Vietnam Economic Times-Vision of an entrepreneur! Phan Van Quy, Chairman of Pacific Corporation
06/29/2010
Phan Van Quy founded the first private company in 1999. It was a transport company with few trucks to carry oil cistern to supply gasoline dealers. But his enterprise faced many difficulties; the payment was bigger than the revenue. Finally, he had to sell off to pay debts and of course the business must be dissolved.
Being undeterred and encouraged by friends, Phan Van Quy set up the 2nd company specializing in construction in the following year. The company existed but there was no work to do, so the indispensable way inevitably led to a dissolution. After two times of failure, he drew an important conclusion: market environment is much tougher than economic army one.
July 2001, he and some of his best friends established Pacific Corporation Joint Stock Company. Learning from previous failures, this time, Pacific focused on real estate investment and business. These included Ha Phong Apartment Complex, Commercial centre and luxury apartments at 114 Mai Hac De, Ho Tay villas project. In 2004, after some time of accumulating and building a new development strategy with aims to diversify the business, Phan Van Quy and his colleagues made a brave decision: jumping into the financial and banking sector with the acquisition of nearly 45% of charter capital of Tan Viet Bank (now called Tin Nghia Bank). Moreover, Pacific Corporation established Pacific Securities in 2006 in order to join the stock market which had been booming intensely.
However, till 2008, Phan Van Quy had a surprise movement: selling the bank as the economic crisis began to spread to Vietnam…
Despite his modesty, many people and I believe that without the seasoned market experiences, as well as innate acumen of a trader, his Pacific Corporation could not have such spectacular "storm" dodge!
After sold of the Bank, one side, Phan Van Quy still maintained array of real estate investment and business and considered it as a development platform for the Corporation. However, he continued to expand the investment in some sectors such as finance when making the purchase of shares of Ocean Bank. In 2007, PetroVietnam became the strategic shareholder of the Bank. In 2008, the Prime Minister assigned Pacific Corporation with EVN and One Energy to be the investor of Vinh Tan 3 power plant project in Binh Thuan with a capacity of approximately 2000 MW. A few months ago, Pacific Corporation continued to implement Son My 1 thermal power plant project with an International Power Plc (UK) and Sojitz Corporation (Japan).
Being undeterred and encouraged by friends, Phan Van Quy set up the 2nd company specializing in construction in the following year. The company existed but there was no work to do, so the indispensable way inevitably led to a dissolution. After two times of failure, he drew an important conclusion: market environment is much tougher than economic army one.
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July 2001, he and some of his best friends established Pacific Corporation Joint Stock Company. Learning from previous failures, this time, Pacific focused on real estate investment and business. These included Ha Phong Apartment Complex, Commercial centre and luxury apartments at 114 Mai Hac De, Ho Tay villas project. In 2004, after some time of accumulating and building a new development strategy with aims to diversify the business, Phan Van Quy and his colleagues made a brave decision: jumping into the financial and banking sector with the acquisition of nearly 45% of charter capital of Tan Viet Bank (now called Tin Nghia Bank). Moreover, Pacific Corporation established Pacific Securities in 2006 in order to join the stock market which had been booming intensely.
However, till 2008, Phan Van Quy had a surprise movement: selling the bank as the economic crisis began to spread to Vietnam…
Despite his modesty, many people and I believe that without the seasoned market experiences, as well as innate acumen of a trader, his Pacific Corporation could not have such spectacular "storm" dodge!
After sold of the Bank, one side, Phan Van Quy still maintained array of real estate investment and business and considered it as a development platform for the Corporation. However, he continued to expand the investment in some sectors such as finance when making the purchase of shares of Ocean Bank. In 2007, PetroVietnam became the strategic shareholder of the Bank. In 2008, the Prime Minister assigned Pacific Corporation with EVN and One Energy to be the investor of Vinh Tan 3 power plant project in Binh Thuan with a capacity of approximately 2000 MW. A few months ago, Pacific Corporation continued to implement Son My 1 thermal power plant project with an International Power Plc (UK) and Sojitz Corporation (Japan).
The times vision of entrepreneur Phan Van Quy is the insight of an experienced: I think the past two years was overall crisis. In Vietnam, the business sectors over time have been ups and downs. Therefore, in order to adapt to such vagaries, businessman must have more flexible plans. If the plan 1 fails, he must have immediately options 2, 3. The nature of a soldier is always a fundamental idea for him, but the ups and downs, even failures underwent also taught him how to "defend" when facing bad luck. Business philosophy of many predecessors that Chairman of Pacific Corporation highly appreciates is that "should not put all your eggs in one basket"!
Source: Vietnam Economic Times
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