Taya Vietnam has won numerous awards and seizes new business opportunities in Southeast Asia by relying on three recipes of success〔NOWNEWS〕
2017/12/162017/12/16
Taya Vietnam Electric Wire & Cable has won numerous awards, Vice President Hsu, Ching-Yao attends the book presentation and discussion meeting for a new book titled “New Horizons – Success Stories of Taiwanese Entrepreneurs in their Commitment to the New Southbound Policy” on the 15th (Image provided by Taya)
The Industrial Technology Research Institute (ITRI) and the Chinese National Federation of Industries organized a book presentation and discussion meeting for a new book titled “New Horizons – Success Stories of Taiwanese Entrepreneurs in their Commitment to the New Southbound Policy” on the 15th. The book presents the success stories of 31 Taiwanese Entrepreneurs including Taya Vietnam Electric Wire & Cable in Southeast Asia. Mr. Hsu, Ching-Yao, Vice President of Taya Vietnam Electric Wire & Cable participated in the discussion meeting and shared three recipes for success used by Taya Vietnam.
In his address, Mr. Jong-Chin Shen, Minister of Economic Affairs, stated that the annually organized Industrial Collaboration Summits between Taiwan and six ASEAN nations have already yielded substantial results and examples of successful cooperation. The book aims to provide success models for Taiwanese entrepreneurs and ensure the smooth implementation of the New Southbound Policy through case studies. Mr. Rock Hsu, Chairman of the Chinese National Federation of Industries, pointed out during the discussion meeting that the combined GDP of 10 ASEAN nations and six south Asian nations amounts to 5.1 trillion USD and the annual economic growth rate for the next 5 years is expected to reach 6%. These nations also offer demographic dividends and unlimited investment potential. However, Taiwanese entrepreneurs must shift their focus from manufacturing to new cooperation models to create win-win situations.
Mr. Hsu, Ching-Yao stated that Taya started to make investments in Vietnam in 1994 and completed the plant in Dong Nai Province after a two-year construction process in July of 1995. Ten years later, a branch and a new plant were set up in the northern Hai Duong Province. Mr. Hsu further argued that it is much wiser to establish bases in the northern and southern part of the country than waste time on transportation. He revealed that this is Taya Vietnam’s first recipe of success.
Mr. Hsu, Ching-Yao pointed out that although the Taya Brand enjoys a certain popularity among Taiwanese entrepreneurs, the company has to rely on its actual capabilities in the acquisition of major projects including public construction projects or turnkey electromechanical projects. The second recipe of success was: “Don’t engage in cut-throat price competition, but rather insist on the core values of quality, safety, and service.”
Due to this perseverance, the company won the “National Quality Award”, which is the highest award in Vietnam. A large number of enterprises vie for this highly prestigious award and the selection criteria are very strict. Enterprises that wish to participate in the selection process must be provincial quality gold award recipients to be eligible to be nominated for the national evaluations. Taya earned a gold award on its first attempt and two consecutive awards over a period of six years.
Despite the fact that Taya has already gained a firm foothold in the Vietnamese market, the company does not rest on its laurels and aims to successfully target other markets such a Myanmar, Cambodia, and Laos by relying on the advantage of tariff-free trade between ASEAN countries. However, the language barrier is a major obstacle. As of this year, the company arranged visits of employees and customers of Hai Duong Province to Taiwan on a trial basis to promote interactions and exchanges to help address the issue The company embraces the philosophy of putting utmost effort into making new friends and training new talent, which is its third recipe of success.