Thai Tuan’s innovation – Foundation of textiles success
In the 21st century, Vietnam has become one of the fastest developing countries in the world. It is renowned not only in travel, investment but also about the entrepreneurs. Back to the 1970s, Vietnam was a very poor country after the war with much of its economy destroyed by the Vietnam War. There was no export, no trade, no connection between Vietnam and the other countries. The entrepreneurs, therefore, were unable to develop their business even if they found it potential and profitable. However, in the mid-1980s, the Vietnam government implemented a new strategy called ‘Renovation’ in order to save the economy. Realizing the chance has come, the entrepreneurs started to build their business and seek for market to earn profit. One of the most potential products at that time was textile. Realizing the huge demand of textile, the entrepreneur Thai Tuan Chi established Thai Tuan Group Corporation in 1993 in order to produce and supply textile products to the markets across the country. In 2010, after 17 years, Thai Tuan Group Corporation has become one of the most successful companies in Vietnam. This report will demonstrate the manner of Thai Tuan Corporation that helps leading the company to success.
Thai Tuan Chi original was a child of the oriental medicine doctor – a generous father of 11 children. Living within the poverty, he understands the difficulties, agony put on the poor’s shoulder. Thus, the will of ending poverty grew within his mind. At the age of 14, he started to work on many jobs from selling soda, soya-sauce to sandal, blanket to earn money. 18, he began to trade many kinds of goods to get money as much as possible. In fact, everything just started to change significantly when he got to the age of 25, he has turned from selling goods to focus on doing only one business with long-term plan and extreme care. That venture was about textile, and he was the pioneer of the textile and...
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