Luong Khanh Duc is known as "the king of microwave ovens in China", the Galanz brand he founded has been famous at home and abroad, holding the No. 1 position in sales for 20 consecutive years. Behind that success is the spirit of constant striving and learning of this talented businessman.

1. Difficulty starting a business

In 1978, China carried out a large-scale reform and opening-up. At this time, 41-year-old Luong Khanh Duc has also built a few "small huts", stepping on his entrepreneurial journey.

At first, Luong Khanh Duc ran a feather broom business. Every day, he led his staff to swim across the river, bought chicken feathers and duck feathers from villagers, then returned to make chicken feather brooms and sold them to the city.

After that, he founded the Guizhou feather factory, thanks to his devotion in management, the feather factory has grown rapidly. In 1991, the factory’s annual sales exceeded $13 million.

During a visit to Japan, the survey made Luong Khanh Duc change his business direction. He found that Japanese microwave ovens were very new, at that time the market in China was still not popular, and he as‌sessed that the microwave oven industry in the future would have great potential.

In 1992, Luong Khanh Duc founded Galanz. However, due to lack of technology and experience, all 10 microwave ovens produced by Galanz in the first month were not qualified.

To solve the production problem, Luong Khanh Duc went to Shanghai three times and persuaded engineer Luc Vinh Phat to help him, later on, there were other talented engineers involved, building into a team of priorities. well, Galanz was finally on the right track.

However, an unexpected disaster struck, making Luong Khanh Duc’s efforts turned into a wild success.

2. Rise up

In 1994, a century-old flood swept through the Pearl River Delta, inundated the Galanz factory, paralyzed the entire production line, and caused damage totaling 3 million USD, even some media reported. believed that "Galanz fell".

However, Luong Khanh Duc did not succumb to difficulties, he acted decisively, paying employees three months’ salary in advance to stabilize team morale. This move made the staff very touched, everyone was willing to stay and overcome difficulties with him.

After the flood, the employees immediately went to work and volunteered to work overtime, operating the machinery 24/24. At the same time, the sales force also makes more efforts to develop the market and increase the cash flow of the business.

After unremitting efforts, three months later, Galanz had completely recovered, sales of microwave ovens topping the country at the end of the year.

Later, when the competition in the industry became increasingly fierce, Luong Khanh Duc decided to start a "price war". He made 9 crazy discounts in 7 years, and was dubbed the "price killer", his opponents fell everywhere one after another.

In 1998, Galanz successfully sat on the throne of the world’s first class, even to this day, no one has been able to shake it.

However, Luong Khanh Duc does not stop there, his goal is to help businesses survive and sustainably.

3. Longevity

Luong Khanh Duc believes that being a business on the Fortune 500 list is equal to becoming a 500-year-old business. To realize this vision, he engages in both OEM (original equipment manufacturing) and self-branding businesses.

On the one hand, Luong Khanh Duc cooperates extensively with foreign manufacturers, imports international production lines, strongly develops business operations, and at the same time learns advanced technology and management methods of the company. The West.

On the other hand, Luong Khanh Duc values independent innovation and spent huge sums of money to develop magnetron, a core component of microwave ovens. In just one year, he overcame technical difficulties and created his own magnetron. Since then, he continued to upgrade technology to improve the production efficiency of the enterprise.

When the microwave business reached its peak, nearly half the world used his microwave oven, Luong Khanh Duc continued to lead his team into the air conditioner market. Using existing customers, he manufactures air conditioners according to the designs and specifications of foreign companies in the form of OEM. This move created a breakthrough, in 2009, sales exceeded one million units.

According to the 2016 Hurun Rich List, 79-year-old Luong Khanh Duc has a fortune of more than 3 billion USD. Now, Luong Khanh Duc is aiming for a bigger dream of a smart home appliance empire.

He said: "Doing business forever has no end. When a problem is solved, new problems will continue to appear, only when you think about the problem every day to improve, the business can have a new business. continuous progress can be achieved."