From ground zero, Rita Võ has risen to become a top player in the high-end construction materials and furniture business in Vietnam. The "captian" Vo Mau Quoc Trien, the Chairman of Rita Võ, recently had an interview with Nhịp Cầu Đầu Tư to discuss the challenging yet fascinating journey of their business endeavors.
Since the beginning of the journey stepping into the Construction Materials & Furniture industry and comparing to now, how has Rita Võ's position changed?
16 years ago, we had to travel to many countries within Europe and Asia to persuade foreign enterprises to cooperate with Rita Võ, but now, foreign entities are eager to collaborate with Rita Võ.
As a reputable distributor of high-end furniture and construction materials, Rita Võ is meticulous and careful in selecting partners.
What are the reasons behind Rita Võ's rapid success and growth?
Integrity and quality are our company's top business criteria. I always want everything to be clear and straightforward. Many entities in the furniture and construction materials industry have "collapsed" because they introduced products to the market with unclear origins. But with us, everything is always transparent; goods manufactured in Thailand are clearly labeled as such, goods produced in Italy are labeled as Italian, and products from China are clearly stated to be from China.
In fact, where the production takes place is not as important as the technology used, which is primarily determined by the corporation's expertise.
In the Construction Materials & Furniture industry, Rita Võ has become the number one in Vietnam. So why hasn't the company expanded its business overseas yet?
The Vietnamese market is still exceptionally lucrative, arguably the best in the region, and even globally. Foreign markets rely heavily on investors, whereas the Vietnamese market boasts a significant domestic consumer base. Therefore, we prioritize tapping into the most promising opportunities first.
In the past, what did you do to persuade Kohler - the bathroom and kitchen equipment brand - to choose you as their partner in Vietnam?
When I met Kohler, I had no experience and no showroom. I only had integrity and quality. I presented my capabilities through a presentation with them and exchanged communications via fax numerous times. At that time, we were at a disadvantage compared to other businesses because they had better potential profiles, shops, and agents, while we had nothing. However, in the end, we were chosen because of our honesty and clarity.
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| Kohler's luxury sanitary ware and bathroom fittings. |
What did you write in the profile to persuade them?
I wrote that I had a wife and 3 children. My father is a farmer, and my mother is also a farmer. I studied Finance at University of Economics, Ho Chi Minh City. I have experience managing state-owned enterprises for many years.
Why did you choose Kohler?
I like Kohler because when I travel abroad and stay in 5-star hotels, I find their toilets clean and fragrant. I myself was haunted by the memories of student toilets. Whenever we went, we had to cover our noses because of the foul smell and the stifling heat. That's why I researched Kohler and decided to persuade them to cooperate with me.
Do you think that was a lucky collaboration?
I don't think it was luck. At that time, our foreign language proficiency was very limited. We had to learn English by ourselves, so whenever our partners spoke too quickly, I asked them to slow down and explain clearly for me. I told them what our plan was, what we would do. After such clear exchanges, they chose Rita Võ.
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| On July 2022, Rita Võ launched its first Kohler Signature Showroom in Da Nang, Vietnam |
In addition to construction materials and furniture, what other industries is the company developing?
Currently, the company operates in various sectors, depending on market fluctuations, but the core business areas remain high-end construction materials and furniture because we are the number one in these fields. Other business sectors are merely supplementary. In the near future, we will venture into real estate and develop luxury condominiums according to proper standards and regulations.
It's impossible to label a luxury condominium as such while using ordinary materials and designs that don't meet requirements. Every brick, every light, door, and cabinet must be truly high-end. We are also planning to build a 5-star hotel up to the standard and quality.
Could you share more details about the upcoming luxury apartment project?
We will build a luxury condominium project at Nguyen Van Cu Street, District 5 by the end of this year with a total investment of over 2,000 billion VND. It is expected that this project will consist of more than 280 units, using top-quality materials from leading global brands such as Kohler, Miele, and Simmons. The estimated selling price is around 12,000 USD/m2. The project will resemble a 5-star hotel, fully equipped with facilities including restaurants, a Club, and even a cigar lounge.
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| Bedroom furniture - Simmons premium pocketed coil mattresses |
With high-end, expensive apartments, do you think it will be difficult to sell?
I looked at the markets in Thailand and Singapore to draw comparisons. In Singapore, accurate luxury homes are priced between 60,000 to 100,000 USD/m2, while in Thailand, they fall within the range of 20,000 to 30,000 USD/m2. Therefore, the Vietnamese market will likely approach these price levels. Rita Võ has a large database of high-end customers who understand our reputation and quality. Therefore, having just over 280 units in the project is not a significant concern for the company.
Why is now the time when Rita Võ venturing into the real estate sector when the market is facing many challenges?
Business comes from fate, I have long cherished the dream of creating truly high-end housing products. I have been contemplating real estate for 20 years. I told my CEO that when the company becomes strong, with sustainable growth in the construction materials and furniture industry, then we will venture into real estate. We have also been preparing capital reservation for 20 years, located in prime locations with complete legal documentation. Therefore, we are very confident in our future projects.
Thank you for your sharing.
