On January 4, 2021, Loc Troi Group Joint Stock Company (Upcom: LTG) and Citek Technology Joint Stock Company (Citek) officially announced the operation of SAP S/4HANA & IFRS ERP systems at Loc Troi’s head office and 41 production and business locations nationwide.
Mr. Huynh Van Thon – Chairman of the Board of Directors of Loc Troi Group said: “In 2020, LTG has carried out a comprehensive restructuring of all fields and all parts and without fear of difficulties for the purpose of sustainable development of the organization. To help LTG go far and develop sustainably, we need an asynchronous management platform compliant to international standards and operates according to IFRS standards for transparency in governance and internal management as well as creating strong trust with partners and investors.
And today we officially put the SAP S/4HANA & IFRS system into operation at the Group’s head office and 41 business locations nationwide, this is the management platform that will help us realize our strategies as well as conditions to best promote the internal resources of Loc Troi to fulfill the mission of “enhancing the life and status of farmers” as well as providing better working conditions and prosperous life for the farmers and all employees of Loc Troi. The project’s go live on schedule and with high quality confirms Loc Troi’s right choice for partners Citek and SAP in implementing this important project.”
IFRS stands for “International Financial Reporting Standards”, an international financial reporting standard. On March 16, 2020, the Ministry of Finance issued Decision No. 345/QD-BTC approving the project to apply IFRS in Vietnam. Accordingly, the voluntary application of IFRS will start from 2022 to 2025, and mandatory application for some units after 2025.
After nearly 10 months of consulting and implementing, Citek has put S/4HANA & IFRS system into operation for Loc Troi with scope in all divisions and departments: purchasing management, sales management, warehouse management, warehouse details, QR Code, production management, quality management, financial accounting, and management accounting.
Mr. Nguyen Cong Tan said at the go-live ceremony, “The SAP S/4HANA project deployed in Loc Troi is not only a transformation project on management system but also a comprehensive transformation project on the business model, resources, organizational structure, and working culture. When all units operate on the same governance and standards, a new culture will be created at Loc Troi, which is a culture of connection – the culture of sharing – the culture of responsibility – the culture of operation and management administered in the same language. And each individual and department will make the most of their resources to work better and more effectively in administration and administration.”
Mr. Nguyen Hong Viet – General Director of SAP Vietnam said “At this time last year, we were discussing how to approach the project, the challenges in the implementation process, and how to successfully implement the SAP project. And when the leadership has decided to implement the project, we all trust, cooperate and turn the difficulties into specific actions to successfully implement the digital transformation project at LTG in a holistic and comprehensive way.”.
Citek Technology Joint Stock Company, an experienced partner in consulting and successfully implementing SAP solutions for businesses in Vietnam for more than 4 years such as Honda Vietnam, Nippon Paint, Phenikaa, Vicostone, Bitexco, Thibidi, Cadivi, Eurowindow, Ton Nam Kim, Hoa Binh Minh, Hoa Phat, Rang Dong Plastic, Nanogen Pharmaceutical, Pharbaco Pharmaceutical, BIO Pharmaceutical, APA Pharmaceutical, VAS Group, SMC Steel, Nghi Son Steel, Minh Phu Seafood, Hainan Seafood.