Nương Bắc is considered the most expensive brand selling banh chung in Vietnam, with a price of nearly 600,000 VND (2 cakes) per box. The success of this “signature” product has paved the way for the startup to continue developing a series of traditional products such as cốm, quẩy, bánh trôi, bánh chay, bánh trung thu, bánh gio…
Speaking about Nương Bắc’s business situation in 2023 in a special episode of the Rising Vietnam podcast series titled Chapter 0, Founder Nguyen Hoai said that despite the general economic difficulties, the company’s revenue continued to grow in the first few months of the year, and even looked optimistic until the third quarter. Although Nương Bắc recorded a decrease in revenue in the fourth quarter of 2023, the annual sales still grew compared to 2022.
However, the challenge for a brand that has been in the market for 7 years is the need for a breakthrough. The difficult period in 2023 was the time for Hoai to reevaluate her business.
“Actually, I also need to question myself about what to compete with and how to survive when facing difficulties, what is our strongest point. People often say that Nương Bắc is the most expensive brand selling banh chung in Vietnam, but the newer brands have higher prices, Nương Bắc is no longer the only one. Not only do they imitate, but they also make improvements, invest very systematically. That pressure motivates me to build a stronger team and takes it as a competitive advantage,” analyzed the female Founder.
One of Hoai’s goals is to export. Previously, Nương Bắc had succeeded in bringing products to Australia, but in the form of OEM (outsourcing).
Nguyen Hoai – Founder of Nương Bắc (outermost on the right) in a special episode of the Chapter 0 podcast series.
“I worked with the mentality of not making profits, just knowing how to do it. That was an opportunity to evaluate my products, whether they met the standards that our partners needed or not. Overcoming those tests helps me know the path for my products
The next challenge is how to export products ourselves, instead of waiting for OEM partners. After that period, I also realized that my desire to export is not too academic, visionary, or grandiose like the evaluations of others,” Hoai expressed, adding that Nương Bắc’s goal in 2024 is to “self-initiate” at least one export contract.
“Cultural export through cuisine” is part of Nương Bắc’s development plan. According to Hoai’s point of view, even if physical products have not been exported, the brand still needs to communicate the story, such as targeting overseas Vietnamese so that when they return to Vietnam, they can come to Nương Bắc to buy products.
The stepping stone for Nương Bắc to prepare for the export goal includes building a standardized factory and a strong workforce. When the opportunity comes and customers feel convinced, everything is ready.
“After moving to a new factory last year, Nương Bắc hosted a delegation from South Korea. They are negotiating the price and have expressed their desire to export to their market,” Hoai revealed enthusiastically.
Minh Anh
