In his first appearance on Vietnam Television (VTV3), farmer Le Van Tam… was visibly nervous, having spent most of his days toiling in the fields. To encourage and boost his confidence, Shark Thai also shared his own humble beginnings as a farmer. “I think you are a product-focused person and may not have a strong business strategy, but I want to accompany you on this journey because I sense your sincerity and authenticity as a farmer. I, too, come from a farming background,” Shark Thai shared.
Before his role as an investor on Shark Tank Vietnam season 7, Shark Thai, co-founder and vice president of the Thai Huong Group, had his own decade-long journey of building the corporation, facing challenges and eventually reaping successes. Having experienced setbacks himself, Shark Thai deeply empathizes with the struggles faced by startups and always offers his sincere support.
“Initially, when I exported a batch to the UK, I had to compensate for a batch that was damaged. The reason was that when I sent the samples, the weather there was around 5 to 10 degrees Celsius, but by the time they arrived, the temperature had dropped to below zero, and the straws cracked when immersed in water,” Shark Thai shared, understanding the challenges faced by Mr. Tam. He wanted to immediately extend a helping hand to address these difficulties and help Mr. Tam propel his business forward.
“I have an R&D department specializing in food research, and we have a fantastic climate-controlled chamber that can simulate the climate in Europe, China, and South Korea and even account for seasonal variations. This way, you can test your products under different climate conditions and assess their performance. There’s so much I can share with you,” Shark Thai offered a solution.
Explaining that his investment proposals are never impulsive or emotional, Shark Thai expressed his desire to support startups more holistically, from the foundation up. Specifically, he suggested that the startup adopt a corporate business model instead of the current cooperative model to facilitate expansion and growth. As vice president of the Thai Huong Group, he also wanted to be involved in the management and operations of the business to better assist Mr. Tam in building Ecos professionally and allocating more time for product development.
Shark Thai shows interest in Ecos vegetable straws
Being a businessman with strengths in manufacturing, technology, and automation, Shark Thai aims to support the startup from the product development stage, helping to make the straws look more professional by printing logos on them and calculating costs to reduce production expenses. With his advantage of having an established distribution channel and a deep understanding of sales strategies, Shark Thai can also assist Ecos in expanding its consumer market sustainably in the future.
Shark Thai’s primary concern is making quality products like Ecos accessible to millions of Vietnamese people. He questions, “Why should a high-quality product like Ecos vegetable straws only be enjoyed by people in Europe when we can produce them here? This is something I am very concerned about and determined to change.”
Finally, due to his deep admiration for Mr. Tam’s passion and the unique product he has created, along with his desire to provide extensive support in building and developing the business, Shark Thai, together with Shark Nga, decided to invest 11 billion VND for 40% of the Ecos brand’s equity.
“Many hands make light work,” and the audience of Shark Tank Vietnam (season 7) witnessed the strong handshakes and warm embraces between Shark Thai, Shark Nga, and Mr. Tam, celebrating a unique partnership that promises a bright future for Ecos vegetable straws as they embark on their journey to conquer domestic and international markets.
Watch the negotiation between Mr. Le Van Tam, Director of Ecos Vegetable Straws, and the Investment Board of Shark Tank Vietnam Season 7 in Episode 4, aired on August 19, 2024, at: https://youtu.be/BkXyykKQlpg?si=Zq5hUS_mXlJ4elaO
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