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On February 9, 2022, Vietnam Southern Food Corporation – Joint Stock Company is grateful to have a warming visit from Mr. Nguyen Long Hai, Alternate Member of the Party Central Committee, Secretary of the Party Committee of National – level State-owned Enterprises’ Group, and Mr. Nguyen Ngoc Canh – Vice Chairman of the Commission for Management of State Capital at Enterprises (CMSC); all together with members of the delegation of the CMSC and the Party Committee of the Central Enterprises bloc for meeting and wishing the Happy New Year on the 2022 Lunar New Year occasion. They are both an honor and a great source of support for all officers and employees of the company.
On behalf of the Board of Directors of the Corporation, Mr. Nguyen Huy Hung – Secretary of the Party Committee, and Chairman of the Board of Directors sent New Year greetings to the executives and members of the delegation and evaluated Vinafood II’s business performances and production activities in 2021 with some specific targets: according to consolidated data of the company, export turnover reached a record number of USD 410 million, import turnover gained more than USD 8.33 million, total revenue exceeded VND 16,797 trillion, full tax payment contributed to the state budget was approximately VND 140 billion. However, due to a wide range of objective and subjective causes, especially the impacts of the Covid-19 epidemic, the inadequacies and limitations of moving to a joint-stock company before time have not been conquered yet, in 2021, Vinafood II encountered a loss of over VND 200 billion.
Mr. Nguyen Huy Hung – Secretary of the Party Committee – Chairman of the Board of Directors of Vietnam Southern Food Corporation – Joint Stock Company gave a speech
When confronted with difficulties and business losses, in the period between the last months of 2021 and the beginning of 2022, the Standing Board Committee, the Board of Directors, and the Board of Management (BOM) reached an agreement and achieved a consensus to work toward the general goal, thereby identifying the core causes; actively take the initiative in striving and seeking solutions to surmount losses; increase the operational efficiency of the group; implementing innovation in governing and administration methods; established strategic orientation on functional and elemental resolutions for synchronous deployment in 2022. Followingly, the business shall focus on 2 essential keys.
Primarily, integrating the entire membership organization of the corporation in the progression of streamlining, effectiveness, and running operation, in which the comprehensive leadership model of the Party Committee plays an important role; besides, the enterprise should constantly build up a team of executives and managers that are united and allied for the common development. Secondly, restructuring a new functional model, from being scattered to centered on the ministration – financial – trading, and investment areas.
Relating to the organization, Vinafood II will readjust and establish the controlling system at its dependent units in the pathway of concentration and qualification correlating to the mechanism of output contracting, management expenditure, operating expenses, and workforce payment. Moreover, the enterprise suspends the branches’ operations that have poor performance and ineffective business plans to exploit its assets. In terms of finance, the corporation shall build an accounting and monetary-based system, conduct capital management, activities of using capital, and centralized cash flow management from the corporation headquarter to the units.
In the matter of business, Vinafood II will guide the food business area in a consolidated manner, shall improve the business’s competitiveness, divide markets, and coordinate merchandising activities at subsidiary units.
Considering investment and asset controlling issues, the corporation enforces a streamlined investment process and suspends or closes down unproductive manufactories/enterprises, and branches. In addition, they reasonably regulate and reposition properties among the units to achieve cost-effectiveness in the investment, and exploit and utilize the assets allowed to use and govern.
“Based on calculations, if these methods are successfully applied, Vinafood II will overcome loss statement and possibly reach a consolidated profit of over VND 100 billion as expected,” quoted Mr. Nguyen Huy Hung.
Secretary of the Party Committee of National-level State-owned Enterprises Group, Mr. Nguyen Long Hai highly appreciated the efforts and determination of Vinafood II’s leadership so far and showed the acknowledgment of the company’s guidelines, decisions, and directions in production and business activities, as a result, overwhelming losses and aim at getting profit target this year. Mr. Nguyen Long Hai assumed that Vinafood II’s Party Committee and managers all agreed on the general goals, perceptions, and measurements. In 2022, there will be positive enhancements and innovations, and obtain a leading position in the food industry of Vietnam.
The Party Committee of the National – level State-owned Enterprises Group, Mr. Nguyen Long Hai gave a presentation.
Presenting at the conference, Mr. Nguyen Ngoc Canh, Vice Chairman of the Commission for Management of the State Capital at Enterprises evaluated that 2021 is a tremendously challenging period because of the impact and severe consequences of the Covid-19 epidemic, the cadres and the corporation employees have bonded and strived to acquire their dual goals. Moreover, Vice President Mr. Nguyen Ngoc Canh emphasized that all the measures to arrange the operating system effectively accompanied by the solidarity and high determination of the Board of Directors and all employees, Vinafood II will regain its status as a top enterprise in Vietnam in the rice export sector and contribute to stabilizing prices and ensuring national food security.
Mr. Nguyen Ngoc Canh, Vice Chairman of the Commission for Management of State Capital at Enterprises (CMSC) stated at the meeting.