REPORT

LEADERSHIP
Class 1091

Article title:
GOLDEN GATE BECOMING SUCCESSFUL COVID-19

Lecturer: Bui Thi Van Quynh

2/2024
 REPORT
LEADERSHIP
Class 1091

Article title:
GOLDEN GATE BECOMING SUCCESSFUL COVID-19
Lecturer: Bui Thi Van Quynh

“ MEMBERS OF GROUP 1: ”

Nguyễn Thịnh Lâm Khang 22207145

Lê Kha Huỳnh 22014998
Nguyễn Ngọc Uyên Thy 22206994
Nguyễn Thị Thanh Bình 22207227
Lê Tấn Thọ 2192140

2/2024
 LECTURER’S COMMENTS

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1.1.1.1.

i
 ACKNOWLEDGEMENT

All students in our group would like to thank Hoa Sen University for creating the
opportunity to study this Leadership subject. And especially we would like to thank Ms.
Bui Thi Van Quynh, who has been an inspirational source of knowledge this semester that
we believe will have a good impact on our future careers.
Additionally, Leadership Style is a topic that has provided all of us with a good base to
base our knowledge on in terms of making the right choices regarding the leadership style
one desires.
Consider this topic has limited time and the subject matter and English content may or may
not be accurate. But we all tried our best to make this essay as good as possible.

ii
 ABSTRACT

The COVID-19 pandemic has affected many businesses worldwide. Businesses in

industries such as tourism, restaurants, hotels, entertainment, transportation and especially
the F&B industry are having difficulty maintaining operations and growing revenue. They
have to try very hard to survive and face many challenges including: reduced revenue,
reduced customer base or continuous supply of products and services; lack of blockade
supplies and limited modes of travel; lack of human resources because many people have
lost their jobs or do not want to work in dangerous environments; Costs increase due to
investment in disease prevention and control measures; Difficulty accessing capital to
maintain operations and increase revenue.

This report focuses on analyzing how the leader of Golden Gate Group - Mr. Dao The
Vinh solved problems in the serious crisis of the F&B industry. More specifically, our
goals are:
- Brief introduction about the company.
- Analyzing the context and difficulties caused by the COVID-19 pandemic.
- Research Mr. Vinh's leadership style and solutions to help maintain the company.
- Synthesize lessons learned and come up with better solutions.

iii
 TABLE OF CONTENTS
LECTURER’S COMMENTS.....................................................................................................
ACKNOWLEDGEMENT.........................................................................................................
ABSTRACT..............................................................................................................................
TABLE OF CONTENTS..........................................................................................................
TABLE AND FIGURE CATEGORY.......................................................................................
TASK DISTRIBUTION...........................................................................................................
1. Preface...............................................................................................................................
2. OVERVIEW OF GOLDEN GATE...................................................................................
2.1. Business basic information.........................................................................................
2.2. Achievements.............................................................................................................
3. OWNER OF GOLDEN.....................................................................................................
3.1. Dao The Vinh's information.......................................................................................
3.2. Dao The Vinh's leadership style.................................................................................
3.3. Advantages and disadvantages of democratic leadership style..................................
3.4. Transformational leader..............................................................................................
3.5. Cultural organization..................................................................................................
4. WHAT'S HAPPENED.....................................................................................................
4.1. Late 2019..................................................................................................................
4.2. In 2020......................................................................................................................
4.3. In 2021......................................................................................................................
4.4. In 2022......................................................................................................................
5. HOW DID THE LEADERS MANAGE THE CRISIS?.................................................
6. WHAT CAN WE LEARN FROM THIS CRISIS?.........................................................
6.1. Some lessons learned from the business's story.......................................................
7. RECOMMENDATIONS.................................................................................................
7.1. Strengthen financial management............................................................................
7.2. Personnel training and development........................................................................
7.3. Adjust the business model........................................................................................
7.4. Product innovation....................................................................................................
8. CONCLUSION................................................................................................................
REFERENCES..........................................................................................................................

iv
 TABLE AND FIGURE CATEGORY

Table 1.1: Task distribution of our group.................................................................................

Table 2.1: Golden Gate growth chart 3

Figure 2. 1: The Golden gate company’s logo (Source: Golden Gate)......................................

Figure 2.2: Golden Gate growth chart (Source: Golden Gate)..................................................
Figure 2.3: Development chart of Golden Gate's new brands (Source: Golden Gate)..............

v
 TASK DISTRIBUTION

MEMBERS TASK DISTRIBUTION

6. What can we learn from

Nguyễn Thịnh Lâm this crisis? 100%
Khang
7. Recommendations

5. How did the leaders

Lê Kha Huỳnh 100%
manage the crisis?

