Vang Mi Hong and the story of a boss who keeps his job with his reputation and keeps his customers with his decency

Located modestly in the bustling Ba Chieu market (Binh Thanh district, Ho Chi Minh City), gold shops named Mi Hong have long been a familiar destination whenever people have a need to store, buy gold rings or jewelry - as a habit ingrained in daily life.

For the first time after more than 35 years of quietly steering the ship named Mi Hong, Mr. Nguyen Tu Mi - the founder and soul of Mi Hong Company Limited - had an open conversation with Nguoi Lao Dong Newspaper . He not only shared his journey of keeping his profession and reputation amidst many ups and downs, but also opened up about the pressures and harsh challenges surrounding the gold industry - an industry that always seems to be "shining" but behind it are countless worries.

* Reporter:   To be   Mi Hong is a familiar brand in the gold business world, especially in Ho Chi Minh City. When did Mi Hong first appear on the market, sir?

- Mr. Nguyen Tu Mi: In the early days, Mi Hong was just a small gold shop with little capital and almost no experience. But from the beginning, we clearly determined that in the gold business, reputation is the most important thing. Once you lose the trust of your customers, no matter how hard you try, it will be difficult to regain your reputation.

In 1989, when the State allowed private gold trading, we boldly opened Mi Hong store at 312 Bui Huu Nghia (Ba Chieu market). In 1993, Mi Hong became a private gold trading enterprise. In 2006, it was transformed into Mi Hong Company Limited as it is today.

In more than three decades of working, despite the fluctuating gold market, Mi Hong has always maintained the principle of selling gold at the right age, clearly, transparently, without ambiguity, and without chasing short-term profits. It sounds simple, but these basic things become a solid foundation to maintain the trust of customers.

* Reporter: What was the most difficult period in Mi Hong's journey over the past 35 years, sir?

- Mr. Nguyen Tu Mi: At that time, Mi Hong always tried to keep prices stable, information transparent, and not take advantage of the situation for personal gain. Difficulties are real, but if we maintain our reputation, customers will come back and stay long-term.

When COVID-19 hit, the difficulties were different. The store had to temporarily close for nearly 4 months, with almost zero revenue. But, fortunately, the company was united like a family, sharing and accompanying each other to overcome that period.

* Reporter: Recently, the hottest issue in the gold market is the scarcity of domestic supply, contributing to the increase in prices. How does this issue affect Mi Hong's business activities in particular and the gold jewelry market in general?

- Mr. Nguyen Tu Mi: The recent shortage of supply is something that almost every business in the industry feels very clearly. Mi Hong is no exception.

When raw materials are scarce and input prices are pushed up, the pressure on businesses producing and trading gold rings and jewelry is enormous.

With Mi Hong, we still try to manage to maintain the amount of goods to serve customers, but there are also really difficult times, inevitably disrupting supply or having to adjust selling prices to suit reality.

In addition, the shortage of goods also makes consumers confused. At times, customers rush to buy SJC gold and 99.99 gold rings as a way to "take shelter", causing the market to fall into a state of "virtual" fever. This unintentionally distorts and unbalances trading activities. If buyers are not alert enough, it is easy to buy at a price higher than the real value.

* Reporter: In that context, Mi Hong must have encountered many difficulties?

- Mr. Nguyen Tu Mi: That's right. From a business perspective, the most important thing right now is to maintain transparency in all transactions. Despite limited supply, Mi Hong still persists in clearly listing prices, selling products with invoices, tracing their origins, and always consulting customers carefully before making transactions. We cannot control market fluctuations, but we can control how we treat customers during sensitive times like this.

* Reporter: In such a context, what do you think is the most difficult thing for Mi Hong right now?

- Mr. Nguyen Tu Mi: Gold prices have increased sharply, the market has fluctuated, supply has been disrupted, and people's psychology has been unstable. We have to balance everything - from goods, finance to the responsibility of keeping the market stable.

If I had to say what is the most difficult thing, in my opinion, it is to maintain the trust of customers in a very sensitive market like today. Every action, every behavior at this time can leave a very long-lasting impression. Therefore, Mi Hong still chooses to go slowly but surely, not chasing after hasty, temporary things but steadfast with professional principles and responsibility to the community, as we have done from the very first days.

* Reporter: With such difficulties, what has Mi Hong done to ensure the supply of raw materials for jewelry and gold ring production?

- Mr. Nguyen Tu Mi: In the context of the current constantly fluctuating gold market, every business is forced to "walk on two legs", both maintaining principles and being flexible to adapt. With Mi Hong, we clearly identify that if we want to go the long way, we must remain calm. Do not react to momentary emotions, but must have careful preparation and calculation to maintain stable operations, as well as maintain customer trust.

However, the biggest difficulty we are facing now is the unstable source of raw materials and the almost non-availability of supply from large enterprises. Meanwhile, the amount of gold that people sell to us is not much, not enough to meet the increasing demand.

To be honest, sometimes we are also very confused and passive, wanting to serve customers attentively but not knowing where to source goods. The more we follow the market, the easier it is to fall into risks of price, inventory and many other risks and consequences.

