Tri Viet Phat made a remarkable appearance on Shark Tank season 6 as CEO Nguyen Thi Van Anh chose not to disclose the company’s latest profit figures. Despite this, three veteran Sharks made investment offers. After careful consideration, the startup successfully secured a deal of 24 billion VND for 15% of the company’s shares with Shark Hung Anh.
Nearly a year after the show, Tri Viet Phat has demonstrated its solid development, proving its strength and vision in the market. The company has taken significant strides forward.
Reaping Success Post-Shark Tank
Founded by Nguyen Thi Van Anh, who possesses over 20 years of experience in food research and business management, Tri Viet Phat has come a long way from its initial capital of 87 million VND a decade ago. In 2022, the company was valued at an estimated 300 billion VND. With its rapid growth and ambition to become an international enterprise, Tri Viet Phat had already attracted interest from American and European companies, leading to several M&A proposals before their appearance on Shark Tank.
However, CEO Van Anh decided to participate in the show to gain more experience and explore potential investors. The Sharks, renowned for their business acumen, highly praised Tri Viet Phat for its healthy financial picture and sustainable model of “Standard before Speed.”
Tri Viet Phat’s team on Shark Tank
After securing the deal with Shark Hung Anh, Tri Viet Phat continued to receive investment, acquisition, and partnership offers from global financial groups and food production and distribution companies from Japan and Europe. Instead of rushing into these opportunities, CEO Van Anh chose to focus on strengthening the company’s internal capabilities. This led to the decision to develop their own brands, expand their internationally-certified factory, and provide products and services to numerous large corporations.
This strategic move has proven effective, resulting in consistent double-digit annual growth for the company. Tri Viet Phat has established partnerships with prominent groups such as CP, Vissan, Jollibee, KFC, Mondelez Kinh Do, Pizza 4Ps, and CP Five Star. They also own a modern factory that meets international standards and holds certifications such as FSSC 22000, ISO 22000, FDA, and HALAL.
Tri Viet Phat’s modern factory
On Shark Tank season 6, it was noted that Tri Viet Phat excelled in B2B but had room for improvement in the retail (B2C) sector. Taking this feedback to heart, the company made significant changes, especially by expanding their market share with the Wil instant tea brand, alongside their two well-known spice brands, GUNGON and GUYUMI.
Wil instant tea, with its concept of “Fresh and Delicious Tea, Just Like at the Cafe,” marked a turning point for Tri Viet Phat’s retail segment. The company meticulously researched and implemented a comprehensive strategy for Wil, covering quality, flavor, packaging, pricing, distribution systems, and communication methods.
Today, Wil instant tea is available in major supermarkets and convenience stores like LOTTE, Coop, Emart, Bach Hoa Xanh, Family Mart, and Ministop, selling large quantities daily and often selling out. Building on this success, Tri Viet Phat plans to launch more high-quality products in the future.
“Standard before Speed” and the 6 Sustainability Pillars – The Secret to Tri Viet Phat’s Success
Tri Viet Phat’s success stems from various factors, but the core of it lies in the 6 Sustainability Pillars and the “Standard before Speed” principle that CEO Van Anh steadfastly upholds since the company’s inception.
The first pillar is Sustainable Human Resources. Understanding that a strong team is essential for producing excellent products and services, Tri Viet Phat invests in building a professional workforce for every stage, from research and production to sales.
Tri Viet Phat’s professional team
The second pillar is Sustainable Production. The company maintains strict quality control from raw materials to finished products, and their production processes meet international standards with ISO 22000 and FSSC 22000 certifications.
The third pillar is Sustainable Products. With a strong R&D capability, Tri Viet Phat develops high-quality products that cater to consumer tastes and provides effective business solutions for its partners.
The fourth pillar is Sustainable Partnerships. Tri Viet Phat embraces the “win-win” mindset, believing that long-term partnerships are built on mutual benefit. They continuously innovate and develop with the philosophy of “Input Partner – Output Solution.”
The fifth pillar is Sustainable Growth. Tri Viet Phat ensures consistent double-digit annual revenue growth thanks to its modern factory and well-managed supply of raw materials, both in terms of quantity and quality.
The sixth and final pillar is Sustainable Environment and Society. The company’s factory operations fully comply with environmental protection regulations, aiming for green development. Additionally, Tri Viet Phat actively contributes to community initiatives and plays a pioneering role in social responsibility.
CEO Van Anh reveals that despite the increasing interest from investors, Tri Viet Phat remains focused on optimizing its business operations through the 6 Sustainability Pillars. “Long-term partnerships require a harmony of vision, mission, and business perspectives, and thus deserve careful consideration,” she shares.
CEO Nguyen Thi Van Anh
Furthermore, CEO Van Anh attributes part of Tri Viet Phat’s achievements to Shark Tank, as the program broadened her perspective and provided valuable lessons in business.
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