Unlocking private enterprises’ growth – Final article: On the journey to growth

Transformation for breakthroughs

To venture into “deeper waters,” private enterprises must focus on building robust internal capacity and long-term strategic vision. The story of 1369 Construction JSC. in Le Thanh Nghi ward, Hai Duong city is a prime example.

Established in August 2003 as a successor to Tan Son Cooperative, 1369 Construction JSC. started its challenging journey with a modest charter capital of just 3.5 billion VND.

In its early years, the company had only about 30 employees and focused on stone mining, land leveling, and freight transport. With limited manpower and equipment, establishing credibility in the market and accessing large construction projects was no easy feat.

Nonetheless, through resilience and strategic foresight, the company overcame those hurdles. Over the past 20 years, 1369 Construction JSC. has expanded into real estate, construction, trade, and import-export. Its charter capital has grown to over 600 billion VND, with a workforce of more than 400 staff. The company became a public enterprise in 2016 and was officially listed on the Ha Noi Stock Exchange in April 2017.

Hai Duong Garment JSC. No. 2 is another example of a successful transition. Originally a State-owned enterprise, it was privatized in 2003. Since then, it has proactively expanded beyond the domestic market to reach international partners in the UK, South Korea, the US, and others.

Strategy and support go hand in hand

Sharing the key to his company’s success, Le Tuan Nghia, General Director of 1369 Construction JSC., emphasized the importance of diversifying business operations. This approach not only reduces risk but also opens up new development opportunities.

In 2019, the company underwent a major transformation by switching to a holding model, forming a robust ecosystem of four subsidiaries, three affiliated companies, and a widespread branch network across Ha Noi, Quang Binh, Son La, Bac Ninh, and Lam Dong.

The company has also heavily invested in technology and corporate governance to optimize efficiency, streamline operations, and reduce costs, laying a solid foundation for sustainable growth.

For private enterprises to thrive and develop sustainably, in addition to internal efforts, government support is essential. Many business leaders believe in the need for a transparent and stable legal framework, easier access to capital, land, technology, and skilled labor.

Policies that encourage digital transformation and assist businesses in economic integration should take the lead, anticipating and enabling growth rather than trailing behind enterprise development.

Looking ahead, the upcoming merger of Hai Duong province and Hai Phong city will expand market scale and create a new "playing field" filled with various opportunities and growth potential for the business community.

LAN NGUYEN