Corporate culture about Vingroup

INTRODUCTION Firms are faced with progressively more dynamic environments, which are distinguished by significant and impulsive variations in economics, politics and social aspects The ability of an organization to respond rapidly to these changes depends on the organizational culture These cultures therefore exert stabilizing force on organizations by encouraging cohesion, organizational commitment and desirable working conditions among the employees Corporate culture is well known to have a particular definition of being collective shared customs and values not forgetting the expectations that are shared between individuals and groups in an organization where it governs their interactions amongst each other and also how they interact with the stakeholders of the organization Vingroup brings together the most capable Vietnamese and international professionals who possess intellect and discipline, talent and determination, patriotism and ethnic pride, charity, good intentions and intense work ethics Each Vingroup employee must be proactive, eager to learn, constantly strive for self-improvement and internalize the Group’s culture as a guideline for his or her actions The purpose of the research below is to evaluate the dominance and innovation that are interconnected with Vingroup's corporate culture and how these cultures can be incorporated into the organization for effective success and accomplishment organizational goals The paper focus on foundation of organizational culture, divides into four section: compensation & motivation; personnel & morale; teamwork & leadership; innovation Innovation must be constant and continuous to accomplish the goals of "Best People - Best Products & Services Best Life - Best Society" With each passing day, all across Vietnam, day and night, rain or shine, projects bearing the Vingroup brand continue to rise This non-stop effort is to ensure sustained development of the Group and bring future generations a better life OVERVIEW ABOUT VINGROUP Company brief introduction Vingroup Joint Stock Company ("Vingroup") is a leading private economic corporation in Vietnam, engaging in the fields of tourism and high-end real estate with two strategic brands, Vinpearl and Vincom History Joining in the market in 2002, Vincom spared no efforts to become Vietnam's premier upmarket real estate brand with a number of shopping mall, office and apartment complexes, and large-scale modem mixed-use townships, spearheading the trend of high-end ecological urban zones in Vietnam In the current downturn economy, Vingroup's projects still stand out from the market thanks to the Group's commitment to progress and quality, which has established its strong brand and excellent reputation After joining the market in 2001, Vingroup's hospitality brand, Vinpearl, soon became the flagship of the Victnamese tourism sector, featuring five-star and five-star plus hotel and resorts, as well as beachfront villas, amusement parks and golf courses under the Vinpearl Resort Vinpearl Luxury and Vinpearl Villas brands Vingroup also aims to develop ten hotel, resort and recreation complexes at the most popular tourist destinations in Vietnam over the next half decade In addition to the two above-mentioned strengths Vingroup has recently begun operating top quality healthcare, and fitness and beauty care facilities under two new strategic brands Vinmee and Vincharm The first Vinmec International Hospital in Hanoi, featuring 600 single in patient rooms and clinics, was officially inaugurated in January 2012 Vingroup has always played the role of the pioneer and driver of consumer trends in all its business sectors through offering top quality and five-star international standard products In January 2012, Vinpearl JSC was merged into Vincom JSC, marking the official operation of Vingroup Joint Stock Company, ranking among the top major companies on Vietnam's stock market in terms of market capitalization The new structure ensures sustained devekopment and allows Vingroup to focus on developing its strategic brands: • Vinhomes (Luxury serviced apartments and villas) • Vincom (Premium shopping malls) • Vinpearl (Hotels & Resorts) • Vinpearl Land (Entertainment) • Vinmec (Healthcare services) • Vinschool (Education) • VinEcom (E-commerce) • Vincom Office (Offices for lease) • Vinmart (Supermarket) • Vinfashion (Fashion) • Vincharm (Fitness and beauty care) • Almaz (The Intemational Cuisine & Convention Center) • VinPro Vingroup is also known on the international capital market as the first Vietnamese enterprise to have successfully issued international convertible bonds listed on the Singapore Exchange (SGX) By 2012 the Group had raised a total of US $400 million Operating with four strategic brand names: Vincom, Vinpearl, Vinmec and Vincharm, owing and controlling interest in numerous high end real estate and tourism projects Vingroup has become one of the leading private economic groups in Victnam, boasting dynamic and sustainable growth as well as significant potential for intergration into Asia and the world Corporation profile Corporate's English name: Vingroup Joint Stock Company Head office: No.7, Bang Lang Street, Viet Hung Ward, Long Head office Bien District, Hanoi Phone - Website: +84 39749999 - www.vingroup.net Scope business: • • • • • • • • Real estate business Rental office, housing, machinery, equipment and buildings Hotel business Entertainment