1. Preface
Nguyễn Ngọc Uyên
4. What's happened 100%
Thy
8. Conclusion

2. Overview of golden gate

Nguyễn Thị Thanh 3. Owner of golden
100%
Bình 3.1. Dao The Vinh's information
3.4. Transformational leader

3. Owner of golden
3.2. Dao The Vinh's leadership
style
Lê Tấn Thọ 3.3. Advantages and 70%
disadvantages of democratic
leadership style
3.5. Cultural organization
Table 1.1: Task distribution of our group

vi
1. Preface
For a company ranked top 1 in the list of the best quality F&B companies in
Vietnam, the COVID-19 pandemic suddenly occurred, which was something they
did not foresee and had no plan to prevent. Directive 16 (social distancing order) is
like a death sentence for Golden Gate in general and for the entire F&B industry in
particular.
Social distancing directives encourage people not to travel far and not even leave the
house, ... gradually many businesses have had to close a few branches or even stop
operating because they cannot pay. premises rental costs and other costs. Of course,
Golden Gate is also one of them.
However, Golden Gate surprised us and many people in the industry because it still
earned significant profits while 2/3 days of the year had to be closed because of the
quarantine order. From there, we can see that there are still bosses who have moved
from a passive position to a proactive position, knowing how to seize opportunities
to help the company develop, stabilize the jobs of the company's employees and
maintain the brand.

vii
2. OVERVIEW OF GOLDEN GATE
2.1. Business basic information
 The name of the company: Golden Gate
 Website: https://ggg.com.vn/
 Industry group: Food and Beverage
 Address: 60 Giang Van Minh Street, Doi Can Ward, Ba Dinh District, Ha Noi
 Phone Number: 024 7300 4000
 Established in 2005, with the first Ashima Natural Mushroom Hotpot restaurant
on Phan Dinh Phung street
 Golden Gate is a pioneer in applying the restaurant chain model in Vietnam,
with 5 main culinary styles, including: Hotpot, Grill, Asian, European and
coffee shops.
 Golden Gate currently owns more than 22 brands and nearly 400 multi-style
restaurants in 40 provinces and cities, serving 18 million customers each year
and is constantly striving to develop more.
 Logo:

Figure 2. 1: The Golden gate company’s logo (Source: Golden Gate)

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 2.2. Achievements
The Golden Gate is constantly growing with the birth of many brands.

Figure 2.2: Golden Gate growth chart (Source: Golden Gate)

2016 2017 2018 2019 2020

189 229 278 354 385

Restaurants Restaurants Restaurants Restaurants Restaurants

11.2 million 13 million 15 million 18 million 15.6 million

visitors visitors visitors visitors visitors

Revenue: Revenue: Revenue: Revenue: Revenue:

119 million 150 million 180 million 200 million 200 million
USD USD USD USD USD
Table 2.1: Golden Gate growth chart

The pre-eminent enhancement of the Golden Gate brand. Starting from 2016, the
avenue was about 119 million dollars with 12.2 million customers and 189
restaurants. After 1 year, the avenue dramatically increased up to 26%, gaining $150
million because of rising customers and restaurants. From 2018 to 2019, the number
of the avenue, customers, and restaurants was still rocketing. Nevertheless, in 2020,
the avenue was unchangeable even though more restaurants were built since the
number of consumers decreased markedly to around 15,6 million.

ix
 Figure 2.3: Development chart of Golden Gate's new brands (Source: Golden Gate)

The landmark of the brand name, Golden Gate, has been accomplished since 2005.
From 2005 to 2010, many well-known brand names were emerging, such as Kichi
Kichi, and Daruma. Furthermore, this brand had become more popular and enlarged
when there emerged a colossal of novel brand names roughly 10 in the period of the
next 5 years. After 2015, it continued developing with more than 8 new brands.
From 2021 hitherto, there have been only two new names built, which are Ipho and
Itacho Steak.

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3. OWNER OF GOLDEN
3.1. Dao The Vinh's information
The Dao The Vinh was born in 1972, he won a scholarship in the field of Numerical
Model Forecasting, National University of Hydrometeorology, Saint Petersburg
City, Russia in 1989.
After graduating, he returned home to work as Deputy Director in charge of
Marketing and then CEO of Eco - Product Joint Stock Company, specializing in
packaging and distributing Cozy tea bags.
After a trip to Shangri La, China, he launched the Ashima mushroom hotpot
restaurant in Hanoi, and then other restaurants such as Kichi-Kichi, Gogi...
In addition, he is also the 9th member of the Mobile World JSC board of directors.
Besides, Mr. Vinh joined hands with a Japanese partner to develop the office fashion
brand COEDO in Vietnam.

3.2. Dao The Vinh's leadership style

Dao The Vinh's leadership style is a democratic leadership style. To maintain
efficiency and structure for Golden Gate Company, Mr. Vinh often seeks to establish
a friendly working atmosphere, respecting the ideas and contributions of company
members.

