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Following the interview, the CEO’s remarks indicate that demand has declined markedly. Customers are thinner than before, and when sales occur, bargaining and price comparisons have become more common. “Selling orders is a relief, but often when you tally up, it’s only enough to keep cash turning, not profit,” he said.
The most obvious change is that demand has fallen sharply. Customers are scarcer than before, and if a transaction occurs, bargaining and price comparisons have become more common. The CEO said that while selling orders provides short-term relief, the overall result often covers cash-flow needs rather than generating profit.
Operating costs have quietly risen. From the cost of goods and rental space to labor, almost nothing has stayed constant. The CEO noted that small expenses that used to be marginal now accumulate into a significant burden for the business.
In this context, the biggest challenge is not just profitability but cash flow. Stopping production or operations is described as almost not an option because it would mean losing cash flow, losing customers, and losing the chance to return later. However, continuing to operate is also difficult, with the sense of “swimming upstream” becoming more apparent.
The CEO said that not only his own company but many others are in a similar state. Some shrink scale, some vacate storefronts, and some even pivot to other lines of business. He added that on some days, opening the doors is less about revenue and more about maintaining operations and sustaining confidence that the market will recover.
“Not a complaint, just at times feel powerless. But as long as there is a day, we persevere,” the entrepreneur said.
The story, told by the CEO of Huy Thanh Jewelry, is presented as a potential microcosm of broader conditions in the sector, where costs rise, demand falls, and the pressure to stay afloat becomes a survival issue.
According to Nhịp sống thị trường, Huy Thành Jewelry is among the notable players in gold jewelry, gold bars, and related products in Vietnam. The company website indicates Huy Thanh Jewelry currently has 25 stores across Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Quảng Ngãi, Cần Thơ, and Khánh Hòa.
Huy Thanh originally specialized in manufacturing and crafting gold jewelry, with no retail channel. Its main activity was manufacturing for overseas orders and selling products through agents.
The turning point for the brand is tied to entrepreneur Đỗ Huy Thành (born 1991). After graduating in Manufacturing Management, Thành declined a job offer abroad with a salary of 3,600 pounds per month to return to Vietnam and join the family business at Huy Thanh.
In November 2020, Mr Thành replaced Đỗ Văn Hy (born 1967) as CEO, the legal representative of Huy Thành Jewelry.
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