services, entertainment Beauty salon services Catering, refreshments Civil and industrial Medical services Development strategy and investment : • • • • • • • • 2013: Completion and commissioning large projects are Royal City, Heart City Continue to develop business and improve occupancy rate of shopping centers, office buildings Vincom Center at Vincom Mega Mall and across the country Promoting marketing advertises to attract domestic and foreign tourists Revenue from customers’ resorts and amusement parks branded Vinpearl Intensive investment in human capital, strengthening the mirror, especially senior personnel Actively expand cooperation with major partners have the capacity and experience Expand and diversify the development plan effectively raise capital at home and abroad to serve the project Developing sustainable business go hand in hand with the active social community The strategic objective of developing the number one real estate market and is a private group of scale and scope in Vietnam Corporate culture Corporate culture of Vingroup is harmonious combination of traditional elegance with the modern youthful Vingroup build corporate culture based on the pioneering aspirations, the pride of intellectual value, the field and the Vietnamese traditional humanities Culture is not only taking care of the workers, but also activities for the overall development of the community The company has set out the core values which are: Sustainable development, customer -centric; Appreciate work quality; Enhanced speed and efficiency at work; Respect for difference and innovation capacity; Understanding the mission and served of duty only when qualified; Collective solidarity, human behavior and respect loyalty; Rule of law and discipline Valuing social responsibility and community interests, actively participate in social activities, charitable sustainable development criteria only at the most prestigious firms Thien Tam Fund (“Kind Heart Foundation”) was founded by Vincom Company, Mr Pham Nhat Vuong and Mrs Tong Thi Hanh; is the first social fund of Vietnam towards business community with the goal of humanitarian and charity Established since 2006, to date, the fund has spent ten billion VND per year for the charity, caring for nearly 1,000 hero Vietnamese mother, built on 1,000 charitable housing, building schools school, support the poor, the disaster area Kind Heart Foundation often supports poor patients, the elderly and children in difficult circumstances At Vingroup, the values are called the principle problem properties, the company consistently respectful Every staff of the company is aware of this and constantly strives to learn to exercise professional working style, respecting the core values of the company It can be said that the main focus of the corporate culture of the company Coporate milestones: 2001: Vinpearl JSC (formerly Hon Tre Tourism and Trading Limited Liability Company) was established on July 25, 2001 2002: Vincom JSC (formerly Vietnam General Commercial JSC) was founded on May 3, 2002 2003: Five-star resort Vinpearl Nha Trang commenced operation, as the first Vinpearl-branded five-star resort in Vietnam 2004: Vincom Center Ba Trieu launched As the first modern retail mall in Hanoi, Vincom Center Ba Trieu introduced a new shopping experience to the customers 2006: Vinpearl Land amusement park opened, turning formerly arid Hon Tre Island into a luxury tourist destination, and symbolizing the rapid growth of tourism in Nha Trang 2007: • Vinpearl cable car, with a total of 3,320 meters in length, connected Hon Tre Island with the mainland • Vincom listed its shares on the Ho Chi Minh City Stock Exchange with ticker symbol VIC 2008: Vingroup became the first real estate company in Vietnam to be selected by Russell Investments for the Russell Global Index 2009: Vincom became the first Vietnamese company to issue USD 100 million of convertible bonds on the Singapore Exchange (SGX) 2010: Vincom Center Dong Khoi opened in Ho Chi Minh City 2012: Vincom JSC merged with Vinpearl JSC The Group began operating under the new name Vingroup Joint Stock Company • Vingroup introduced the Vinmec brand and opened the Vinmec International Hospital in Vinhomes Times City 2013: • Vinschool was established and launched education offering ranging from kindergarten through high school • A consortium led by Warburg Pincus invested USD 200 million in a strategic partnership with Vincom Retail Warburg Pincus invested an additional USD 100 million in Vincom Retail in June 2015, raising the total investment to USD 300 million • Vincom Mega Mall Royal City and Vincom Mega Mall Times City opened Vincom Mega Mall Royal City is the largest below-ground shopping, dining, and entertainment complex in Asia 2014: Vinhomes Central Park, a modern, luxurious urban area, broke ground in Ho Chi Minh City • VinMart and VinMart+ began operations • Vinpearl Phu Quoc Resort opened after more than ten months of construction, setting a new record for on-time completion 2015: • Vingroup achieved major progress in its property business segment by preselling 14,000 apartments, villas, and shophouses • By year-end, The Group operated 15 additional retail malls and three more hotels • During the year, Vingroup launched new businesses and brands, including VinEco – Hi-tech agriculture, and VinPro – Electronics and Appliance stores • Vingroup also commenced operations at Vietnam’s first wildlife