The spirit of an entrepreneur in a military uniform.

Lieutenant Colonel, Master of Economics Do Trong Thuy

Rescuing businesses on the verge of bankruptcy.

In the summer of 2015, Mr. Do Trong Thuy was assigned and appointed by the Ministry of National Defense to the position of Chairman and Director of Tay Bac Company, facing a situation like steering a sinking ship in a storm. The company's assets were zero, and it was in deficit by tens of billions of dong. Banks refused loans because there was no collateral. Employees were unemployed. Prior to this, the General Staff of Military Region 2 had proposed to the Ministry of National Defense a plan to dissolve Tay Bac Company. “With 14 years of experience as a Director, including 13 years of excellent performance at a unit under Ha Thanh Company, Hanoi Capital Command, I was determined to revive the business, but few believed I could do it,” Mr. Thuy recalled.

Dismissing the surrounding doubts, he resolutely took action by simultaneously assessing the situation, developing a plan, and strengthening the organization. The company's direction was to focus on its core business of basic construction, its previous main industry, with projects such as building border patrol roads; constructing industrial, civil, transportation, and irrigation projects, etc. "At that time, many of the company's employees had been unemployed for many years, and some highly qualified professionals had requested transfers, making it very difficult to bring them back because they had already settled down. Not to mention, there was suspicion within the company that this Director might be exploiting the state-owned enterprise to borrow money, causing the company to become burdened with debt," he shared.

Step-by-step organizational restructuring and the issuance of correct and effective resolutions have revived the Northwest Company.

To overcome the difficulties, he rolled up his sleeves and took action. He told everyone, "With negative assets and not a single penny, what am I supposed to use?" He himself had to mortgage his family's assets, persuading his wife and children to agree to let the company borrow money for business capital. The company's leadership found a very scientific method for handling outstanding debts. He and the departments proactively and meticulously checked the books and required households and individuals to sign debt acknowledgment agreements, and worked with relevant authorities to resolve outstanding issues. In his first year leading the company, he, along with the Party Committee and the Board of Directors, basically stabilized the organization, clearly defined accounts receivable and payable, and clarified the issue of company assets being misappropriated by some individuals for many years. By the end of 2016 - his second year leading the company - the unit had exceeded 60% of its plan, and the business had spectacularly revived.

“With the strategy of sustainable development – ​​putting ourselves in challenging situations to create momentum, the company has proactively expanded its operations, gradually establishing its brand and reputation with customers, constructing projects that ensure quality, technical and aesthetic standards, and timely completion; creating a solid foundation to help production and business become increasingly effective, gradually establishing a firm foothold in the market and leaving its mark in every region of the country,” he shared.

The Board of Directors is strengthening inspection and supervision, and urging the implementation of projects to ensure quality and progress.

"Three best"

After leaving the military in October 2022, in March 2023, Lieutenant Colonel and Master of Economics Do Trong Thuy took over the management of Hoa Xa Joint Stock Company, where his wife, Cao Thi Thu, had been the Director for 20 years.

Hoa Xa Joint Stock Company (formerly Hoa Xa Limited Liability Company) was established in October 2002 at 360A Nguyen Luong Bang Street, Hai Duong City, with its main business activities being the trading of construction materials, road freight transport, civil construction, and nightclub operation. Recently, the business of accommodation services and office rental has been the area where he has invested the most effort and dedication.

Leading us on a tour of the representative offices of the 5-star HoaXa Tower project in Hai Duong City, which is currently over 85% occupied and with many customers having paid rent for the entire 49-year project lifespan, he said that when the project was being developed, many members of the company's Board of Directors were concerned because the business of tourist apartments (Condotel) and office apartments for rent (Officetel) in Hai Duong was unsuitable. "Hai Duong isn't a tourist destination, so why build this type of real estate? This type is only suitable for localities with developed tourism services like Hai Phong and Quang Ninh...", Mr. Thuy shared.
With the belief that creating differentiated products would guarantee success, he set criteria for an apartment to ensure "three bests": the most luxurious, the most affordable, and the most convenient. To persuade members to support his plan, he recounted his business story from nearly 20 years ago. "In early 2003, nightclubs were only found in major cities like Hanoi, Ho Chi Minh City, and Hai Phong... Everyone thought that opening a nightclub in Hai Duong wouldn't attract customers and would only lead to bankruptcy. But that bold decision brought unexpected success. Hoa Xa is also proud to be a nightclub that has been operating for over 11 years without any incidents related to illegal substances," Mr. Thuy said.

After leaving the military, Lieutenant Colonel and Master of Economics Do Trong Thuy manages Hoa Xa Joint Stock Company.

The 5-star HoaXa Tower project is on track, comprising 234 rooms of various types, ranging in size from 46m2 to 127m2. Designed to cater to customers seeking modern, youthful, and luxurious living, it's especially suitable for foreign professionals working in Hai Duong. HoaXa Tower boasts meticulously designed interiors, carefully selecting decorative details to suit functionality and structure, aiming to provide guests with a truly relaxing experience. HoaXa Tower offers the solution to this need, with apartments fully furnished in modern and elegant styles. The building provides free modern amenities such as a year-round saltwater swimming pool, sauna, gym, and yoga studio, meeting all accommodation, entertainment, and relaxation needs. With reasonable prices and modern 5-star standard interiors at 1-star prices, the Condotel and Officetel apartments at HoaXa Tower are the perfect choice for everyone. "Currently, I have more time to dedicate to the company. In the future, Hoa Xa Joint Stock Company will launch many unique products and services in the Hai Duong market," Mr. Thuy revealed.

With the courage and determination of a soldier of Uncle Ho's army, I am confident that Mr. Do Trong Thuy will steer the Hoa Xa ship to continue its journey forward, contributing to the overall development of Hai Duong province.

Colonel Xuan Chien - Phuong Linh

Source: https://baohaiduong.vn/ban-linh-doanh-nhan-mac-ao-linh-372461.html