Recently, Dang Le Nguyen Vu, better known as Chairman Vu, the founder, president and general director of Trung Nguyen Group, held small press meeting. In this meeting, he gave some clarifications on some information which he called false from Le Hoang Diep Thao to avoid bad rumors affecting Trung Nguyen’s business.
He strongly stated that there is no group manupulating Trung Nguyen as Thao said and he stressed that Thao is like a hinderance to Trung Nguyen’s development path.
The currenly challenges that Trung Nguyen faces started from 6 years ago when Chairman Vu and his wife – Le Hoang Diep Thao stared to divert on the development targets for Trung Nguyen. In recent years, Trung Nguyen’s profit has kept sliding. From 2014 to 2017, the net profit in Trung Nguyen halved. Chairman Vu admitted that family dispute lied behind this sliding profit.
Trung Nguyen’s founder’s family dispute happed when the Vietnam’s coffee market developed aggressively. Trung Nguyen, Vinacafe and Nestle used to be the top 3 companies in the Vietnam’s coffee market.
While Trung Nguyen kept lagging behind, the other two spent a lot of money to gain more market share. At the same time, many other companies join in the coffee market like NutiFood, Ajinomoto. In the business of coffee chains, Highland Coffee and The Coffee House entered the market with full of money and ambitious expanding targets.
“All the system, products need to be changed to make differences with other kinds of products in the market. Trung Nguyen now should be in the process of investment, improving, technology enhancing, raising human resource quality”, Vu said when asked to coment on the competitors.
He said that once the divorce process finishes, he can spend more time to upscale the development of Trung Nguyen to further countries. He took the example of Chinese market, he shares that Trung Nguyen is becoming more and more popular in China, the revenue of Chinese market that Trung Nguyen gained so far is more than $100 million if taken the revenue of Thao’s company into account, thus “It’s not difficult to earn money from Chinese market”, Chairman Vu said. Chairman Vu was ambitious that Trung Nguyen one day can earn $1 from each Chinese consumers.
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