safari park with more than 3,000 animals representing 150 rare species 2016: • The retail store network was expanded to 1,000 outlets nationwide • Vingroup introduced the Vingroup Loyalty Program • Vingroup converted Vinmec and Vinschool into social enterprises and committed to reinvest 100% of profits generated from these two businesses to meet social targets 2017: Vingroup introduced the VinCity mid-range affordable real estate brand • VinFast automobile and motorcycles brand was announced and construction began at its production site in September 2017 • The Vincom Center for Contemporary Art (VCCA) and VinTaTa Animation Studio were introduced • Vincom Retail was listed on the Ho Chi Minh City Stock Exchange in November 2017, as one of the ten enterprises with the largest market capitalization in Vietnam at the time 2018: • VinUni was established, marking Vingroup’s entrance into the higher education segment • VinFa established Vingroup’s presence in the pharmaceutical segment • Vinhomes Central Park Landmark 81 was inaugurated with 81 floors and a height of 461 meters, setting the record for the tallest building in Vietnam • Vinhomes was listed on the Ho Chi Minh City Stock Exchange as one of the three enterprises with the largest market capitalization in Vietnam at the time of listing 2019: • VinFast Complex officially inaugurated as a world-leading state-of-the-art automobile manufacturing plant • VinSmart manufacturing plant in Hoa Lac Hi-tech park inaugurated and smart TV production initiated • Two mega projects launched: Vinhomes Grand Park and Vinhomes Symphony • 13 Vincom retail malls launched • Three city hotels opened and a new development strategy announced by Vinpearl VISION, MISSION, CORE VALUES VISION “Vingroup aims to develop into a leading Technology – Industry – Services group in the region.” With the aspiration to be a pioneer and the capability to deploy sustainable investment and development strategies, Vingroup aims to become the leading regional Technology – Industrials – Services business group The Group will continue to innovate in building an ecosystem of high-quality products and services aimed at improving the lives of customers and enhancing the international reputation of Vietnamese brands MISSION “To create a better life for the Vietnamese people” Customers Vingroup provides products and services that meet international standards while preserving locality Our products and services anticipate the latest trends and lead the market Shareholders and Business Partners Vingroup upholds the spirit of cooperation and companionship with its shareholders and partners by centering on the creation of sustainable value Employees Vingroup maintains a professional, dynamic, creative, and respectful work environment that gives all employees a fair opp Society Vingroup demonstrates its social responsibility and national pride by harmonizing its corporate goals with the values of the community A Pioneering Mission “Vingroup strives to become a leading international business group with a focus on Industrials and Technology to build international brands that will not only enhance the reputation of Vingroup but also contribute to the future success of our home market In order to achieve such aspirations, it is critical for the Group to be successful in the local market, which will demand extraordinary efforts, the ability to continuously overcome our own shortfalls, aggressive investment, and acceptance of initial setbacks, perseverance, creativity, and the courage to take the path untrodden.” Mr Pham Nhat Vuong Chairman of the Board of Directors CORE VALUES Vingroup strives to uphold six core values: CREDIBILITY, INTEGRITY, CREATIVITY, SPEED, QUALITY, and HUMANITY These values are described below: CREDIBILITY • Vingroup places utmost importance on building its Credibility The Group believes Credibility is a competitive advantage and vigorously protects its Credibility as one would protect one’s honor • Vingroup is fully prepared toils plans and spares no effort in meeting its commitments, even going beyond the expectations of customers and partners, particularly on those related to product quality – services and implementation progress INTEGRITY • Vingroup considers Integrity an important foundation of its business We comply fully with the law and maintain the highest-level of professional and social ethics • Vingroup adopts a customer-centered approach, in which the Group places the interests and wishes of the customers above its own Vingroup strives to provide its customers with the best products and services, and considers customer satisfaction as the measure of success • Vingroup upholds a customer-service approach, and only takes on a task when the Group is confident of its execution capability CREATIVITY • Vingroup considers Creativity as the source of vitality and innovation in each of its products ad services Creativity enables the Group to deliver on its philosophy of “Dare To Think, Dare To Do” aimed at building an organization eager to learn and to apply modern scientific and technical technologies into its production and management The Group always looks into improving its efficiency and enhancing the quality of its products and services • Vingroup promotes the development philosophy of a “Learning enterprise” in which its employees are not afraid to learn, to self-study and to overcome their limits SPEED • Vingroup considers “Speed and efficiency in every