‘'Bầu Đức'’ and the banana revolution at Hoang Anh Gia Lai

DNHN - Amid economic challenges, Hoang Anh Gia Lai (HAGL) has staged a strong comeback under the leadership of "Bầu Đức", thanks to banana cultivation.

Hoang Anh Gia Lai Chairman Doan Nguyen Duc, commonly known as 'Bầu Đức', once led HAGL to become one of the leading agricultural corporations. HAGL had diversified interests, from rubber plantations to real estate, earning a solid reputation and standing in the market. However, no one anticipated that market volatility and price fluctuations would push the corporation into a severe crisis. “We declared insolvency in 2016, it was almost a declaration of bankruptcy,” 'Bầu Đức' recalled about HAGL’s darkest period, when poor business decisions coupled with external factors like the decline in rubber prices and oil price volatility caused the corporation’s rapid downturn.

Following this major setback, ''Bầu Đức'' was determined not to give up. He decided to restructure HAGL from scratch, focusing on fields with greater sustainable growth potential. The decision to switch to cultivating easy-to-grow, low-cost agricultural crops like passion fruit and bananas was a strategic move. “The banana saved HAGL,” he asserted, highlighting the crucial role of this crop in the corporation’s revival. In a short period, HAGL not only recovered but also cemented its position as a leader in Southeast Asia in terms of banana cultivation area, successfully tapping into demanding markets such as Japan and South Korea.

HAGL’s impressive growth in agriculture extends beyond bananas. The company has continuously expanded production scale and improved product quality to meet the rising demand of international markets. Recently, on November 2, HAGL signed a strategic partnership with the Kingfoodmart supermarket chain, marking a new direction in distributing high-quality agricultural products. This step not only secures an outlet for products but also reaffirms HAGL’s position in Vietnam’s agricultural industry.

'Bầu Đức' has built HAGL into not just an agricultural corporation but a sustainable agricultural ecosystem, where each product line supports the others. With key fruits like durian and pomelo alongside bananas, HAGL has developed a diverse product portfolio that meets domestic and international market demand. This has allowed the company to not only survive but thrive in the fiercely competitive agricultural sector.

Looking ahead, 'Bầu Đức' believes that HAGL will continue to grow and expand further. He emphasized the importance of investing in technology and research to enhance productivity and product quality. With relentless efforts, HAGL is steadily asserting its position in the agricultural market, delivering benefits not only for the business but also for the farming community and the Vietnamese economy. HAGL’s story exemplifies the power of perseverance and innovation in business.

Currently, HAGL is not stopping at bananas but has also expanded into products like durian and pomelo, along with developing pig and chicken farming. 'Bầu Đức' shared, “We have built a sustainable agricultural ecosystem, where each product supports the others.”

'Bầu Đức' and HAGL are aiming for a brighter future, not only by increasing production but also by enhancing product quality to meet international market demand. The partnership with Kingfoodmart will facilitate product distribution and elevate HAGL’s image in the eyes of consumers.

The story of 'Bầu Đức' and HAGL is a testament to the power of perseverance and innovation in business. From hardship, HAGL has risen again, proving that in agriculture, with the right vision and strategy, any challenge can be turned into an opportunity. Their journey is far from over, but with bananas as the foundation, HAGL is steadily affirming its position in both domestic and international markets.

Phan Chinh