Business without integrity can lead to great failure: entrepreneur

A business without honesty and integrity risks a high rate of failure as it cannot create a solid reputation for its products and services among customers, said businessman Le Hung Anh.

The chairman and CEO of Vietnamese private conglomerate BIN Corporation Group said he has also experienced the truth of failures being stepping stones to success.

Anh said that as a child, he dreamed of becoming a teacher. However, when his parents bought him a computer to serve his studies, he explored it and became interested in information technology.

In 2005, he graduated from Nguyen Binh Khiem High School for the Gifted in the central province of Quang Nam with excellent results. Then he passed the exam to enter the Faculty of Information Technology at the Ho Chi Minh City University of Technology.

When Anh was in the university, he came up with many IT-related startup ideas. He borrowed money from friends and relatives to do business, from website designing and computer repairing to second-hand computer sales, but all the ventures failed.

"I can't remember the exact number of my failures because there are too many. At that time, I was just a student with limited knowledge, so I couldn't do anything. Even though I didn't know anything, I still took the risks. And I learned much from my failures."

Anh said he failed because he started his businesses without knowledge. “At that time, I was 18-20 years old with a skinny appearance, so no customers dared to trust me. I did not know how to do things properly, I just did everything that I felt like doing. But in business, we cannot succeed with our own will."

After several failed startups, Anh realized that “without integrity and honesty in products and services, the failure rate will be very high because we will not have credibility with customers.”

Despite many failures, he continued to get help – both material and mental – from friends. "I borrowed money from my friends to do business and failed, so I went into hiding because I felt ashamed. But they still encouraged me and helped me gain courage. That helped me grow up."

Difficult start

After graduating, Anh worked for a subsidiary of the Nha Be Garment Corporation in District 7, Ho Chi Minh City. He asked his boss to set up a team of about 15 members to develop an information technology business called BIN (Business Information Networks). But the project failed as they lacked experience.

“As BIN's work was not related to the textile industry, my boss wanted me to open my own company. He supported me with many things including equipment, personnel, premises and even money to continue pursuing my business."

In 2009, Anh founded his company under the old name BIN, specializing in website systems and corporate data storage. He had about 15 associates then, all employees of the old company.

Yet again, the start was difficult and the company suffered losses. “At that time, my thought was: If I don't do this business, what else would I do? So I had to try to maintain the company. Luckily, people around me always trusted and encouraged me."

The young man began learning about online advertising on Facebook and Google, and travel support services. More than a year later, business activities improved and the company began to earn monthly profits of several dozen million dong (VND1 million = $41).

On a few business trips abroad, Anh realized that Vietnamese businesses were at a disadvantage, having to shell out a lot of money at the intermediary stages. In 2011, he and his colleagues established the One IBC Group Company or the One IBC brand, providing consulting services for establishing businesses abroad, as well as auditing and accounting services.

Today, BIN Corporation Group has developed nine other brands: DNBC Financial Group® (operating in fintech and digital bank); DNBC Global Markets® (finance and capital markets); PayCEC (global payment platform); MobCEC® (software and technology solutions); BIN Media (digital marketing); GIS (settlement support services); Travelner® (global travel services); Khai Hung Group (real estate investor, distributor and developer); and papmall® (international e-commerce platform).

The success and survival of a business depends on it operating with integrity and honesty to create trust and prestige for its products. "I often tell my employees that if a product is found defective, you must immediately apologize to customers and replace it or refund money if customers request it. This increases the chance of their coming back as a customer."

Anh said that international tourism services and information technology are key areas for his group and he aims to cooperate with international firms to grow his business further.

Great opportunity from upgraded Vietnam-U.S. ties

The upgrade of Vietnam – U.S. ties to a comprehensive strategic partnership was a great opportunity for Vietnam in general and Vietnamese businesses in particular, Anh said.

With already strong trade ties, the upgrade creates advantages for Vietnamese businesses, especially in hi-tech sector. If Vietnam wants to develop further, it has to rely on science and technology.

"I hope this agreement will create a leap forward for domestic businesses as well as conditions for FDI enterprises and joint ventures with Vietnamese firms to develop to new heights.

“Opportunities will come to domestic businesses involved in science-technology and import-export ventures. Those participating in the global value chain will be the biggest beneficiaries in terms of production lines and trade with other countries."

To take advantage of the opportunities that come up, BIN Corporation Group, which has a branch in southern California, is looking to expand operations to New York, Northern California and some other states.

Anh said he would work hard to use the good relationship between Vietnam and the U.S to increase business revenues and create more jobs for domestic workers.