activity” as our guiding principle and “Fast Decision – Fast Investment – Fast Deployment – Fast Sales – Fast Change and Quick Adaptation” as our core value • Vingroup believes that “ Glory goes to those who meets deadline” Vingroup understands the importance of speed whilst upholding its commitment to quality 10 QUALITY • Vingroup aims to gather the best people to deliver the best products and services and to contribute to building the best society • Vingroup strives to develop a force of effective and efficient human capital with sound Ethics and Knowledge, where each member is expert in his field • Vingroup believes that: The Group must be like a healthy and well-shapes body without redundant fat We attract and retain the right person for each position, allowing each employee to grow in their role or face elimination if unsuited HUMANITY • Vingroup fosters close relationships with our customers, business partners, colleagues, investors and society with goodwill, compassion and humane spirit • We value employees as our most important resource; we build a professional, dynamic, creative and compassionate work environment, and provide a superior compensation package and fair development opportunities to all employees • Vingroup fosters “Harmony” based on fairness, integrity and compassion The group values teamwork, solidarity, discipline and loyalty, and demonstrates corporate social responsibility that harmonizes corporate goals with community contributions 11 FOUNDATION OF ORGANIZATIONAL CULTURE COMPENSATION & MOTIVATION To get the best employees, Vingroup provides a great working environment with clear pay and bonuses, which everyone wants to work, contribute, get a reward for hard work Expectancy theory has been effectively used by Vingroup to create motivation for employees to fulfill measurable, achievable and specific goals People will be so motivated that they believe that their efforts will lead to good performance, good performance will be rewarded and they will be awarded attractive prizes Vingroup always offers incredible perks and the compensation However, sometimes Vingroup's rewards are not meet the needs of its employees so their "special discount policies" for employees will maintain labor productivity Vingroup develops a special support policy such as building multi-purpose sports area with beautiful scenery, full facilities, where all officers and employees can regularly practice and play sports and Health training Establishing the Support Fund for staff and employees who have difficulties with the purpose of subsidizing, supporting (once or for a long time) for officials, employees and family members in especially difficult circumstances Establishment of Mutual Funds compatible with interest-free loan policy Issuing Bond Investment program exclusively for Vingroup's employees and employees with outstanding interest rates They can also use Vingroup's internal services such as health care, education, cars and houses with preferential discounts Managers in departments such as Sales, Human Resources, Design, Insurance, etc, always cleverly set bonuses around 3% to 5% of their salary base to encourage employee 12 effort A subsidiary of Vinhome VinGroup always rewards its employees with commissions of up to $ 1,000 for each house sold Vinfast employees are entitled to pre- purchase for the latest models of this company Vingroup and its subsidiaries have a competition policy among employees during the month with a Considering award that increases of 25% of salaries with efficient employees every years Vingroup is a good example in Vietnam about an organization that is not only able to elicit employees to perform some achievements but also make them ready to so Vingroup promote both internal and external motivation through organizational factors such as culture recognizing the merits and values of employees by providing financial and non-financial incentives PERSONNEL & MORALE As at 31 December 2018, Vingroup had 63,325 employees, representing a year on year increase of 27.28% This number is expected to increase in the coming years in accordance with the Company's development plans The quality of Vingroup's human resources, especially its Vietnamese workers, has gradually improved to meet the stringent international standards for management and services for leading recreational Working Policy Working hours: The Company applies its working hour policy in accordance with the Vietnamese Labor Code In the event of tight deadlines, the Company may require employees to work overtime, in which case it will offer satisfaction compensation Holiday leave: All employees are entitled to take off from work for Tet and public holidays as specified in the Labor Code Employees who have served in the Company for 12 months or more are entitled to 12 vacation days per year Moreover, for every years working at the Company, employees are entitled to an additional one day off Sick leave and maternity leave: Employees on sick leave and maternity leave are entitled to an allowance covered by the Social Insurance Fund in accordance with the Labor Code Working Conditions: White-collar employees are provided with comfortable and modern offices in order to ensure work productivity Blue-collar workers are well-equipped with the required essentials for labor safety and sanitation Labor safety and fire prevention and control principles are strictly adhered to by the Company Recruitment, Training, and