Sovico officially alters business model while vowing to continue innovating and developing for a bright future

 
On July 31, 2019 in Ho Chi Minh City, one of Vietnam’s largest private business institutions, Sovico Holdings has been officially renamed Sovico Group. In altering its business management model, the newly named Sovico Group promises to adopt the highest modern global standards while adhering to its long-held slogan: ‘Innovating Values - Constructing Future’.
 
The changes were announced at a special event held on July 31, 2019 in Ho Chi Minh City with all members of the group’s Founding Committee and Board of Management in attendance along with leaders of more than 30 of Sovico’s subsidiaries and associated companies. At the event, the group took the time to celebrate the past, reviewing its many achievements from the last three decades, before mapping out its vision for the future.
 
Since its inception, Sovico has possessed a global vision and mindset while striving to implement sustainable developments. From a young start-up entity, which first commenced operations abroad in the 1990s, Sovico has grown into a highly influential multi-sector corporation. 
   
Today Sovico provides a wide range of quality products and services across a range of industries while also supplying tremendous benefits to customers and society as a whole thanks to group’s commitment to innovation, quality and modern business standards.

 
“We are immensely proud to bea private business group operating in multiple sectors and achieving rapid yet sustainable growth,” said the group’s Chairwoman and CEO Nguyen Thi Phuong Thao. “The group supplies its customers and the market with new values and in doing so makes a meaningful contribution to the developmentof society.”
 
At the group’s event, Madam Thao reviewed Sovico’sbusiness results for 2018 and the first six months of 2019, remarking that the group had performed strongly with every subsidiary sustaining rapid, quality growth patterns.
 
In particular, through 2018 and the first half of 2019, HDBank achieved the strongest growth in its history. In the last decade, HDBank has grown 20 times while also controlling bad debts at the lowest rate of all its competitors. The bank’s total assetsreached VND220 trillionwith 300 banking transaction centres and 14,000 finance transaction offices. Meanwhile, HD Saison Finance Limited Company is serving seven million customers around the country.
 
Another of Sovico’s star performers, Vietjet Aviation Joint Stock Company has created a revolution for aviation services. In Vietnam it has become the fastest growing carrier andthe largest domestic carrier. Operating with the most modern fleet, the airline is now expanding rapidly across Asia.
 
At home, the new-age airline has introduced flying to millions of passengers who had previously never experienced air travel. Vietjet has has also reawakened 20 small airports in the less crowded provinces throughout the country, including Tuy Hoa, Phu Cat, Phu Quoc, Phan Rang, Da Lat, Buon Me Thuot, Thanh Hoa, Vinh, Hue and Can Tho. In doing so, Vietjet has made far-reaching contributions to the development of macroeconomics of Vietnam, fostering economies in localities across the country and positively impacting national tourism in general.
 
HDBank and Vietjet, which are both listed on the HCMC Stock Exchange, are among a group of Vietnam’s 30 largest capitalized firms. The two have performed well on the stock market, making significant gains in value for thousands of Vietnamese and international shareholders and investors. The two companies also became the top tax payers in the country, with an annual rate of more than VND 7 trillion contributing to national budget.
 
Meanwhile, Sovico’s real estate entities enjoyed a strong year thanks to the group’s constant innovation. For example, Sovico implemented a groundbreaking project named “The Rose Project” for which the core objectives are to upgrade the structure scale, business management, and develop management model, following the highest global standards and procedures. This project’s outcome is expected to definethe new roadmap for Sovico Group in years to come.
 
In the coming years, Sovico aims to be a leading multi-sector economic group not only in Vietnam but for the region. Furthermore, Sovico will continue to envision, develop and implement innovative projects as a sustainably minded, environmental friendly and a community-focused entity.
 
The group will also continue to apply the highest global standards and procedures while utilizing all resources within its own ecosystem with the goal of turning Sovico into a major professional investment institution operating across global markets.
 
At the event, high-ranking leaders of the group’s member companies delivered speeches, reports and exchanges, each expressing their desire for Sovico to continue on this path of dynamic, far-reaching development.
 
Besides Sovico’s commitment to quality and innovation, many leaders noted that the group is building a bright future thanks to its inner-strength. “Manpower is the greatest asset that our group possesses,” said Sovico’s Chairwoman and CEO Nguyen Thi Phuong Thao. “There is an abundance of creativity and energy generated by our personnel, who number almost 30,000. I feel so happy, lucky and proud to be a co-worker with you all. Together we will construct a bright future for the group in the coming time.”
 
Nguyen Thanh Hung - Chairman of Sovico’s Founding Committee shared this consensus with Madam Thao, adding that Sovico has maintained its business philosophy and commitment to sustainable development since the very beginning.
 
“Every business becomes meaningful once it serves humans and develops with humans in mind. After three decades of delivering positive values tosociety and communities, and contributing to the development of the country in general, all Sovico staff members can be rightfully proud of their achievements and confident as we follow new paths of development.”
 
On the occasion of the group’s new business model, Sovico’s leaders and staff were treated to a surprise moment as a three-party partnership between Vietjet, Grab and Swift247 was signed in their presence. Swift247, a Vietnamese technology startup, will further contribute to building a bright future for the group. Swift247 provides a technology platform for multimodal cargo transport. The partnership of Vietjet, Grab and Swift247 represents a groundbreaking three-party partnership that will combine multiple means of transport to create a swift delivery service of cargo across the country. It was an immense pleasure for Sovico’s leaders to witness and welcome more technological innovation into the group and toast to a bright future.