Perseverance, hard work key to success: Vinasamex CEO

Why did you get involved in the staraniseed cassia sector?

I entered the staraniseed cassia sector on a very special occasion. In fact, the person who realized the potential of and laid the first bricks for the sector was my husband Nguyen Que Anh, chairman of Vinasamex.

During a visit to India, I was captivated by the beauty and special aroma of wild staraniseed cassia. Upon further research, I realized that it had potential. There are only five countries that grow staraniseed cassia, including Vietnam, so there is still a lot of potential and opportunities for the company to dominate the market.

I remember vividly that the company faced many difficulties in the early days. We set a goal of developing an organic farm from the beginning. At that time, many people said we were "abnormal" and did not know how to weigh our strengths.

However, we zoned off our first organic cinnamon farm covering 1,000 hectares, which was then expanded by more than 400 hectares, and we were successful. In addition, a factory equipped with modern machinery capable of drying 20 tons of fresh staraniseed cassia per day and supplying 15 tons of dry products per day was also built.

We overcame many hardships. We went to the cinnamon and anise plantations to convince and then train farmers to grow the products to meet international standards. Currently, more than 2,000 farming households are cooperating with Vinasamex to grow organic cinnamon and anise. Every year, the company holds at least two training courses for them.

To enter demanding markets, products must meet the standards set by them. For high-end markets like Japan, South Korea, Europe and the U.S, we need a long-term roadmap to develop farms and train farmers to grow quality products.

The company has also implemented social activities, actively contributing to the community. The social values created by the firm have been appreciated in fastidious markets such as Europe and the U.S. Many of our clients have expressed a real interest in the values the company has brought to the community, and are even willing to pay 10-20% more than market prices.

To reach customers, we have focused on building and developing a brand to spread our corporate values. We hope this mentality strikes a chord with our partners and the story of Vinasamex will reach many countries, and above all will contribute to raising the stature of Vietnamese agricultural products on the world map.

Ten years since its inception, Vinasamex is now the first premium staraniseed cassia brand in Vietnam to follow a closed value chain. It has also been promoting the domestic brand in the international arena. What achievements did the company make last year?

Last year was a difficult year for all businesses, but Vinasamex maintained its position in the market, with stable revenue compared to 2020-2021.

The company remained on the path towards the target of raising $620 million via an IPO in 2026 by continuously improving operations and product quality standards, expanding farms, and building new factories.

In 2022, the company returned to international fairs, and put the first products on the European e-commerce platform Miss Linh. It successfully organized an angel round - a fundraising activity for angel investors.

Vinasamex also started construction of a new factory in Bao Thang district, Lao Cai province in northern Vietnam, serving the extraction of essential oils. The company won the Community Entrepreneur Award - Blue Venture Awards and was named in the Top 4 at the Phoenix Entrepreneur Awards. It was the only Vietnamese enterprise to receive the ASEAN Business Award 2022 in the Inclusive Business category at ceremony held in Cambodia.

In general, 2022 was a difficult year for the company but also offered an opportunity and a premise for it to make breakthroughs in 2023.

In addition to the office located in Hanoi, the company owns an operating factory in Yen Bai province with a capacity of 40 tons per day. It is building three other factories in Lao Cai and Lang Son provinces for oil essences for the pharmaceutical and cosmetic industries.

The company's products are qualified to enter all countries in the region and the world. However, we focus on high-end markets like Europe, the U.S, Japan and South Korea.

Fluctuations in the global and domestic economic situations were the story of 2022. What difficulties and challenges did the company encounter?

Due to the impact of the Covid-19 pandemic, 2022 was a difficult and volatile year for the global economy in general and the Vietnamese economy in particular. All businesses were affected and Vinasamex was no exception.

Last year, when the economy was gloomy, consumers cut spending and bought only essential products. The company's main products are popular spices. Therefore, the economic gloom did not greatly impact on the company's performance. Its revenue increased in 2020-2021 and remained stable in 2021-2022.

To overcome the difficulties during this period, the company gradually changed its business strategy. It is building two more factories to process other essential products, focusing on organic essential oils to be sold to cosmetic brands.

The factory in Lao Cai will extract curmarin for anti-stroke drugs, and shikimic acid to make an anti-inflammatory drug for radiation therapy and an anti-HIV drug. Meanwhile, the factory in Lang Son will extract shikimic acid to produce the anti-flu drug Tamiflu.

To cope with difficulties in 2023, the company will focus on products that are more essential and in higher demand such as medicines and beauty products. Its products will have higher added value, targeting more customers.

In addition, the company will cut costs and stabilize cash flow. It also plans to develop additional business channels like business-to-customer and offer products at reasonable prices on e-commerce platforms like Amazon and Miss Linh in Europe.

What are the company's plans for 2023 and the following years?

In 2023 and the following years, the company will remain consistent with its goals. With the orientation of raising the stature of Vietnamese agricultural products by bringing staraniseed sassia and other spices to the world, the company will continue to apply strict quality standards.

We have very clear goals. I often tell my employees that if we cannot identify our target, there is no need to rush. If we have a clear goal, I believe that with effort, we will definitely enjoy sweet fruits.

In the coming years, the company will continue to develop processed products with higher added value, providing input materials for not only the food processing industry but also the pharmaceutical and cosmetic industries.