Strategy 'Employees are customers'

Each employee enjoys their own benefits as well as respect from the company for
those working at Golden Gate. Golden Gate gives employees autonomy in situations
that need to be handled immediately. The principle does not judge right or wrong
about the decision of the empowered person, what is important is how the action is
directed towards the customer. Customers are the center and target for decision
making.
In addition to the customer-centric policy, Golden Gate also considers employees as
customers. Specifically, the company has a policy of receiving employee complaints
to better understand and resolve departmental problems. For example: They can
write a complaint to their superiors about being dissatisfied with the physical
conditions of the facility, or anything that makes them uncomfortable in the
workplace. Mr. Dao The Vinh always respects, listens and is ready to thoroughly
solve and quickly make changes so that employees can work comfortably and focus
on dedicating themselves to the company. He respects equality between people, his
democratic leadership style makes him respected by everyone and he is willing to do
his best to contribute to the company as much as possible. Furthermore, Mr. Vinh
has a "Human Asset Approach". This involves viewing employees as valuable assets
to the organization. For example, Golden Gate invests heavily in human resource
training from offline to online forms. At the same time, businesses are very
interested in taking care of their workers' lives. In particular, this company spends
1% of revenue to prepare meals for employees at the restaurant, helping them work
with peace of mind. After a while, they conducted a survey. The results show that
xi
there are 82% of employees are satisfied with their work, 93% of employees always
try their best and only 77% think that development opportunities at the company are
for them. He prioritizes the company's human resources, always listens to everyone
from the smallest problems in the organizational structure and is also ready to come
up with quick solutions to bring Golden Group Gate reach international level. The
2019 unemployment rate in Golden Gate is 90%. By 2020, this rate dropped to 70%
and continued to decrease in the following years thanks to the power of finding the
right employee happiness.

Build relationships between people in the company

Mr. Vinh's subordinate leaders are sociable people, always trying to talk, listen and
create friendliness with employees by coming to the employee's work area to discuss
and chat. During work, when needing support from superiors, employees can easily
contact superiors via phone, email, WhatsApp... all requests are responded to in the
shortest possible time determined. Superiors always show respect and trust to
employees, always try to create a happy atmosphere in the company, making
employees happy and comfortable when working. Currently, the company has a
young, enthusiastic, dedicated and dynamic management team, so the gap between
management and employees is not too far apart. To be able to create an exchange
environment and increase more positive relationships and find new talents that have
not been identified in the company. The Board of Directors regularly organizes
events such as vacations, teambuilding, "March 8", mid-autumn festival, literary
block meetings and sports activities, ... There are competitions such as: Golden-G,
Ring The Golden Bell, G-Talents, G-Chefs, G-Cups, ... At the end of the year there
will be a "Year End Party" which is a year-end party to celebrate and honor. the
company's successes throughout the year. All of the above events and activities help
create good relationships between employees and from employees with management
and leadership.
It can be seen that democracy is a common characteristic of most of Mr. Vinh's
leaders and subordinate managers. He also encourages creating events and
competitions to increase relationships between people in the company. From here it
can be seen that Mr. Vinh has a democratic leadership style through the staff, events,
culture and working environment he has created.

xii
3.3. Advantages and disadvantages of democratic leadership style
Advantages:
 High-quality, informed decisions.
 Followers are more creative and proactive more decision making.
 Persistent follower effective, even if the leader not in the room.
 Communicate well with people and be proactive at work.
 Followers have high levels of satisfaction and are more engaged with the
company.

Disadvantages:
 Not helpful under pressure high and short time if the work needs to be
completed earlier than the planned progress.
 Conflicts easily occur between employees because each person has an opinion
and cannot agree on their opinions.
 Not helpful for employees who don't have the trust of their leader.

3.4. Transformational leader

Mr. Dao The Vinh also has the characteristics of a transformational leader
- Creative: he can have unique initiatives in establishing dozens of new brands
and many restaurants with many unique types from many different countries.
For example, Kichi-Kichi conveyor belt hot pot is one of the conveyor belt hot
pot restaurants in Vietnam, or GoGi House is the number 1 delicious Korean
barbecue, ... this is a famous brand of Golden Gate.

- Interactive: Golden Gate follows the strategy "If employees are happy,
customers will be satisfied". The company conducted another survey with many
criteria such as: whether employees are satisfied with their work or not, whether
they care about their role in the company's vision or not... After the survey, the
board of directors Golden Gate leadership acknowledges shortcomings,
recognizes contributions and changes. In addition, employees are not only
recognized for their contributions by receiving material rewards, but also praise
to help employees have a positive psychology, thereby performing positive
behavior.