Although it is difficult, we still try to be proactive within our capabilities. Specifically, we maintain close relationships with reputable suppliers, flexibly import jewelry with clear inspection and full traceability. At the same time, we closely follow market developments, promptly update operating policies and proactively plan long-term to avoid being passive.

Regarding internal processes, we reviewed the entire process, streamlined the apparatus, optimized costs from production to sales while still ensuring quality of customer service. In the context of an unstable market, keeping the apparatus neat and proactive is very important.

* Reporter:   Let me ask you a straightforward question. Currently , the gold market has many illegal transactions, even with the risk of smuggling. How does Mi Hong always conduct business in compliance with the law and not get caught up in these non-transparent activities?

- Mr. Nguyen Tu Mi: In the gold business, the most valuable thing is not the goods, but the reputation. How to make customers feel secure when entering the shop, and return after many years still keeping the same trust. To me, that is more important than revenue.

Therefore, from the past until now, Mi Hong has always clearly determined that every step in the system - from importing goods, manufacturing, listing prices to selling - must be transparent, in accordance with regulations, with full documents, and clear origin. There is no ambiguity, no recklessness for immediate benefits.

Recently, it is true that the market has seen many unofficial transactions, even with potential risks from gold of unknown origin. But at times like these, seemingly old principles such as controlling cash flow, knowing the source of goods, and carefully checking documents must be held more tightly than ever.

With partners, we only work with units that have clear legal status and real reputation. And within the company, from the counter staff to the accountants, everyone is regularly reminded and updated with new regulations. And, most importantly, everyone understands that maintaining transparency is not only a requirement of the company but also a shared responsibility, the survival of the whole group.

In fact, in a sensitive market like gold, right and wrong are sometimes just a decision away. However, the more complicated the situation, the more you have to stay calm and keep your heart for the job. Mi Hong chose a clear path. It may not be fast but it is sure. Because in the end, the trust of customers is what helps you survive long term.

* Reporter: What do you expect from changes in the State's gold market management policy in the coming time, especially for the jewelry industry?

- Mr. Nguyen Tu Mi: In fact, the domestic gold market has had many fluctuations in recent times, especially the shortage of supply and the large gap between domestic and world gold prices. This not only confuses consumers but also makes it difficult for businesses in the industry, including Mi Hong, to proactively source goods to serve customers stably.

I really hope that in the coming time, the State will have more appropriate adjustments in management policies so that the gold market - especially gold rings and jewelry gold - can operate more flexibly, closer to actual needs.

For example, the State can review the mechanism for importing raw gold. If qualified enterprises are allowed to proactively source inputs for production, it will contribute significantly to stabilizing the market. Prices will also be less tense and people will feel more secure when trading, not affected by psychological fevers.

I also expect there to be a clearer distinction between gold bars, gold rings and gold jewelry in the management policy. Because gold jewelry and gold rings are essentially consumer goods, they have use value, aesthetic value and even culture. If managed in a more flexible and appropriate way, it will not only help businesses stabilize domestic production but also open up opportunities to promote exports in the future.

* Reporter: Regarding the amendment of Decree 24/2012/ND-CP on gold market management, do you have any specific recommendations to help solve the shortage of gold supply and stabilize the market? Is it feasible to allow businesses to import raw gold, sir?

- Mr. Nguyen Tu Mi: Currently, the most difficult thing for businesses is the shortage of raw gold supply for the production of gold jewelry and gold rings. Therefore, we hope that the State can consider expanding the mechanism to allow qualified, transparent and truly capable businesses to import raw gold. If implemented properly and under control, this policy will help businesses be more proactive in production activities, while also contributing to easing the pressure on supply in the market and better protecting the interests of consumers.

Of course, this needs to be implemented carefully, with clear criteria and specific monitoring mechanisms to ensure macroeconomic stability. But if properly organized, we believe that this is a completely feasible solution, not only in the short term but also of long-term value for the sustainable development of the domestic gold market.

Proposal for market monitoring using digital technology

In addition to reviewing the mechanism for importing raw gold, I think it is also necessary to gradually simplify the procedures for granting licenses for gold jewelry production to businesses that have sufficient capacity and operate transparently. This should be accompanied by clear standards for quality control and traceability, to both create conditions for business development and ensure transparency for the market. By doing so, businesses will be less pressured by unnecessary administrative procedures, and the market will operate more smoothly and healthily.

At the same time, it is also worth considering gradually building a market monitoring system using digital technology, such as a centralized database on listed prices, product origins, electronic invoices, etc. This will be an important foundation to support management agencies in monitoring the market more closely, while still ensuring transparency and convenience for businesses during operations.

In the short term, when the mechanism for importing raw gold has not been resolved, considering granting quotas or organizing auctions of raw gold in a public and transparent manner could also be a suitable direction. If implemented properly, this solution will help to relieve supply pressure for gold jewelry and gold ring manufacturing enterprises, which are in dire need of raw materials to maintain stable operations.

Thank you!

 

Source: https://nld.com.vn/vang-mi-hong-va-chuyen-ong-chu-giu-nghe-bang-chu-tin-giu-khach-bang-su-dang-hoang-196250515171759319.htm