TISCO - Pride of the “Land of Steel”

9:07:52 AM | 2/3/2022

Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO) is the pride of Thai Nguyen province, baptized the “land of steel”. Together with the province’s development stages, the company has steadily progressed and affirmed its great role in local socioeconomic development in particular and national industrialization and modernization in general.

Reaffirming the brand name

Thai Nguyen Iron and Steel Joint Stock Corporation, set up 1959, is known as the cradle of Vietnam's metallurgical industry. On November 29, 1963, the company's first batch of cast iron was rolled out, marking an important milestone in its construction and development journey, and in Vietnam’s metallurgical industry and marking the origin of a great brand name - TISCO steel. Then, a lot of its factories and member companies were established.

Throughout more than 60 years of development, TISCO has been constantly growing. With three rolling mills, its current steel production capacity exceeds 1 million tons a year. Its wide distribution network reaches nationwide.

TISCO, the first steel brand in Vietnam, has metallurgical production lines for iron ore extraction and processing, coking, iron smelting, steel smelting and steel rolling. Dedicated to lead by quality, the company always applies the most advanced technologies to provide the market with high-quality products with sustainable value. “Top quality, diversified products and services and best benefits for customers” are the factors that make up the TISCO brand, which is a solid basis for sustainable business development to “grow with the country”.

TISCO steel products have been used for many national key projects such as Terminal T2 - Noi Bai International Airport, Nhat Tan Bridge, National Assembly Building, National Convention Center and My Dinh National Stadium. At the same time, TISCO's products have gradually penetrated international markets such as Canada, Singapore, Indonesia, Laos and Cambodia.

In 2021, despite the complicated development of the COVID-19 pandemic, TISCO always strived to maintain its position in the domestic market and boost its operations in the international market, especially in Europe and Southeast Asia. The company basically completed and outperformed its plans, and made a significant contribution to local socioeconomic development.

By the end of 2021, the company achieved its business targets. Its industrial production value reached VND12,965 billion (US$560 million), 42% higher than the plan and 41% higher than the value made in 2020. Its revenue was VND18,394 billion (US$800 million), 42% higher than the plan and 38% higher than a year ago. Its tax payment reached over VND453 billion, 71% higher than the full-year plan. Its profit before tax was over VND150 billion, more than 3 times higher than the annual plan and 691% higher than in 2020. Employees were paid VND12.7 million a month on average. The material and spiritual life of employees was improved. Work policies and working conditions were guaranteed.

Not only focusing on business, Thai Nguyen Iron and Steel Joint Stock Corporation is also a leader in community activities. In 2021, the firm spent over VND7 billion on charity and social security, including over VND4 billion for COVID-19 pandemic prevention; VND600 million for construction of houses for the poor; VND830 million for construction of roads; VND500 million for Tet gifts for the poor; and VND300 million for computers for poor children.

Accelerating digital transformation, creating breakthrough momentum

COVID-19 has greatly affected businesses in general and TISCO in particular. In addition, the pandemic is also considered a catalyst for stronger digital transformation in the company. Together with the Thai Nguyen business community, TISCO has actively found new directions and applied information technology to business operations to maintain maximum business operations.

Resolution 01-NQ/TU on digital transformation program in Thai Nguyen province in 2021 - 2025, with a vision to 2030, is considered a guideline for TISCO to realize its “dual goals” and give a helping hand to Thai Nguyen province to become a center of digital transformation in the northern midland and mountainous region, a Top 25 province by digital transformation in the country by 2025 and a Top 10 province by 2030.

Accordingly, adhering to Resolution 01-NQ/TU, the company informed all employees to actively respond to this program. On September 28, 2021, the Party Committee of TISCO sent Official Letter 113-CV/DUGT on installation of digital citizenship application and use of digital transformation application, thus enhancing the effect of government - public interaction, gradually constructing a digital government, spreading positive information and building confidence in successful digital transformation in the province.

In addition, the TISCO Party Committee developed and issued the Action Program 06-CTr/DUGT on implementation of Resolution 01-NQ/TU dated December 31, 2020 of the Thai Provincial Party Committee on digital transformation in 2021-2025, with a vision to 2030; and Decision 256/QD-GTTN on the establishment of a steering committee for implementation of the company's digital transformation program in 2021-2025 and to 2030.

Currently, TISCO is deploying and guiding its units to apply BRAVO software to key business management like finance and accounting, business plans, materials and equipment. Besides upgrading and investing in administrative document management software to help the company’s leadership and management to make swift, accurate and timely decisions and exchange information and data with provincial agencies, TISCO is applying new VNPT iOffice software and digital signature system and accelerating synchronous research and application of VNPT HRM management software.

Mr. Nguyen Minh Hanh, Secretary of the Party Committee, Member of the Board of Directors and General Director of TISCO, said the company is one of the leaders of digital transformation. Following Resolution 01-NQ/TU of the Provincial Party Committee helps TISCO improve performance, reduce costs, control risks and improve labor efficiency and business efficiency. This helps enhance customer satisfaction and find new markets more easily and widely. This is also the basis and premise for the firm to plan new goals for 2022 and the following years.

Over the years, Thai Nguyen Iron and Steel Joint Stock Corporation with its “TISCO Steel” brand has won many awards such as Vietnam High-Quality Goods, Vietnam Gold Star, Well-reputed Brand to Consumers, Vietnam Well-reputed Brand, ASEAN Well-reputed Brand, International Star for Leadership in Quality (ISLQ), Top 500 Largest Company in Vietnam. Hence, the corporation has affirmed its brand leadership in the Vietnamese steel market.

In 2022, TISCO targets industrial production value of VND13,811 billion, total revenue of VND20,105 billion, profit before tax of VND90 billion, tax payment of VND291 billion and average monthly employee income of VND12.8 million.

To accomplish these goals, in the coming time, TISCO will further strengthen management, direction and administration to ensure stable and effective business, while safely and flexibly adapting to and effectively controlling the COVID-19 pandemic. It will comprehensively carry out solutions to reduce production and business costs by restructuring personnel, improving technological equipment and digital transformation, and optimizing internal management. Besides, the corporation will apply solutions to strictly control quality, price, sales and business plans to make effective use of advantages.

By Vietnam Business Forum