The wealthiest man in Vietnam shares the management strategy of Vietnam’s largest multidisciplinary private corporation.
In a recent interview with local newspaper Thanh Nien, Vingroup Chairman Pham Nhat Vuong said that the company was actively implementing a"Five Principles” strategy, which aims at overcoming management and human resources problems to focus on giant investment plans.
"Five Principles" strategy includes:
The first is “centralization.” Every leader must be the nucleus.
The second is “standardization.” Everything must be set on a common standard in both northern and southern regions.
The third is “simplification,” which means getting rid of cumbersome titles, processes, and regulations.
The fourth is “automation,” which is the application of information technology to management.
The fifth is “sharing.” As a conglomerate, Vuong says Vingroup should do things together if possible, which will helps increase labor productivity and enhance the quality of management.
Vingroup Joint Stock Company (Vingroup JSC), formerly known as Technocom, was founded in Ukraine in 1993 by an ambitious group of Vietnamese youths. Technocom began with food production and quickly found great success with the Mivina brand. Technocom returned to Vietnam in 2000 and changed its name to Vingroup later.
Currently, Vingroup invests in real estate, tourism, retail, agriculture, healthcare, education, and “VinFast” automobile manufacturing.
According to a Vietnam Report list released on Dec 5, 2017, Vingroup ranks the first in the Top 500 largest private enterprises in Vietnam (2017). The total assets of Vingroup (as of the end of the third quarter of 2017) has surpassed VND204 trillion (nearly US$9 billion).
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