Policy for Attracting Talented Workers Vingroup believes it is of the utmost importance to formulate an optimal remuneration policy, training, and personnel development programs for its employees, as well as to build a solid corporate culture that fosters a professional and friendly working environment 13 To satisfy the growing demand for extensive and intensive human resources, Vingroup finds its recruits on a regular basis or through job exhibitions The Company's main objective is to attract competent people to the company through its commitment to satisfactory benefits In addition to salary and remuneration policies that attract talented people, the Company offers other benefits including accommodations, meals, travel expenses, and other necessary services Vingroup applies the practice of on-the-job training where managers train their employees Training and learning is conducted on an as needed basis The Company also provides training through skills building, on-site overseas training, and field trips to domestic and international hotels and resorts The training programs and their auxiliary activities always drive employees towards building Vinpearl's corporate culture, which highlights the professionalism, etiquette, and work ethic in Vingroup's workforce Remuneration, bonuses, and benefits policies: Vingroup JSC's compensation and reward policies are contingent on each position and are 10%-15% higher than average levels These policies take into account employees' skills and qualifications by carefully assessing performance and contributions In addition, the Company's objective is to motivate its staff to exhibit the best of their capabilities and sense of responsibility for the sake of higher productivity, quality, and efficiency In 2017, the Company conducted four salary reviews in order to offer salary increases of 5%-10% or higher for those with excellent performance and/or remarkable contributions This demonstrates the flexibility of the Company's salary and promotion policy, which ensures satisfactory offers and benefits for its staff The Company as stipulated by the law deducts social security, health insurance, and unemployment insurance In addition, all employees are paid 24/24 personal accident insurance The company also organizes visits to employees on serious sick leave and/or maternity leave, gift giving for staff for birthdays, weddings, Tet and other public holidays and the Company's Anniversary Benefits also include holiday trips, spiritual activities, sports activities, and parties in order to further enhance employees' spiritual livelihood, solidarity, and commitment The Company also promptly praises and generously rewards employees who deliver excellent performance, make remarkable contributions to the Company's business efficiency, and help enhance the service quality, prestige, and image of the Company; prevent 20, contribute valuable innovative ideas for the Company's performance; receive letters of commendation from customers and set a good example for other staff, etc Collective activities: The Company focuses much of its attention on staff's collective activities, benefits, and spiritual life The Company has a Staff Union, which helps create an environment that bonds staff members, encourages them to capitalize on their abilities and helps them enhance solidarity These concepts build and promote a corporate culture that bolsters the Company's position through activities like participation in sports, singing, or skills competitions organized by the local authorities or the tourism and real estate sector 14 TEAMWORK Follow and respect the group's decision Vingroup is a society that emphasizes "We" instead of "I" Important decisions are often discussed and only when there is consensus can be made Also, because all results are the efforts of a team, it is inappropriate to praise a particular individual Success is the team effort No one can succeed on their own The employees understand this and emphasize the need for everyone to work together They prioritize a collaborative discussion process that can be slow at times, but in the end, it ensures that everyone has a voice and is on the same beat One of the keys of teamwork is listening to others The Vietnamese are often used to pointing out a leader who will make decisions and tell others what to This form of topdown operation does not take into account that the leader needs the cooperation of other senior members to the job smoothly Vingroup seem to understand this They always make sure that all the rewards are divided equally among the members, thus not causing jealousy or comparison Punctuality is a show of respect “On-time culture” of Vingrorp is specified in the document implementing “Corporate culture and code of conduct” and is reflected in the behavior of time at work and in daily life At Vingroup, the punctual implementation of working, meeting, studying, events, festivals, events and especially paying attention to punctuality when making appointments, working with customers is a matter of leadership Company and employees care, gradually raising awareness Not only executive officers and employees go to work on time to not be deducted points for emulation, but now everyone has a sense of coming to work on time, coming early to carefully prepare for a job effective working days Stay in touch In Vingroup, making phone calls and appointments is much more appreciated than by mail, fax or