text: Nowadays, many domestic enterprises have shifted from seeking foreign partners to having the power to choose partners for collaboration and product distribution. This shift demonstrates the growing strength and position of Vietnamese businesses in the international market. The partnership between Magicwave Group and Richell is a testament to this trend.
  Business Culture as a Competitive Advantage
  Richell, a nearly 70-year-old company in Japan specializing in children’s products, household goods, and healthcare items, has finalized negotiations with Magicwave Group to complete its value chain in the Vietnamese market starting in January 2024.
  Unlike in the past, when domestic distributors had to seek foreign partners, many Vietnamese businesses now have the authority to choose their collaborators. This shift underscores the growing strength of Vietnamese enterprises and the appeal of Vietnam’s domestic market, which boasts a consumer base of over 100 million people.
  Mr. Đặng Việt Bách, Chairman of the Magicwave Group, emphasized that one of the key elements of this partnership is the alignment in business culture between the two companies.
  “Business culture determines the survival of a company. Not only in Vietnam but also globally, Japanese business culture is highly respected and valued,” said Mr. Đặng Việt Bách.
  Within the framework of business culture, the leadership of Magicwave Group admires Japan’s culture of taking responsibility in business. Whether a defect is caused by accident or negligence, the first action of business leaders is to publicly acknowledge and address the issue. The business culture of Magicwave is similar; when there is a problem with a product, it must be resolved in a way that is both reasonable and fair, rather than blaming the customer.
  Moreover, the rapid development of science and technology has significantly impacted businesses and product quality. A product that meets technical standards today may require further improvement as technology advances. In this regard, a business that recognizes its shortcomings and invests in addressing them is more likely to achieve continued success.
  Business Ethics: The Foundation for Sustainable Development
  In business culture, integrity is also a crucial foundation. Without integrity, a business may only achieve temporary success. On the other hand, when integrity is regarded as business ethics and part of the company culture, a business may face initial difficulties and challenges, but in the long run, it will generate superior values, leading to sustainable development and success.
  Chairman Đặng Việt Bách affirmed that business culture is a consistent value that shapes the collective culture of a company and serves as a core value for business development. The integrity of the manufacturer builds trust and gives Vietnamese businesses the confidence to partner and distribute children’s products, even in a highly competitive market.
  “Among many partnership offers, we only accept those who meet our business culture requirements, ensure product quality, and commit to responsibility in case of risks. Together, we contribute to completing the value chain for the product,” Mr. Đặng Việt Bách added
  (Source: Business Forum)