Mr. Jesse Choi, Director General of Sunwah Vietnam:" Businesses in Vietnam must concentrate on developing their brands"

DNHN - Since the early 1970s, Sunwah Group (Hong Kong, China), one of the groups investing in Vietnam for more than half a century, has developed its business in Vietnam and become an importer and exporter of aquatic products.

This is also one of the first businesses with foreign investment to establish a representative office in the city. He was Ho Chi Minh. In the past 50 years, as a result of Vietnam's rapid economic growth, Sunwah's operations in Vietnam have expanded into the fields of real estate, financial services, coffee, agricultural products and dried foods, innovation, and entrepreneurship, and it has become one of the most representative Hong Kong businesses in Vietnam.

Sunwah Group and the Agricultural Trade Promotion Centre have recently reached an agreement on cooperation, based on the signed Letter of Intent for Cooperation and in accordance with the opinion of the leaders of the Ministry of Agriculture and Rural Development. promoting the export of agricultural products from Vietnam to the Chinese market. Mr. Jesse Choi, General Director of Sunwah Group Southeast Asia and General Director of Sunwah Group in Vietnam, was interviewed by Business & Integration Magazine on this occasion. He is the second son of Dr. Jonathan Choi, chairman of Sunwah Group. It is known that Dr. Jonathan Choi became Chairman of the group in 1976 and led Sunwah to become a large multinational corporation with diverse business activities and five publicly traded subsidiaries.

Please provide general information regarding Sunwah Group and its activities in Vietnam.

Mr. Jesse Choi: Sunwah Group, founded in Hong Kong in 1957 and primarily engaged in the fishing, processing, and distribution of seafood, has developed and secured distribution rights. Variety of premium foods in Hong Kong, Southeast Asia, and North America.

Today, Sunwah's business operations span eight distinct industries, including seafood and food, real estate, financial services, information technology, infrastructure, education and training, the media, and environmental technology. Since 1970, Sunwah has been conducting business in Vietnam. Upon our arrival in Vietnam, we constructed the country's first seafood processing factory.

Innovation is the Sunwah Group's primary focus as of late. Two years ago, the Vietnamese government informed Sunwah of its support for promotion in the two areas listed below: Vietnam is a country with a large agricultural industry and potential for sustainable development; therefore, it is essential to prioritise agricultural development and promote the introduction of agricultural products to the international market. Second, emphasise the promotion of Innovation-related activities. Sunwah Vietnam has made efforts in recent years to construct and develop Sunwah Innovation Centres in major Vietnamese cities such as Ho Chi Minh City and Ho Chi Minh City. Ho Chi Minh City, Hanoi, and many other cities and regions around the world, including Beijing, Shenyang, Shanghai, Nanjing, Guangzhou, Wuxi (China), and Phnom Penh (Cambodia). Through the network and resources of the Sunwah Group, Sunwah primarily assists local businesses in the creation of new ideas and products, as well as in their training and development. In Shanghai, for instance, we collaborate on several projects with Quang Minh Group, the largest food company in China, and Jiangnan University, the leading agricultural university in China. Promote the use of advanced technology in agricultural and food production. In light of this, Sunwah will assist Vietnamese businesses operating in the aforementioned fields to invite leading industry experts to participate in discussions in Shanghai so that businesses can acquire professional knowledge. Before the Covid-19 pandemic, Sunwah Vietnam frequently brought groups of Vietnamese startups to Hong Kong to compete in several Hong Kong Science and Technology Park (HKTP) competitions. And several large units in Hong Kong organized themselves to compete with more than one hundred startups worldwide. The Vietnamese team nominated by Sunwah placed among the top 10 in the competition. After the competition concluded and the team returned to Vietnam, we continued to assist them in developing their technology system and expanding their connection network.

Currently, Sunwah is constructing an innovation platform that is segmented into 5 groups: innovation for large enterprises, innovation for startups, innovation for accelerators and startups, the university, and investors. In particular, in the field of agricultural innovation, Sunwah follows the guidance and direction of the governments of the two countries, successfully hosting many trade promotion activities, seminars, discussions, etc. between the two sides, as well as supporting the organisation of market research trips for delegations of Vietnamese leaders and businesses to China to exchange information and learn about the market, and vice versa. Sunwah has recently received an official Letter of Authorization from the Ministry of Agriculture and Rural Development of Vietnam on cooperation to promote the export of Vietnamese agricultural products to international markets. Electronic commerce mode. Consequently, in the initial phase, Sunwah will assist Vietnamese agricultural product suppliers in establishing their own brands and sales activities on the most prominent Chinese e-commerce platforms. In addition, if businesses wish to expand their operations, Sunwah will support the development of their own operating platform.

