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Global Summit of Women 2008 Remarks
FAILURE AND SECOND CHANCE
Presented by: Ms. Nguyen Thi Mai Thanh Chairwoman and Chief Executive Officer REE Corporation
I graduated from the University of Engineering in Germany with a Bachelor’s degree in electrical and refrigeration. I returned to Vietnam in 1982 and started my employment with Refrigeration Electrical Engineering Enterprise. REE was a small state-run business in poor condition fitted with used machinery, producing mainly ice-cube makers. In 1986, I was chosen by the outgoing management to lead the enterprise. This was when the Vietnamese government initiated the ‘Doi Moi’, or Reform, Policy. Boosted by the ‘Doi Moi’ policy, I recruited young staff members and embarked on my cause. The products REE offered at this stage were project-related mechanical electrical services.
1987 saw an influx of foreign investors
following the Vietnamese government's introduction of Law on foreign investment.
The approaching of new opportunities and challenges demanded a development in
our competition capabilities. Along with that, reforms in corporate governance
mechanism are needed. However, these changes could not be put into action in the
context of a state-run business operating on the basis of an old-fashioned
mechanism. In 1993, I came up with a decision to voluntarily petition for
equitising the enterprise and my proposal was approved by the government. REE
emerged as the first company equitised in Vietnam. We became more pro-active in
running our business thanks to the benefits from REE’s equitization scheme. The
company saw positive growth. Not long after the equitization, Vietnam was faced with regional crisis: foreign investments stalled, lending rates soared approximately 24% per annum. We could more or less feel its impact. To continue developing, we came up with an new method of raising capital – namely issuing internationally convertible bonds. To get this initiative implemented, we must campaign for the governmental bodies’ approval and the result was that we successfully carried out the issuances based on P/E and the Average of Profit gained during 1995, 1996 and 1997.
Following the successful voluntary equitisation in 1993, REE again pioneered in many fields such as: - In 2000: REE was the first company listed on the Vietnam Stock Market. - In 2002: Recognizing that a company’s rapid growth was impossible without focusing special attention to corporate governance issue, once again, we took lead in adopting ADB’s model corporate governance charter. - In 2005: We were also the first company to mobilize capital by means of shares issued on the stock market
Today, I am aiming to lead REE as a holding
company achieving sustainable growths across the board with 4 specialized core
operations: ME services, manufacturing, real estate and investments in
power plants and fresh water projects.
My cause has been closely connected to the
country’s period of reform and development, particularly during the past 20
years, switching from the post-war to international integration period,
re-orienting from centralized economy to market-oriented economy. Presently, we face continuous challenges brought about by dramatic changes in the economy that every businessperson must seek to overcome. In my view, we are currently hit by impacts of macro economic management and world economic fluctuations (particularly from rapid exploitation of natural resources, unnecessary excessive production of consumer goods, volatile raw material prices and environmental problems). We have received much support and boosts from the government. Vietnamese women have played important roles in the making of Vietnam’s past, and they are still doing so now and will continue to contribute greatly in the future. Governmental support is an important motivator for women to participate in business but nothing compares to the support and understanding of one’s family. I am fortunate to have a compassionate family who has supported me my entire career.
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