email Taking time to face-to-face contact is seen as a sign of respect for the other party The employees also value long-term business relationships, so when working 15 here, it is necessary to know how to maintain reciprocal communication, either indirectly or directly Build relationships to a new level because they understand their value Some principles of Teamwork culture: • • • • • Solidarity: work well together towards common goals and tasks Treat colleagues with respect and friendliness, but dare to fight wrong or inappropriate behaviors according to Vingroup’s corporate culture Willing to help colleagues in difficulties to fullfill assigned tasks Willing to feedback and receive feedback constructively; pro-actively share experience and knowledge Focus on training and developing subordianates LEADERSHIP In the previous years, brands beginning with the word Vin began to show up and "spread" in all business fields, for example, Vincom Trade Center, Vinhomes High-class Apartment Area, Amusement Park and Vinpearl goliath inn, Vinmec clinic, school, Vinschool, general store chainand Vinmart comfort store, and so on The presence of Vingroup is clear and rapidly impacts the utilization and use propensities for interpreting of Vietnamese individuals It very well may be said that Vingroup has been building a "Vietnamese brand" of good quality, ensured and all around addressed the issues of Vietnamese individuals Being the head of Vingroup, a specialist with a long haul vision, a craving to create for the nation's great purposes, a business visionary with noteworthy administration capacity, and an example of overcoming adversity of the extremely rich person Pham Nhat Vuong has consistently been a motivation for some business visionaries and for everybody in the business world Right now, the faculty of Vingroup has expanded to around 50,000 individuals, the quantity of work force has multiplied multiple times in the previous years Specifically, the biggest private company in Vietnam has now affirmed its heading, has a brilliant position yet keeps up the enterprising soul Due to these reasons, I will choose Pham Nhat Vuong’s leadership style for this paper An amicable leader Mr Vuong is a fun, sociable president, according to Bloomberg (Le, 2019) Every week he and his colleagues at the company's sports center watch football and basketball He decided to play as a striker in sportswear and soccer shoes Reward worthy employees who work really well, efficiently, always pay attention to their staff, mold their staff to make the job the best possible Pham Nhat Vuong also demands that the motto"pace, creativeness, and quality in every work, every move" be remembered by his employees Listen to employees To understand the situation of the company closely, to understand the thinking of employees, his employees always listen to nothing Therefore, many companies have company-wide lunch or hang up with employees to meet employees and listen to their 16 everyday stories and opinions in their jobs and every aspect On the other hand, the staff are also warm, feel the gap between the managers and their employees Furthermore, he recalled that he always had a considerate attitude if he wanted to hear the real sharing of employees It is an attitude of recognition, focus, respect, and a desire to listen to the opinions of the employees He overcame narcissism and knows how to accept changes prior to the employee suggestions Treasure simple values According to Le Thi Thu Thuy, CEO of Vingroup, Mr Pham Nhat Vuong is a quite simple and humble person, he always urged the company leaders to teach themselves every day, not satisfied with what have done it In the business philosophy of Pham Nhat Vuong: he pays great attention to the word "Nhan" which means “Human” Vingroup's code of conduct explains: "To create sustainable, unsurpassed development, organizations or businesses must converge enough" heavenly, favourable and harmonious people " Clement weather and terrain are fortunate by external factors, but the acquisition of humanity, the creation of peace is completely within our own reach ” (Thanh, 2019) Pham Nhat Vuong has always devoted precious time trying to look after his country He started the path to successful business for community in the first years back to Vietnam The aim is to focus on the people like him: the kids of the new generation who want to live differently than their family See: "Organic Musketeers" Of the 92 million people in the country, 60 percent under 40 years of age Building two national buildings for Ha Tinh, namely the Phu Luu Kinder garten and Pham Duong Intermediate Professional School, each with a capital of VND 2.5 billion and VND 16 billion He always thought "Towards the beginning, seeking ways to help promote country skills in learning" (Ha, 2013) Built the Pham Duong Scholarship Fund to support education in the District of Can Loc with VND 50 million (Pham Nhat Vuong's father) He then sent 100 million annually to sustain this program He raised over half a billion dollars to the fund by 2007 (Ha, 2013) Dare to think, dare to to While working in Ukraine, rather than being happy with running a little café, going for broke, Vuong wager all that he had, acknowledged to acquire cash at a high financing cost of 8%/month to grow generation Exchanging and carrying Vietnamese culinary culture to Ukrainians through noodles With a sensible market technique, modest and delectable