting with an initial registered capital of just VND550 million, a 10-employee workforce, and small-scale business activities purchasing excess cement, iron and steel scrap, waste plastics and manufacturing brick blocks in Bim Son town, Thanh Hoa province, Tien Son Thanh Hoa Joint Stock Corporation has constantly grown in both size, capital and labor.
The company mainly operates in Thanh Hoa province in the north central key economic zone accessible to National Highway 1A, Ho Chi Minh Road, trans-Vietnam Railway and Tho Xuan Airport. As the fifth largest province by area in the country and the third by population, Thanh Hoa has an abundant workforce, largely constituted by a large young force, mainly residing in rural and mountainous districts. Taking advantage of this, Tien Son Thanh Hoa Joint Stock Corporation defined its development strategy of building production plants in rural and mountainous districts to draw local labor force.
At present, Tien Son Thanh Hoa Joint Stock Corporation has nine garment export garment factories, costing VND1,000 billion, with six located in rural districts, and providing enough jobs and good incomes for nearly 10,000 employees, ensuring social security, poverty reduction, local economic growth, and countryside construction.
To be this strong, Tien Son Thanh Hoa Joint Stock Corporation always focuses on investing in market expansion, seeking export partners, and building and promoting the brand name to strengthen trust with domestic and foreign customers on equal partnerships for mutual benefit. Thus, the company overcame all difficulties, obtained stable operations and turned difficulties and challenges into a favorable opportunity for development.
Advancing on the vast sea
To edge up its competitiveness in a deeply integrated economy, Tien Son Thanh Hoa Joint Stock Corporation is conducting necessary procedures to prepare for stock listing on the Hochiminh Stock Exchange (HOSE). In the period from 2014 to 2018, the corporation’s revenue expanded 134% to VND927 billion in 2018 from VND693 billion in 2014. Profit rose 118%, tax payment increased 141% and payroll climbed 117 %. With the above information published widely plus positive business prospects, shares of Tien Son Thanh Hoa Joint Stock Corporation will attract many investors and its stock value will surely increase rapidly after being floated on the local bourse.
Mr. Trinh Xuan Lam, Chairman of Tien Son Thanh Hoa Joint Stock Corporation, said, today's success is partly resulted from the close support of provincial authorities. Previously, companies were reluctant to invest in Thanh Hoa because of many risks, but things have changed as the government always sides with and supports enterprises. This is reflected in the corporation’s investment for factory expansion across the province, with execution time being shorter. With great determination and current practical methods, the investment and business environment in Thanh Hoa province has been improved, and Thanh Hoa's provincial competitiveness index will be further raised in the coming years.