Overcoming difficulties

Lao Bao Electronics Co., Ltd was established in 2013 to provide commercial services for customers. When it decided to invest in Huy Long cashew factory, it faced a lot of difficulties. But with the determination of the Board of Directors, Lao Bao Electronics has gradually overcome difficulties and achieved stable development.

In 2020 - 2021, the complicated COVID-19 epidemic has contracted consumer markets in Vietnam and in the world as well. The company had to suspend production for some months. However, the company has operated stably in the past six months and obtained large orders in the domestic market. Specifically, more than 100 tons of white cashew kernels were sold for more than VND14 billion. Facing the difficult evolution of the epidemic, the company has maintained production and prevented the spread of disease under the "new normal" at the same time while strictly following 5k measures recommended by the Ministry of Health.

In the past years, Lao Bao Electronics Co., Ltd has modernized production and business operations by investing in modern machinery and equipment like cashew nut shelling machines, peeling machines and packaging lines to increase productivity and ensure quality products for the market. In the midst of Industry 4.0, Lao Bao Electronics boldly invested in computer systems, internet connections, basic security systems and surveillance cameras. With its information technology application, the market is expanded and new cost-effective sales forms bring in high efficiency. The entire management and production system of the factory meets international standards ISO 9001 - 2015. Its cashew products meet international value HACCP standards.

Business expansion

On its development journey, Lao Bao Electronics planned to invest VND20 billion in an agricultural processing factory in Tay Bac Industrial Complex in Lao Bao town. Built on an area of more than 11,900 square meters, the facility will process about 5,000 tons a year and create jobs for about 50 local workers. The investment project will be carried out from January 2022 to June 2023. Currently, the company has fully prepared resources for project implementation on schedule. When the project comes into operation, it will help develop the local agricultural production and processing industry, increase local budget revenue and help socioeconomic development of Quang Tri province. At the same time, the company will create full-time jobs for more workers in addition to hundreds of part-time jobs in its supply chain.

Remarking on the investment environment of Quang Tri province, Hoang Thi Minh Ty, Director of Lao Bao Electronics Co., Ltd, said: We are very satisfied with the Quang Tri investment environment. The company has been supported by local authorities to take over the investment location. The provincial government always tries to reform administrative procedures, listen to and answer questions about business affairs from enterprises. In 2019, helped by the Department of Industry and Trade, the Department of Planning and Investment and the Trade Promotion Center, Lao Bao Electronics Co., Ltd managed to connect with Vincom and Co.opmart supermarkets to increase the presence of its products in the domestic market. In addition, Huy Long's products have been exported to Thailand and are heading to other potential markets. Currently, Lao Bao Electronics is planting about 10 ha of cashew in Huong Hoa district. In the near future, governmental support is very important to encourage people to grow cashews and create a long-term supply source for its factories.

In addition, the company hopes that local authorities will further support it and strongly advise on reform of administrative procedures to settle them more quickly, and eliminate unnecessary ones to facilitate existing and prospective investors in the province.