Cover Viet Hoa—"I choose to export because of national pride and the desire to bring Vietnamese products to the world." Photo: NVCC
Viet Hoa—"I choose to export because of national pride and the desire to bring Vietnamese products to the world." Photo: NVCC
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In less than six years, Viet Hoa led Asia Dragon to outpace foreign rivals—yet her true pride lies in stabilising Vietnam’s yarn market and expanding consumer choice.
Nguyen Thi Viet Hoa’s several years as a manager at a Malaysian company specialising in the production of synthetic ropes and nets provided the chance to extensively research the industry’s products. Encouraged by her business partner in the United States, in May 2006, Viet Hoa founded the Asian Dragon Fibre Company (now ADC), with the ambition of exporting fibre to countries with advanced agricultural sectors. Just five months later, ADC shipped its first consignment.
“There were three reasons why I chose to export from the outset,” she says. “Firstly, it was a matter of national pride. I wanted to introduce Vietnamese yarn products to the world. Secondly, at that time, no company in Southeast Asia produced this type of yarn, while the potential from agricultural research in the US, Australia, Canada and Europe was enormous. Consequently, most of ADC’s products were made for international markets. Finally, perhaps it stemmed from my personality, as I’ve always enjoyed tackling challenges.”
After many years of “bringing bells to ring in foreign lands” and achieving considerable success abroad, Viet Hoa made an unexpected pivot in 2019—shifting her focus to the domestic market. The move formed part of ADC’s broader business restructuring strategy. Today, domestic sales contribute approximately 15–20% of the company’s total revenue.
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Do not let foreign goods penetrate the Vietnamese market.
Above After many years of “bringing bells to ring in foreign lands” and achieving considerable success abroad, Ms Hoa made an unexpected pivot in 2019—shifting her focus to the domestic market. Photo: NCVV
After many years of “bringing bells to ring in foreign lands” and achieving considerable success abroad, Ms Hoa made an unexpected pivot in 2019—shifting her focus to the domestic market. Photo: NCVV
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What prompted your decision to return to the domestic market in 2019?
After years of expanding into foreign markets, in 2018, I suddenly realised that the Vietnamese wire and thread sector was completely dominated by foreign competitors. I wondered why I had neglected the domestic market and ventured abroad to earn every penny, while my fellow countrymen were paying such high prices for products (at the time, the price of foreign wire and thread was approximately 40% higher than ADC’s products), with limited choices, and suffering under a monopolistic policy. I was already familiar with the Vietnamese market, having supported several customers in the past, so I decided swiftly: in addition to the international market, I needed to return home.
Despite this decision, ADC didn’t act impulsively or emotionally. After all, foreign companies had been operating in the Vietnamese market for at least 30 years, giving them a distinct advantage in terms of business methods, consumer understanding, partnerships, and customer relationships. To prepare, I enlisted GIBC to advise on a comprehensive strategy and conduct detailed market research. I also invested in the best production equipment available in Asia. My aim was to create products of international quality at reasonable prices, bringing balance to the market.
In the Vietnamese market, we are the number one player. Looking ahead, my ambition is to ensure that products in this field from foreign companies can no longer be imported into Vietnam.
What results has that strategy achieved so far?
With this approach, just over a year on, we have earned the trust of our partners, customers, and the public. The established rope distributor in Vietnam, Nghia Thai Company, has placed their trust in us and joined forces; soon followed by Du Hung Company, with more than 30 years of experience and a network of agents across the provinces. After three or four years, the market share of foreign companies has drastically diminished. In many of the western provinces, from Ho Chi Minh City to Kien Giang and Ca Mau, international brand rope products have almost entirely disappeared. I share this not out of pride but because we have achieved the goals we set for ourselves.
Firstly, we aimed to diversify the options for our larger customers, giving them the freedom to choose from a broader range of suppliers. Secondly, we sought to conquer the domestic market in a natural manner, allowing people to make their choices freely, without pressure. Thirdly, I do not sell mass-produced items, as that would harm other Vietnamese companies in the same sector. Instead, I focus on selling to the largest distributors. Many people point out that limiting our sales in this way means fewer products in the market. And that's fine. It reflects ADC’s business ethics. Quality speaks for itself. Today, the market recognises a company called Asian Dragon, whose products are of the same quality as international alternatives.
This success is just within the fisheries sector (fishing and aquaculture). From here, we began expanding into the construction sector, with products like climbing ropes for high-rise buildings, escape ropes, and sports ropes, as well as agricultural fibres supplied to large, reputable partners. Currently, ADC is making significant investments in developing the marine fibre rope sector. I can proudly say that in the Vietnamese market, we hold the number one position. My ambition for the future is that foreign companies’ products in this field will no longer be imported into Vietnam.
Who are ADC’s competitors now?
In the rope segment, there are many small and medium-sized Vietnamese companies, alongside two foreign competitors. In the other two sectors, there are no Vietnamese firms, only two foreign companies, and their products are solely for export.
What makes ADC products different in the international market?
In international markets, the agricultural fibre rope segment is broader. For example, agricultural fibre is used not just for wheat and grass cultivation but also for industrial packaging, hanging ropes in industrial slaughterhouses, and more. ADC also manufactures ropes for the marine industries in the US and Australia. Additionally, we have expanded the use of fibre ropes into the telecommunications sector. In the US, for telecommunications cables, AT&T currently uses ADC products.
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Above Ms. Viet Hoa and staff at an ADC anniversary. Photo: NVCC
Ms. Viet Hoa and staff at an ADC anniversary. Photo: NVCC
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Vietnam’s market share is quite small and faces significant competitive pressure from both domestic and foreign brands. Do you think this is why domestic manufacturing enterprises are not particularly interested?
