On April 5, 2019, Ms. Ninh Thi Bich Thuy – CEO of TVP Steel Joint Stock Company had a talk at the Conference of CEO Forum 2019 organized by Vietnam Economic Times.
A survey conducted right at the workshop showed that 20% of enterprises participating in the workshop said that due to high investment costs, they were not ready to innovate. 44% of businesses think that because their businesses are stable and their minds are afraid to change, they have not converted and innovated.
Meanwhile, 36% of businesses said that they lacked information, did not understand or did not know about digital transformation and innovation.
These figures show that the concept of innovation and creativity is still quite strange to many Vietnamese businesses, and dare to change and break from thinking to action is still a long journey, not a business. Any Vietnamese dare to do it. That is also the topic of the second discussion in the 2019 CEO Forum series organized by Vietnam Economic Times on April 5, 2019.
“When building digital transformation in the banking industry, leadership thinking is very important. For example, it took OCB 3 years to switch models. We abandon the purely way as if instead of sending employees to get customer records, we take customer assessment records first, then employees only go to customers to determine if they have the same opinion. Whether or not to borrow and the final step is bank approval.
Ms Ninh Thi Bich Thuy at the Conference of CEO Forum 2019
It’s simple to say but actually it’s not easy to do it again. We have to do with some third companies, to get the data system, create the overall rating of the bank. This is a very elaborate process and for the first time we lent it without relying on the records that our staff brought us, so we had to convince the risk management team.
Ms. Ninh Thi Bich Thuy, CEO of TVP Steel Company, also draws from her business experience when referring to the importance of innovation in business development.
Ms.Thuy said that since the 1980s, she went to many places and witnessed Vietnamese enterprises at that time using extremely outdated technology. That is the old technology from previous decades, of other countries collected to Vietnam for use. After that, she went abroad and realized that foreign enterprises applied automation to production and worked very simply.
“After that, I decided to invest in the production line since 1996. At that time, the steel production line was only 200,000 tons / year, but now it is over 2 million tons / year. But it must be said, I dare to invest first because of market pressure, to switch digital technology, competitors urge me to have new technologies to increase labor productivity, get competitive price and expand market share at home and abroad, ”said Thuy.
The transformation not only improves productivity but also helps Ms. Thuy business not depend on human resources. Before the renovation, Thuy company had to depend on labor, when they worked, the business knew that day so the problem of human resources was always a painful problem. But after the automation switch to address personnel pressure, production increased significantly, increasing market share, increasing sales, increasing employee income.