Corporate Culture – F88’s ‘Weapon’ for Overcoming Crisis

The 2023 crisis caused F88 to stagnate, but the foundation of corporate culture united the team, strengthened confidence, and helped the company regain its growth momentum.

The story was shared by F88 representatives on “The Changers” program, broadcast on VnExpress. During nearly 30 minutes, F88 representatives including Mr. Nguyen Duc Dai, Deputy CEO, and Mr. Tran Tuan Viet, Marketing Communications Director, discussed the company’s development journey and how the business “navigated” through the 2023 crisis.

Speaking at “The Changers,” Mr. Nguyen Cong Niem, Deputy CEO of F88 Business Corporation explained that corporate culture is how strangers treat each other, likened to an “secret weapon” that cannot be copied, creating sustainable competitive advantage.

“Competitors can copy business models or products, but they cannot replicate culture – the factor that helps businesses endure,” emphasized F88’s Deputy CEO.

Established in 2013, F88 carried the mission of “sanitizing” the pawnshop industry, which had been negatively stereotyped. The company focused on operational transparency, placing stores on main streets and allowing customers to retain their collateral assets. This not only helped customers maintain their income but also changed society’s perception of the consumer finance industry.

The company also focused on building a professional and friendly workforce, with a large proportion being female. From just a few small stores initially, F88 now has over 4,000 employees, with an internal training academy to continuously enhance team capabilities.

However, the media crisis in 2023 once caused the company’s operations to stall for over 3 months. That year, the company recorded a loss of 529 billion VND. Nevertheless, the cultural foundation and employee connections helped the company weather the storm. According to Mr. Dai, the company prioritized building culture from its early days. When there were only 60 employees, the leadership team established a training academy and cultural department.

This helped increase employee connectivity and trust. As a result, not a single employee left during the difficult period, and investors even provided additional capital, demonstrating their faith in F88’s core values.

Mr. Nguyen Duc Dai, Deputy CEO of F88, shares how the company overcame the media crisis.

Currently, the company has hundreds of branches nationwide, present even in rural communes and districts. In 2017, Mekong Capital invested in F88 and became a strategic partner. This year, the pawnshop chain aims to expand its loan portfolio and achieve double-digit revenue growth. They are also focusing on optimizing the performance of their transaction office network while opening at least 80 new transaction offices. The company also plans to launch new product lines to increase revenue, expand market share, and implement new insurance business methods.

F88 is the first guest on “The Changers.” This series consists of 3 episodes, featuring conversations with representatives from F88, Nhat Tin Logistics, and LiveSpo. The businesses appearing in the event series share a common philosophy: change is not just a challenge but also a great opportunity. The content particularly emphasizes building a work environment that encourages creativity, promotes team spirit, and openness in communication. Each story is a portrait of how organizations thrive in a constantly changing business landscape. The program is accompanied by Mekong Capital.