Rang Dong launches venture capital fund to stimulate innovation, growth
Rang Dong has launched a venture capital fund to stimulate the creativity of all its employees and helps implement successfully the company’s digital transformation strategy.
Rang Dong Light Source and Vacuum Flask JSC has become the first Vietnamese enterprise to launch a venture capital fund, aimed at nurturing young talents and providing financial support for the development of new projects and products as it seeks breakthrough innovations during the digital transformation period.
The “Rang Dong Venture Fund” launch is part of the company’s events to mark its April 28 Traditional Day.
The fund, entitled “Rang Dong Venture Fund” and launched on April 27, 2020 as part of a series of events to mark “The First Rang Dong Creative Day” and the 56th anniversary of the company’s Traditional Day, is also expected to help create breakthrough growth.
Rang Dong, Vietnam’s leading manufacturer of LED products and smart lighting solution provider, plans to use between 5-7 percent of its annual after-tax profit to cover the fund’s operation, while it will also seek funding from other sources.
Mr. Nguyen Quan, former Minister of Science and Technology, delivers a speech at the launch ceremony.
Rang Dong has become the first enterprise in Vietnam to set up a venture capital fund so far, which is the starting point for the development of “Innovation and Creation”, Mr. Nguyen Quan, former Minister of Science and Technology said at the ceremony. The experiences and lessons from the United States, South Korea and Israel have proved that it is impossible to get innovation, and also a successful start-up nation without any venture capital fund, he noted.
Rang Dong’s General Director Nguyen Doan Thang spoke at the launch of the “Rang Dong Venture Fund”
The fund was launched at a difficult time when the company was running both production and business while fighting the COVID-19 pandemic at the same time. Such an operation is a good evidence of the determination, the creation and also of a long-term vision of Rang Dong‘s Management Board in developing science and technology. The company was expecting a breakthrough growth in Phrase 2 of its Second Renovation Work.
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The consumers may purchase Rang Dong thermos without thinking of the price thanks to mass production, application of cutting-edge technology and automatic production lines, ensuring best quality of the products at the most preferential price. Therefore, Rang Dong's products aim to become an indispensable personal item of customers.
Since the establishment of the company in 1961, Rang Dong’s Vacuum flasks have become an indispensable item in every household in the North and nationwide. So far, Rang Dong has been positioned as a familiar and reliable brand, beloved by consumers. Accompanying with 60 years of the company’s development, Rang Dong’s Vacuum flasks have become must-have items in every Vietnamese family. Today, they are not only presented in domestic market but have also been exported to 20 countries across the world namely Japan, Brazil, Singapore, Indonesia, Argentina, Cuba, UAE, Egypt, China, etc.