Business life: no guts, no glory

Many businesses have suffered from difficulties and losses to have painful lessons before achieving their success, as the FOCI store system once reached more than a hundred stores, only to disappear later in people's surprise.

FAIFO factory in Hoi An

"If I was determined that I would conquer Fansipan peak with FOCI then with FAIFO, I would conquer the Everest" - Mr. Ho The Son, who was the founder and general manager of FOCI fashion store system, shared about his new project after many years of absence in the market on later March 2021.

The Fansipan peak that Mr. Son said is the system of FOCI fashion stores system, which hit 112 stores in Vietnam, Cambodia and the US at its prime for more than 15 years. However, FOCI was unable to overcome the problems of governance, operations and the challenges of integration.

Fashion has always been an attractive market, evidenced by the arrival of hundreds of foreign brands to Vietnam in all segments such as Zara, H&M or Uniqlo are examples of billion-dollars competition.

Everest is an ambitious goal when Mr. Son returns to the fashion market with FAIFO International Franchise in the year COVID-19, a company that provides a system of franchising services for tailoring suits, office fashion and uniforms serving customers around the world.

FAIFO's way of working is to provide the technology that allows customers to take measurements, choose fabrics, transfer information through software, via mobile apps, or just through a single contact with an experienced consultant. Each tailor-made suit delivery will only take from a few days to two weeks, including tailoring and shipping.

On March 24, FAIFO officially signed a cooperation agreement to develop the Canadian market with the partner FAIFO Canada Company, for this unit to operate its own tailoring facilities and services in this area.

The virtual showroom booths are solving the problem of cross-border distance

Finding new directions for the business has become the only strategy, especially when the COVID-19 pandemic crisis occurs. Having thought about closing the store because international customers are absent due to flight restrictions between countries, Ms. Pham Thi Hong Quang - director of Nguon Viet handicraft technology company - had to make a critical decision which is changing all the marketing and sales activities to the online platform. Spectacularly, by the end of 2020, the store sales were up 40% compared to last year.

"Until now, I still regret hesitating between shutting down or keep going. And I have chosen to put products on online exhibition platforms, connecting with international customers through virtual exhibition booths. and live well until now ", Ms. Hong Quang shared.

"Change or die" is a catchphrase repeated by business administrators countless times. Nguyen Phi Van - franchising expert - said that in the trend of globalization, traditional industries that want to survive and develop need to comply with technology and form new business models.

"Enterprises in other countries always have a global vision and an international market, so they are very flexible and adaptable whenever there is a shift in the marketplace" - Ms. Phi Van said.

According to Mr. Le Hung Anh - General Director of One IBC^® Company with more than 10 years of experience in the field of foreign investment consulting, international investment is a strategic choice to help Vietnamese businesses exceed their territory and penetrate the global market.

Generally, difficulties and barriers will not appear at first, but Vietnamese businesses will receive double benefits when entering the international market. This will not only bring profits to the business itself but also contribute to promoting trade between Vietnam and other countries and territories, attracting international businesses to invest in Vietnam, Mr. Hung Anh said.