A successful pilot project of testing high security scratch cards has paved the way for the partnership between Danish Formula A/S and Vietnamese ALTA Company to set up a Joint Venture in HCMC.
The objective of the Joint Venture (JV) is to become the main provider of scratch products for marketing and prepaid services in the Vietnamese market and the preferred full-range graphic supplier of total printing solutions for major companies in Vietnam. Besides, the JV aims at being a competitive player for high-quality printed scratch products and start packs in international markets.
One of the partnership’s competitive services is the Total Printing Solutions, a new concept where the JV as a printing company takes over its customers’ functions in relation to the printing products. This includes assistance to customers in design, preparing the pre-press work, storing the products, distributing and reording products, as well as controling the inventory and distributing to each customers’ stores or departments of the larger companies. In combination with online ordering, this solution will enable the JV to keep a very close relationship with its customers at low transaction costs and be the optimal solution in the long run.
The partnership has received a grant of DKK 3.230 million from the B2B programme to implement a project phase. Apart from Danida support, Formula and ALTA will invest about DKK 1.5 million into the JV that will create 27 jobs for production and the sales office and is expected to have a turnover of about DKK 10 million in the first three years.
The B2B grant will assist the partners in technical training of local staff and improving the working environment. In addition, the JV target is to obtain certificate of ISO14000 and OHSAS1800 in the project’s second phase. Meanwhile, other Corporate Social Responsibilities activities such as HIV/AIDS awareness training, stop smoking lessons, and Company Cooperation Council will be introduced to the JV.