Le Kim Thai and the journey of starting a business with little capital

Mr. Le Kim Thai is cutting agarwood to produce agarwood beads. Photo: MY LINH

In 2017, while working as a hired hand at an agarwood production facility in Ho Chi Minh City, Le Kim Thai quietly learned the trade, accumulated experience, and nurtured the dream of one day building his own business. In 2021, when the COVID-19 pandemic struck, he lost his job. With no job and no income, Mr. Thai determined to return to his hometown to start a business.

With only 5.5 million VND in savings, Mr. Thai borrowed from friends and relatives to raise 19 million VND. This was too small a sum to start a business in a manufacturing industry that requires investment in machinery and expensive materials such as agarwood. However, instead of giving up, he immediately invested 17 million VND to buy an agarwood bead making machine, the first equipment that marked his entrepreneurial journey. The remaining small amount was used to buy raw materials and produce simple necklaces and bracelets.

“At first, I mainly did it by hand, with the help of friends providing materials, I tried it myself, tried it many times and then gradually got used to it,” Thai shared. Each product is made with confidence and constant effort. Thanks to his care and perseverance, the initial products gradually gained a foothold, creating cash flow for him to continue reinvesting and expanding the scale of production.

Mr. Le Kim Thai and his agarwood products. Photo: MY LINH

Not long after starting his business, Mr. Thai's production facility was gradually completed. More machinery was invested, the total value of the current equipment is nearly 200 million VND. With a fair amount of capital, Le Kim Thai boldly built a factory to cook oil and process raw materials, a new turning point in the journey of improving product quality and diversifying products. The cost of building the factory was up to 500 million VND, all of which he managed with his own strength and belief in the future.

Agarwood products produced by Mr. Le Kim Thai. Photo: MY LINH

He purchases raw materials from the local area and many provinces across the country. From incense, beads to statues, the products produced by Le Kim Thai are diverse in design and price, ranging from several hundred thousand to several tens of millions of VND. Currently, Le Kim Thai's agarwood products are favored and ordered by customers in many places.

Despite the fierce competition in the agarwood market, Mr. Thai remains steadfast in the principle of “quality and reputation are paramount”. Instead of chasing short-term profits, he accepts low profits to build his brand. “Reputation creates trust, and trust cannot be bought with money” - Mr. Thai said about his business principles.

Le Kim Thai's facility currently provides regular jobs for 5 workers, along with about 10 seasonal workers, mainly young men and women in the neighborhood. The income ranges from 250,000 - 300,000 VND/day, helping many families improve their lives.

Mr. Thai's agarwood production facility creates jobs for many local workers. Photo: MY LINH

Mr. Thai also does not hesitate to provide vocational training and share the secret of making agarwood with young people. In addition to his business, he also actively participates in charity activities, contributing to the locality such as giving Tet gifts to poor households and supporting disadvantaged students.

With his contributions, Mr. Le Kim Thai was awarded a certificate of merit by the People's Committee of Nong Son district (now Que Son district) for his outstanding achievements in contributing to the local socio-economic development in 2024.

[ VIDEO ] - Agarwood production facility of Mr. Le Kim Thai in Phuoc Ninh commune, Que Son district:

Starting a business with only 5.5 million VND - an amount that cannot be called investment capital, but with the will and aspiration of youth, Mr. Le Kim Thai turned the impossible into possible.

Source: https://baoquangnam.vn/le-kim-thai-va-hanh-trinh-khoi-nghiep-tu-dong-von-it-oi-3155432.html