After nearly four years working in Nam Dinh province, Mr. Sung Heum Park, CEO, as well as other executives of Viet Pan - Pacific Co., Ltd, felt that they were right with the decision to locate here. Nam Dinh, with good quality human resources and a favorable business investment environment, has helped Korean investors achieve many successes. Viet Pan - Pacific has been actively contributing to local socioeconomic development. Vietnam Business Forum has an interview with Mr. Sung Heum Park about the company’s operations and his feelings about the investment environment in Nam Dinh province. Ha San reports.
Could you share your investment results in Nam Dinh province after four years?
Viet Pan - Pacific Nam Dinh Co., Ltd is a 100% Korean-invested company. We have been present in Vietnam since 2016 with an initial investment capital of US$7.2 million. We manufacture garments for export, with the U.S. being our key customer. After the initial investment period, with policy advantages and good human resources, plus increasing market demand, we have decided to increase our investment fund to US$21 million to expand our factory.
Our annual revenue has increased sharply, with the surge of 76% in 2018 over 2017. In 2019, despite numerous hardships, we managed to keep the growth rate at 10%.
So far, the company has made relatively solid steps. What is the core of your success?
Viet Pan - Pacific Nam Dinh is a member of Korea-leading fashion and apparel group, Pan - Pacific. Therefore, the company has inherited a long development process of the group and created a very solid foundation of technique, technology and people. This is a great advantage and a foundation for us to achieve success in many countries, including Vietnam.
What is your plan for the future?
Our first approach is increasing the localization rate to a maximum by our best quality, modern manufacturing technology and advanced quality management systems. Viet Pan - Pacific Nam Dinh is particularly strict in quality control. We always take the criteria: three good things and one reasonable thing, that is, "Good quality, good service, good prestige and reasonable price” and “high technology - high value - high safety” to satisfy customer needs as our target to work harder and as the basis for developing the brand and increasing the market share. We always focus on improving product quality and investing in modern technology and we realize that only quality will bring success.
Our goal is to build Viet Pan - Pacific Nam Dinh into a leading unit of Pan - Pacific Group in Vietnam.
Our next approach is, in addition to focusing on investment and economic development, making Viet Pan - Pacific Nam Dinh a strong garment company in Vietnam and inside Pan-Pacific Group, paying attention to environmental issues. Right since the beginning, we have complied with environmental protection regulations to achieve sustainable development of Viet Pan-Pacific Nam Dinh’s factory system. We aim for sustainable development by building a green factory model, as well as adopting energy conservation programs for factory operations by reusing rainwater or applying the Higg Indicators - a self-assessment standard of the garment industry - to ensure environmental and social sustainability, not only in the factory system of Viet Pan-Pacific Nam Dinh, but also in Nam Truc district and Vietnam in general. Together, we protect and develop the global green environment
Social activities are part of your development. Could you please tell us more about this?
As soon as it entered Vietnam, Viet Pan Pacific Nam Dinh regarded itself as a citizen of Nam Dinh and Vietnam as a homeland to make joint development and share with people here. Therefore, in addition to taking good care of the employees and supporting those living with hardships, Viet Pan - Pacific Nam Dinh regularly participates in charitable social activities. Over the years, we have been working with neighboring localities to build computer rooms for primary and secondary schools, enabling students to access information technology at an early age. This is a good and strong future of young generations in Vietnam.
As one of successful investors in Nam Dinh province, what do you think about the local investment environment?
Nam Dinh has a great advantage of high-quality human resources and very good investment attraction policies. The government is very friendly and keen on business support. Here, we have received positive support from local authorities. I personally highly appreciate the business investment environment in Nam Dinh today. With the current investment environment, I believe Nam Dinh will attract more investors, especially FDI firms.
Source: Vietnam Business Forum