In Vietnam, Sunwah Group has also invested and operated for many years in the real estate sector. In addition, promoting exchanges, advancing education and culture, and ensuring social responsibility have always been Sunwah's ultimate objective, so as to contribute to the development of a cordial relationship between China and China. Vietnam is becoming increasingly attractive and intimate.

How do you evaluate Vietnamese enterprises that are developing investments and conducting trade with China in general, and Vietnamese agricultural enterprises in particular, on the Chinese market?

Regarding Mr. Jesse Choi: China has constructed a comprehensive infrastructure and system. The "One Belt, One Road" initiative aims to create a streamlined and cost-effective route for economic trade, thereby reducing numerous associated expenses.

Vietnam has a significant labour cost advantage. However, Vietnam's economy is developing, so when it reaches a certain level of development, this advantage will diminish and wages and costs for labor resources will rise. Having a large number of rivers and a lengthy coastline also provides Vietnam with significant advantages for the expansion of its seafood industry, in addition to its agricultural sector. However, more attention must be paid to training aquaculture farmers in professional knowledge and applying new science and technology to production in order to increase the efficiency and revenue of seafood export businesses. Vietnamese cuisine.

Despite the size and potential of the Chinese market, quality issues make for a highly competitive environment for Vietnamese businesses. In addition to employing science and technology to enhance product quality, Vietnamese businesses should promote the development of their own brands and create distinctive images for their products. to better appeal to the preferences of the Chinese people.

In addition, the Chinese government offers a variety of preferential policies, such as Bonded Warehouses, which are exclusive to foreign businesses and serve as a competitive advantage in the face of rivals. with businesses in China.

Can you explain the distinction between Sunwah's e-commerce platform and other well-known Chinese e-commerce platforms, such as Alibaba or Amazone?

Regarding Mr. Jesse Choi: Based on Sunwah's existing foundation, Sunwah's e-commerce platform is gaining strength and focusing primarily on the agricultural products industry. Alibaba and Amazon are also well-established brands on the Chinese market, but Aliababa is Vietnam's B2B platform for large businesses. In order for them to adopt these businesses, they must have real potential. Businesses that utilise Alibaba and a number of other platforms, such as Taobao, to sell their products in China must still develop their own brands. However, small and medium-sized businesses that do not have their brand and do not have the resources to develop one will use Sunwah's platform to receive gradual assistance in building their brand. self.

What, in your opinion, should Vietnamese businesses keep in mind when entering the Chinese market?

Regarding Mr. Jesse Choi: In my opinion, businesses that sell finished goods should consider their competitive advantages and whether they are competitive enough to enter the Chinese market. Second, Vietnamese businesses must compare and comprehend consumer preferences and policies in order to identify optimal regions for product consumption. In addition, China has developed numerous concepts in the field of logistics, including Bonded Zones, Free Trade Zones, etc., and each zone has its own preferential policy for each field, industry, and product. In addition, Vietnamese businesses must pay close attention to the issue of language exchanges with Chinese partners to minimize conflicts or misunderstandings, or even mistakes resulting from language differences in the process of exchanging cooperation or signing a contract.

Currently, the real estate market in Vietnam is experiencing challenging conditions, causing a crisis for businesses doing business and investing in real estate in Vietnam. Has Sunwah had and will he continue to have an impact on this field?

Regarding Mr. Jesse Choi: Currently, real estate businesses in Vietnam are facing significant challenges. Sunwah, despite this, has plans, orientations, and well-prepared resources for long-term and sustainable development. Currently, compared to the overall situation, we are also experiencing certain effects, but recently, bank lending interest rates have decreased, restoring people's interest in real estate transactions. In addition, for certain ongoing Sunwah projects, we will be more cautious, adhere strictly to the law, and prioritise long-term development. For us, the reputation we've cultivated over the past 50 years is extremely important and valuable; therefore, Sunwah Group will strive to develop and preserve it not only in the coming years but also in the years to come. coming but also following the road map many times over the next fifty years, which will be carried on by my family's future generations.

In the current challenging global economy, the level of impact will vary depending on the resources of each business and each project. Regarding Sunwah, we continue to exploit office real estate. As Vietnam has become the newest and most desirable destination in the region in recent years, an increasing number of Korean and Chinese investors are relocating here, thereby increasing the demand for office space. will increase in size in the near future. Sunwah is expected to break ground on Sunwah Tower 2 within a year, which will be constructed in the spirit of green building, sustainable development, and environmental protection. Sunwah views real estate as one of Ho Chi Minh City's primary development indicators. In the near future, this location will experience a remarkable rate of growth in the region.

Many thanks for sharing!

Uyen Nhi.