Binh Dinh rice paper startup rejects deal from anonymous 'shark' investor.

Master's degree holder leaves city for countryside, driven by passion for local specialties.

The founder of Sachi rice paper, Mr. Nguyen Huu Vinh, was born and raised in Tam Quan (Binh Dinh), the birthplace of coconut rice paper. He started out as a farmer and engineer, with a passion for invention and agriculture .

In 2019, Vinh realized that traditional rice paper production depended on the weather – sunny days meant sunny weather, rainy days meant rainy weather – meaning it could only be made during the sunny season, as the rainy season lacked sufficient sunlight to dry the product. Driven by a deep desire to find solutions and elevate this specialty to a new level, Vinh, drawing on his engineering expertise, built a fully automated production line, investing in machinery, including an automated rice paper making system and a closed-loop baking system that simulates sunlight.

Bringing Binh Dinh's specialty rice paper to the Shark Tank Vietnam Season 7 program.

Preserving traditional crafts, Sachi brings Binh Dinh rice paper to Shark Tank 7 for investment – ​​an opportunity to connect startup ideas with passionate investors. Sachi is ready for the chance to spread its wings, proudly showcase its regional specialty, and conquer both domestic and export markets.

Finding opportunities to take Vietnamese specialties to a wider audience.

Participating in the Shark Tank 7 fundraising round, Sachi rice paper's strengths lie in its diverse product range meeting export standards, produced at a leading rice paper factory in Binh Dinh province, and its stable cash flow. Sachi has gradually achieved significant success by being introduced into most supermarkets nationwide such as Emart, WinMart, Lotte, Co.opmart, Annam, etc., in addition to its coverage through traditional channels such as distributors, grocery stores, restaurants, and pubs.

Mr. Nguyen Huu Vinh (wearing a black vest, on the right) - Founder of Sachi rice paper, participated in the Shark Tank 7 fundraising round.

Leaving the city for the countryside, Vinh started his own business, building the large-scale Sachi rice paper factory in Binh Dinh province.

Bringing the story of "dried rice paper" – an indispensable part of the Tay Son army's campaigns throughout their arduous journeys – to the Shark Tank 7 stage, Sachi breathed life into this nationalistic specialty of Binh Dinh.

Impressed by Vice President Thai Huong and especially recognizing the passion of the Binh Dinh rice paper specialty startup, Shark Thai offered to invest 5 billion VND in exchange for 10% of the shares, with the remaining 10 billion VND as a loan over a period of 1-2 years. However, after discussion, the startup decided to reject Shark Thai's offer. Both rejected Shark Thai's 15 billion VND offer, resulting in an unsuccessful deal and bringing to a close a dramatic fundraising round, leaving many television viewers disappointed and regretful.

Compact, delicious, and economical – rice paper was once the "dry rations" during the Tây Sơn army's lightning-fast campaigns.

Despite receiving an investment offer from Shark Thai – a discreet investor – Nguyen Huu Vinh quickly shook his head and chose not to negotiate. This is because the founder of Sachi rice paper hoped to find an investor in the same field who could support exports, bringing his specialty to international recognition.

Mr. Nguyen Huu Vinh shared: “I participated in Shark Tank 7 with the hope of accessing the ecosystem of a ‘shark’ to further develop the export sector. I am proud of my homeland, proud of the quality rice and coconuts that make our products available throughout Vietnam and resonate internationally. To achieve this, I need partners and collaborators who share the same goals, and Sachi must have a suitable valuation. If either of us fails, I am ready to decline. However, I am very grateful to the Sharks for their initial offer, and I hope that one day we will still have the opportunity to cooperate.”

Mr. Nguyen Huu Vinh holds a master's degree in agriculture and forestry and has studied automation. Thanks to his business selling equipment and an initial capital of 1.5 billion VND, at the age of 30, he continued his entrepreneurial journey with the Sachi rice paper project. To date, Sachi's products have met export standards such as FDA, ISO 22000:2018, OCOP, and ISO 14001:2015.

“The Sachi factory also provides an opportunity for hundreds of hardworking people in Central Vietnam to increase their income and improve their quality of life. It creates value, contributing to providing farmers with more fish and meat for their meals, and giving children new clothes,” Vinh shared.

Doan Phong

Source: https://vietnamnet.vn/startup-banh-trang-binh-dinh-tu-choi-deal-tu-ca-map-kin-tieng-2311812.html