It’s because the media doesn’t pay enough attention. Youth clubs in trade and services are very active, while industry associations in manufacturing often lack effective communication. The service and consumer industries are good at engaging with the public, but the manufacturing sector, with its specific products, is different. For instance, have you ever seen Binh Minh, Duy Tan, or Long Thanh Plastics running communication campaigns, despite their stores and signs being everywhere? In terms of stability, manufacturing companies undoubtedly have the upper hand. Moreover, they form the backbone of the country’s economy. They need support and encouragement to share their stories, as these are both real and compelling.
What about from the business perspective, madam? Many businesses, such as leather shoes and garment companies, often fail to recognise the potential of the domestic market.
I don’t believe that’s the case. We must acknowledge that industries like footwear and garments are largely outsourced. The profits are minimal and the work is highly labour-intensive. The same applies to most of the wood industry. Therefore, these should be viewed as two distinct sectors. Typically, manufacturing companies begin with the domestic market, gradually expanding as they seek export opportunities—just as companies like Minh Long, Hoa Sen, and Hoa Phat have done. ADC, however, benefits from its expertise in marketing, participation in B2B associations, a strong understanding of product technology, and a commitment to researching and learning from international sources.
Transfer anytime, anywhere
Above Ms. Viet Hoa conducting staff training. Photo: NVCC
Ms. Viet Hoa conducting staff training. Photo: NVCC
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2019 was also the year ADC restructured the company. What led you to make this decision?
It was a matter of timing. As the saying goes, “what is meant to happen will happen at the right time.” When I decided to focus on the domestic market, after several meetings, I realised there were issues with our internal operations. Everyone was working independently, without any coordination. For a business, this is a risk, even when revenue is stable. I recognised it was time to restructure, or else both I and my employees would be worn out. I chose KPMG as our strategic partner to guide us through a large-scale restructuring process. At the same time, ADC invested in the latest, most advanced machinery available in Asia. This period also saw the completion of our data system and the digitisation of our enterprise, utilising world-class technology platforms such as SAP S/4 HANA and CRM Salesforce. These improvements were aimed at enhancing our administration, services, and closely monitoring company activities. Additionally, ADC established two new factories during this time.
Did restructuring the company a year before the Covid-19 outbreak turn out to be the right decision?
Thanks to early engagement with the international market, I was able to identify emerging trends in both production and business management. Any company in a strong position would have opted for restructuring, so why not do it when you have the conditions and the time? My philosophy is that business should be about making money, but once you have money, you must reinvest it. That’s what brings fulfilment—doing well, contributing, and not holding on to wealth indefinitely. I believe it was the right decision, especially when, by 2021, the majority of our staff were from the 9X generation. ADC had gathered enough data and documents to begin training them effectively. I then implemented a training programme for the next generation, ranging from 22 to 30 years old. This initiative continues to evolve year by year.
The economic context is constantly shifting. Besides restructuring, what other factors have helped ADC maintain its growth rate?
Efficiency and effectiveness were core principles for me from the outset. I am someone who values cleanliness. A clean environment leads to streamlined operations, and streamlined operations lead to savings in inventory and transportation costs. This approach also stems from the fact that when I started the business, I had very little capital. I had to be strategic, ensuring that when the first order went out, I would have enough funds to produce the next batch.
Another advantage comes from my years of experience in exporting. Thanks to this, understanding and interpreting foreign documents or technical specifications is no challenge for me. Finally, investing in modern machinery and using the highest quality materials has allowed us to reduce labour costs by nearly 50%.
What is your management principle?
ADC’s core values are “Beautiful, Strong, and Rich”, with people at the heart of everything we do.
“Beautiful” refers to three key aspects. People should live beautifully, responsibly, and consciously. This creates a positive, valuable, and friendly work environment. Good people and an excellent environment naturally lead to high-quality products.
“Strong” also encompasses three aspects. People should live righteously and work in unity. This fosters loyal partners and suppliers, which in turn strengthens ADC.
“Rich” is not about wealth in the traditional sense. It’s about having a team of outstanding employees who are committed to the company, its partners, and society. This enables us to share more benefits with our team and partners, while also supporting the community.
2026 marks the 20th anniversary of ADC. What is your vision for ADC’s future?
The vision remains unchanged: to rank fifth in the US market, second in Australia, and to be the leader in Vietnam. Recently, we’ve streamlined our focus. ADC is the only Vietnamese company leading the Vietnamese and Southeast Asian market in marine cables. In Europe, we’ve successfully entered markets in Norway, Turkey, and Spain, among others.
You have mentioned the importance of training the next generation. When do you think the right time to hand over will be?
Currently, the management team at the company is made up of individuals born between 1987 and 1994, with employees from the 2000 generation. ADC’s slogan is to rejuvenate and modernise the company, and I always welcome new talent. We develop training strategies that align with the needs of each age group. The transfer of knowledge is ongoing because everything follows a process—there’s no need to fear making mistakes. Perhaps the real question is when I will fully retire from ADC (laughs).
I aim for a balanced life after many years of dedication, leaving the space for others to develop their creativity. My plan is that by 2030, once the transformation is complete, I will also be at retirement age. Spiritually, you may still need me, but I will serve only as an advisor by then.
Is it important to you that your children take over your business?
I don’t expect my children to succeed me. If they are willing, I will gladly transfer the role. My eldest child is mentally prepared, but I encourage them to first work for an outside company to gain broader experience. If they still have a passion for it, they can return to ADC and begin as a new employee. Leading the company requires stability, excellence, and the right values. If they don’t meet these standards, they should allow someone more suited to take the reins.
Viet Hoa, thanks for sharing!
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