Anyone familiar with banh dua nuong – coconut cracker – knows that the rustic specialty is not to be missed. A staple of Vietnamese life, the coconut flavor is expertly processed to create a delicious crispy snack, both mildly sweet and toasted, that is popular nationwide. When Ms. Mai Thi Y Nhi founded My Phuong Food in Da Nang in 2016, she quickly realized that banh dua nuong had excellent export potential and should not be kept a Vietnamese secret.
It will be a waste if this traditional flavor is not known to foreigners. Therefore, we produce coconut crackers from Binh Dinh Province’s coconuts and other local ingredients such as peanuts and sesame. We aim to become the leading company producing coconut foods in Vietnam and the world and enhance the reputation of Vietnamese coconut.” – said Ms. Nhi, Director of My Phuong Food.
At the inception of their entrepreneurial venture, My Phuong Food encountered a multitude of customary hurdles that often accompany the process of exporting. These challenges ranged from establishing vital market connections and fine-tuning their export-oriented strategies to securing essential access to capital. After a rocky start, My Phuong Food applied for support from the SheExports Accelerator program and then was granted a spot in the program. The SheExports Accelerator program promotes and supports women-owned businesses to bring Vietnamese products to the world market. This accelerator, supported by the Asian Development Bank and funded by the Women Entrepreneurs Finance Initiative (We-fi), provides specialized training, consultations on brand strategy and networking skills, and trade promotion support.
“Before receiving the support from Asian Development Bank’s SheExports program in 2023, we didn’t know how to expand our market, especially because we didn’t understand foreign markets, while each country has different tastes and regulations. We had a lot of questions about how to export to other countries. How can we connect with international partners? Where should we export our products? Most importantly, where can we get the money to develop production for export?” – shared Ms. Nhi.
Now, just six months after joining the program, My Phuong Food experienced rapid growth. The staff has grown from 53 to 97 employees (including female employees increasing from 32 to 43). Yearly revenue for 2023 was on track to increase by 125% compared to 2022, easily making 2023 the best year in terms of revenue and performance.
“I am happy that we joined the SheExports Accelerator program. Our company has connected with international partners from the US, Norway, Germany, Japan, and Korea. Besides, we also work with partners in Viet Nam such as Aeon Top Value, Cosmo, etc., In Quarter 4 of 2023, we sent our first orders to Canada. The skills acquired from the training and consulting have helped us realize our dream of reaching out to the world.” – said Ms. Nhi.
As a result of their remarkable growth, My Phuong Food has garnered the attention of Beacon Fund, an investment firm specializing in supporting female entrepreneurs. This collaboration holds the promise of alleviating the company’s capital constraints. With enhanced funding, My Phuong Food possesses greater opportunities to broaden its operations and undertake more venturesome initiatives. Encouraged by this development, Ms. Nhi is now motivated to broaden the range of products and scale up production capacities, thereby capitalizing on new opportunities for expansion.
“Our company is developing a new product using coconut nectar, targeting the high-end market. And because our sales are increasing, in 2024, we plan to expand the factory in Binh Dinh province to produce more products to serve domestic and international needs. Continuing the momentum, we will boost our export turnover.”- said Ms. Nhi.