items, his moment noodles items have immediately picked up ubiquity and are mainstream with local people His business immediately turned into an innovator in the inexpensive food handling industry in Ukraine In 2000, turning the little island close to the ocean in Nha Trang into an extravagance resort focus Vinpearl Resort Nha Trang was brought into the world with 225 lodgings A year in the wake of opening Vincom Ba Trieu Trade Center - the primary enormous exchange complex Hanoi In 2007, Vincom incorporated his business and land interests on the stock trade After three years, he kept on including 260 additional rooms at Vinpearl and introduced the renowned maritime link vehicle with 3.2 km In 2011, executing an undertaking of Vincom Village (in Hanoi) with many tops of the line estates (Le, 2019) 17 In 2012, building eight multi-reason land extends in prime areas in Vietnam worth more than $ billion, with plans to additionally improve by offering extravagance and mid-end lofts to Asians need to move their benefits from money or gold Development of the Royal City multi-reason venture of Vingroup in Hanoi has a condo selling cost of US $ 1,8002,500/m2 The task has the main indoor water park and ice arena in Vietnam According to Bloomberg: "Attack is in every case superior to resistance" - that is the rule that he applies to every one of his employments (Le, 2019) A determined leader Pham Nhat Vuong is viewed as an amazing individual in the age of the elderly folks individuals yet has a sharp outlook, catches the pattern and retains a touch of business fire from Eastern Europe - where 2/3 abroad Vietnamese is living are agents, merchants This is an age that has been holding a great deal of enormous organizations and organizations in Vietnam today In 2010, he sold the organization in Ukraine for 150 million USD, at that point came all the way back to put resources into ventures with the craving to catch the chance to advance the economy for the nation (Ha, 2013) He shared that, before concocting thoughts for another undertaking, hefrequently went to a great extent to counsel This methodology enables the thoughts and plans of the pioneer to get reasonable and close Analysis The charismatic style of leadership is based on the leader's charm and conviction Their convictions and commitment to their cause drive charismatic leaders Charismatic leadership is an acceptable style of governance that can be perceived less clearly than any other style of leadership "Mar Bell writes in the Charismatic Leadership Case Study, with Ronald Reagan as example (Hernandez and Leslie, 2001) Charismatic personalities are sometimes referred to as revolutionary leaders because they have certain parallels The focus and audience are the main differences Charismatic leaders also try tomake the status quo stronger by turning institutions into the dream of members (Shea and Howell, 1999) Obviously, Pham Nhat Vuong is suitable for this title as how he treated his employees by actively taking part in bonding relationship activities that that hardly such a high positioned person like him want to involve Therefore, the wall between employees and top manager became more and more transparent Moreover, he also succeeded in gaining the commitment and loyalty of employees by increasing their confident about themselves listening to them 18 INNOVATION Focusing only on real estate Vingroup developed from Technocom Group founded by billionaire Pham Nhat Vuong and his wife After building Technocom brand with a turnover of more than 100 million per year in Europe, Mr Phuong decided to sell the company to Nestle SA and return to Vietnam to invest in high-end tourism and real estate market with two strategic brands, Vinpearl and Vincom In the summer of 2011, Mr Vuong opened and put into operation the 5-star Vinpearl Luxury Nha Trang resort and the first island golf course Vinpearl Golf Club A series of luxury resorts branded Vinpearl also appeared, such as Vinpearl Luxury Da Nang, Phu Quoc marking an important step in the strategy of developing a chain of projects under the Vinpearl brand name throughout Vietnam In mid-2014, Vingroup stirred up the real estate market in the South by officially starting the Vinhomes Central Park urban area project with a total investment of 30,000 billion VND, including Vincom Lanmark Tower 81 floors When completed in 2018, the Landmark 81 will surpass Landmark 72 (Keangnam) to become the tallest skyscraper in Vietnam Vingroup's urban chain has continuously been honored as the "best" at international and regional awards such as: • • • Vinhomes Riverside with “The best mixed-use project in Asia-Pacific region in 2012”; Times City, Royal City with "The best complex project in Vietnam" in 2014 and 2015; Vinhomes Central Park, Landmark 81 and Park Hill all were honored with the best Vietnam and nominated regional representatives to compete in the category of "Best Complex Project"; "The best high-rise building"; “Project with the most beautiful scenery” 2016 Multi-disciplinary business towards high-tech services Vingroup is also leading the construction of retail shopping centers In the six areas Vingroup has a very clear investment orientation, retail is the key In the future, retail will account for 50% of Vingroup's revenue Vingroup has a strategy to open 2,000 Vinmart + points, for the time being, it has not set a profit target, but only to take the opportunity to cover the market After that, when