Board of Directors Meeting – Q3 2011
2011-11-17 08:46:24
On October 22, 2011, at the Crowne Plaza Hotel (Hanoi), Tinh Van Group held its Q3/2011 Board of Directors (BOD) meeting, chaired by Mr. Hoang To – Chairman of the Board and General Director.
In his opening remarks, Chairman Hoang To affirmed that 2011 was a difficult year for the Vietnamese economy in general, particularly regarding access to capital and high financial costs. He also requested BOD members to focus on discussing strategic issues of Tinh Van Group and its member units.
On behalf of the Executive Board, Deputy General Director in charge of Finance – Mr. Nguyen Quan Son and Deputy General Director in charge of Administration and Human Resources – Mr. Bui Van Kien presented the financial report and the BO block's activity report for the first nine months of the year. The business results of Tinh Van Group's member units were all better than the same period in 2010, with a positive financial situation, short-term debt decreasing compared to the same period in 2010, and many units maintaining stable cash flow. The BO block generally fulfilled its task of supporting the units in their business operations.
Reports from Tinh Van Group's member units also provided in-depth analysis of business results and outlined plans and targets for the last three months of 2011. Accordingly, the units will maintain their current course and commit to striving to achieve their Q4 and full-year 2011 business targets.
Tinh Van Consulting and Enterprise Management Joint Stock Company – Tinhvan Consulting (TVC) has established a new position in the field of providing human resource management software solutions for businesses, having signed contracts to supply the HiStaff comprehensive human resource management solution to a series of major clients.
Tinh Van Software Export and Import Joint Stock Company – Tinhvan Outsourcing (TVO) entered 2011 with many difficulties, especially the impact of the earthquake and tsunami in Japan. However, thanks to the dynamism of its CEO, Tinhvan Outsourcing continued to adhere to its plan and is on the right track with the BOD's strategy.
As the leading unit of Tinh Van Group in revenue for the first nine months, the Software Solutions and System Integration Center – Tinhvan Solution (TVS) is also facing considerable difficulties. Therefore, Tinhvan Solution needs to reconsider its strategy and core business to maintain growth momentum in the coming years. Meanwhile, the Tinh Van Ho Chi Minh City branch (TVHCM) operates in a dynamic market; although it always exceeds its targets, it has not yet broken out relative to the market and the BOD's expectations.
Tinh Van Telecom Joint Stock Company – Tinhvan Telecom (TVT) has seen a positive shift in revenue compared to 2010, which is also an inevitable result of the accumulation process over the past few years. The most notable event in the first nine months was Tinhvan Telecom's restructuring with a Content Platform strategy and profit centers. This new model is expected to help reduce internal friction, encourage strong revenue growth, and promise a new development phase for Tinhvan Telecom in the coming period.
Evaluating the reports of the member units, the BOD noted that despite the difficult economic conditions, Tinh Van Group's member units achieved commendable results. The BOD discussed and approved the reports of the Executive Board and Tinh Van Group's member units. In particular, under current conditions, the BOD emphasized that units should strive to recover debts and save costs, while not missing opportunities that may arise in the coming period.