Dao Coffee Company names new CEO

Dao Coffee Co., Ltd. has appointed a new CEO to further develop the management of the coffee business in ways that are sustainable and secure new markets in Laos and other countries.
Mr Vannada Phomasthit has been appointed as the new CEO of​ the​ company to replace Ms Boonheuang Carol Litdang.
A ceremony to hand over the position took place at the company in Bachieng district, Champassak province last week, and was attended by Deputy Minister of Finance Dr Bounleua Sinxayvoravong on behalf of the government’s shareholder in the company.
The Deputy Governor of Champassak province, Mr Somboun Heuangvongsa; the Consul General of Vietnam in Pakxe City, Champassak province, Mr Nguyen Van Trung; shareholders in the Daoheuang Group and relevant government officials, local authorities, representatives of commercial banks and the business sector also participated.

Mr Vannada Phomasthit (left) and Ms Boonheung Carol Litdang prepare to sign documents appointing the new CEO of Dao Coffee Co., Ltd. in Champassak province.	Mr Vannada Phomasthit (left) and Ms Boonheung Carol Litdang display signed copies of documents assigning the new CEO position in Champassak province.

At the ceremony, former CEO of the company, Ms Boonheuang, reviewed the company’s business operations since the time of its establishment until the present, as well as the successes and difficulties encountered.
Also speaking at the event, the new CEO, Mr Vannada, said that to ensure the company’s business operations went to plan and achieved set goals, the management would undertake further action so that some important tasks were completed.
“This year, we will try to further negotiate with the Laos-Vietnam Joint Venture Bank (LaoVietBank) to procure a loan so that we can buy red coffee beans on time and in season,” he said.
The company will draw up a loan plan and a revised plan of the new arrangement between the company and the bank as well as seeking loans from other commercial banks in Laos that offer commercial promotion policies with regard to exports.
Dao Coffee Co., Ltd. will also review its agreements with established customers, agencies and shops both in Laos and other countries, with a view to preparing and revising new agreement conditions and drawing up an expansion plan for new customers within Laos and overseas, especially in China and the Middle East.
The company will further formulate plans and seek new markets, and improve employment and purchasing systems and warehouses to ensure efficiency based on the approved plans.
The management will also carry out an evaluation and risk management with a view to listing Dao Coffee Co., Ltd. on the Lao Securities Exchange in the near future.
Dr Bounleua and Mr Somboun said the appointment of a new CEO was part of national development plans to address and seek solutions to economic and financial difficulties.
Improving business operations in state investment is a priority of these plans in order to meet the government’s reform goals.
Improvements will also strengthen management in relation to basic economic principles, and make state businesses more efficient and profitable, which will result in permanent sources of income for the government.
They also advised the new CEO, Mr Vannada, and company managers to continue to examine and review the infrastructure in place at divisions within the company and the Dao Coffee factory, to ensure they linked with the company’s new administration infrastructure.   
At the close of the ceremony, representatives of Dao Coffee Co., Ltd. the Agricultural Promotion Bank, the Lao Fuel State Company and Louis Dreyfus Company signed a Memorandum of Understanding on a feasibility study to supply a circle fund for coffee trading.           

ByAdvertorial Desk
(Latest Update January 19, 2021)