foreign investors poured in, it was just a latecomer After 19 three years, Vingroup has about 10,000 Vinmart + points of sale and 400 shopping centers nationwide Recently, the group has just launched the Vinfast car manufacturer This is the 7th core business, the first step in joining the heavy industry sector with previous core areas of Vingroup With Vinfast, billionaire Pham Nhat Vuong's ambition is that this place will become the leading car manufacturer in Southeast Asia with a design capacity of up to 500,000 cars / year by 2025 Vingroup's decision to step into the field manufacturing cars and announcing that the first product will be produced after years with a domestic rate of up to 60%, many people question the possibility of success, as the domestic auto industry has experienced 20 years, but still only vicious at the assembly with the localization rate below 10% In fact, typical large corporations such as Vingroup have been growing rapidly with boldly daring to invest in many new fields, needing a lot of capital and are considered risky However, under the guidance of Mr Pham Nhat Vuong, this group has continuously affirmed its ability by continuously investing in big projects, new fields and achieving impressive revenue That transition marks two things: • • We have strong corporations, daring to invest in new areas, needing a lot of capital and technology to divert our economy from the old growth direction to the new one We already have a new economic group that is not only large in Vietnam but also a strong brand in the region and gradually going to the world 20 CONCLUSION There are several conclusions that can be observed in studying the aspects related to Vingroup’s organizational culture As a starting idea we can consider that the added value of an organization is given by its employees and their collective capacity Vision, strategy, marketing, financial management - any management system, in fact, can be set on the right path and can be achieved after a while The long-term success of an organization can be achieved only if these values are part of its culture Nowadays, managers increasingly see the need to harmonize organizational culture with the organization's strategic goals The culture of any organization is the expression of its functioning as a system, and an innovation culture cannot be artificially graded into a company where anti-innovation rules, regulations, procedures and attitudes prevail Innovation depends on people, on their ability to generate knowledge and ideas and to apply these to their workplace and society The development of a cultur conducive to innovation is a complex process and is carried out in parallel with the implementation of adequate, open-minded structures and new innovation management tools 21 REFERENCES Vingroup-Annual Report 2019 https://ircdn.vingroup.net/storage/Uploads/0_Bao%20cao %20thuong%20nien/2019/Vingroup%20-%20Annual%20Report%202019.pdf https://vingroup.net/en/about/vision-missions-core-values Beng, O K (2019) Vietnam’s industrialization ambitions: The case of vingroup and the automotive industry Vương, M N M (2019) Phân tích định giá Tập đồn Vingroup–Công ty Cổ phần (VIC) Ngoc, X N M (2014) Corporation culture: literature review and case study in Vingroup, Vietnam (Doctoral dissertation, Universiteit Antwerpen) Nguyen Ngoc Thuy, P (2017) Analysis of retail market in Vietnam: Case: Vingroup Van Van, H (2020) THE ROLES AND STATUS OF ENGLISH IN PRESENT-DAY VIETNAM: A SOCIO-CULTURAL ANALYSIS VNU Journal of Foreign Studies, 36(1) Barisione, M (2012) The Transformation of Party Leadership Italian Politics, 27(1), pp.5659 Call for papers - Special Issue on Strategic Leadership and Strategic Management (2018) The Leadership Quarterly, 29(1), pp.7-9 Ha, H (2013) Phạm Nhật Vượng: Dấu ấn hệ doanh nhân | Doanh nhân [online] https://enternews.vn/ Available at: https://enternews.vn/pham-nhat-vuong-dau-an-the-hedoanh-nhan-moi-29653.html [Accessed 13 Dec 2019] Hernandez, C and Leslie, D (2001) Charismatic Leadership Nonprofit Management and Leadership, 11(4), pp.493-497 Le, H (2019) Bloomberg: Ông Phạm Nhật Vượng bán 10% cổ phần Vingroup [online] NĐH Available at: https://ndh.vn/nguoi-lanh-dao/bloomberg-ong-pham-nhat-vuong-se-ban10-co-phan-vingroup-1259879.html [Accessed 13 Dec 2019] Le, P (2019) Cách quản lý khen thưởng nhân viên có Vingroup [online] Cafef.vn Available at: http://cafef.vn/cach-quan-ly-va-khen-thuong-nhan-vien-chi-co-o-vingroup20190702090634656.chn [Accessed 13 Dec 2019] Mulkeen, T., Cambron-McCabe, N and Anderson, B (1994) Democratic leadership Norwood, N.J.: Ablex, pp.213 - 217 Thanh, T (2019) Chia sẻ đáng giá triệu đô tỷ phú Phạm Nhật Vượng [online] Học viện doanh nhân Vân Nguyên Edubiz Available at: https://vannguyen.edu.vn/chia-se-cua-ty-phupham-nhat-vuong/ [Accessed 13 Dec 2019] 22 ... and scope in Vietnam Corporate culture Corporate culture of Vingroup is harmonious combination of traditional elegance with the modern youthful Vingroup build corporate culture based on the pioneering... REFERENCES Vingroup- Annual Report 2019 https://ircdn .vingroup. net/storage/Uploads/0_Bao%20cao %20thuong%20nien/2019 /Vingroup% 20-%20Annual%20Report%202019.pdf https:/ /vingroup. net/en /about/ vision-missions-core-values... building Vinpearl's corporate culture, which highlights the professionalism, etiquette, and work ethic in Vingroup' s workforce Remuneration, bonuses, and benefits policies: Vingroup JSC's compensation