- Visionary: he got the idea for Ashima mushroom hotpot from a trip to China to
attend a tea exhibition and he tried mushroom hotpot in the Shangri-La region.
At that time, there were almost no restaurant chains on the market, there was
only one KFC chain but it was fast food, and there was no casual dining, so
Ashima had the advantage of gradually duplicating it. After Ashima, there is
Kichi-Kichi, then many hot pot chains like Sumo BBQ, GoGi House... then beer
clubs like Vuvuzela, Japanese buffet restaurant chain iSushi.

xiii
 - Empowering: Giving autonomy to personnel in situations that need to be
handled immediately. The rule is not to judge wrong or right about the decision
of the empowered person, what is important is how the action is directed
towards the customer. Customers are the target for decision making. In addition,
Golden Gate also focuses more on taking care of employees' lives. For example,
set aside 1% of revenue to prepare meals for employees at the restaurant,
helping them work with peace of mind.

- Passionate: Mr. Vinh has been completely focused on the restaurant business for
the past 17 years. He has also failed with 5-6 brands and the reason is not the
same: no market research, no idea. right about the needs, the business plan was
not feasible, chose the wrong location... But he was still persistent and
passionate about his brands.

It can be said that Dao The Vinh has a democratic leadership style and is an effective
leader. Through an open, listening, empowering environment and culture. At the
same time, has a human asset approach specifically managing for success through
policies, programs and people principles. Mr. Dao The Vinh's democratic leadership
style not only helps him gain the respect and trust of employees but also creates core
values for the company. The company has achieved outstanding achievements in the
business sector thanks to investing in employee quality and encouraging them to
participate and contribute intellectually at work. The democratic leadership style is
applied and encouraged by many famous leaders and is one of the most effective
leadership styles today. This leadership style not only benefits the leader but also the
team and organization.

3.5. Cultural organization

Taking customers as the center and considering it a strategy that brings high results
will help businesses develop sustainably. However, the most important task is to
build an internal cultural foundation – where customer service is created – in
addition to many other tasks to enhance customer experience. The organizational
culture that Mr. Dao The Vinh has created at Golden Gate is:
INTEGRITY
Integrity is doing the right thing, even when no one is watching
- Put common goals above personal interests, prioritize the company's
development from democratic rights that make employees feel comfortable
working.
- Straight, focus on solving immediate problems in a professional manner
- Commit to your words, the word "trust" is always placed first
HUMANITIES
Humanity is loving people and acting kindly
- Play fair, impartiality and integrity in all work

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- Be kind (Do things from the heart), chat comfortably with staff as well as be
ready to solve any problems from staff at all levels
- Grateful to the team, be happy and proud of what we have
HIGH PERFORMANCE
High performance is working quickly, accurately and creating outstanding value
- Put yourself at the root of the problem, for the situational leadership style made
him more concentrate in solving the problem
- Perfect every day, push up your performance and motivate yourself

In short, his leadership style greatly affects organizational culture. Dao The Vinh has
created an organizational culture that emphasizes collectivity by placing common
goals above personal interests. Next, the elements of “playing fair” and “putting
yourself at the root of the problem” demonstrate low power distance because he
focuses on solving problems quickly, professionally, and every employee at every
level is involved. can contribute or be responsible for solving the problem represents
a democratic environment and small power distance. Finally, he encourages people
to communicate and solve problems frankly with each other, or in other words,
promote Low-context.

xv
 4. WHAT'S HAPPENED
4.1. Late 2019
In 2019, the basic profit per share (EPS) of Golden Gate Trading and Services Joint
Stock Company (Golden Gate) reached 42,485 VND/share, return on equity (ROE)
up to 26%.
The "beautiful" profitability indicators mentioned above are the result of a year of
strong growth in Golden Gate's business activities.
Specifically, in 2019, Golden Gate recorded static revenue of VND 4,776 billion, an
increase of 20% compared to the previous year; Profit after tax increased to 321.44
billion VND, an increase of 19%.
The company's revenue from selling food and goods in 2019 alone reached more
than 4,756.3 billion VND, while the cost price was only 1,852 billion VND,
equivalent to a decreasing profit margin of up to 61.06%.
The foundation for these mature numbers is the more than 20 brand chain restaurants
and a staff of 15,558 people that Golden Gate owns.
.
4.2. In 2020
The COVID-19 pandemic has pushed the global economy into one of the worst
recessions in history, with no end date in sight. The rapid pace of the outbreak has
forced many countries and regions to implement quarantine and closure measures,
causing economic activity to decline sharply. For the domestic economy, thanks to
the government's scientific and effective anti-epidemic measures, Vietnam is one of
the rare economies that still maintains a positive growth rate in 2020 with GDP
growth. reached 2.91% and belongs to the group of countries with the highest
economic growth in the world.
However, specifically for the food service industry, the COVID-19 pandemic has
had a severe impact. Specifically, first in April 2020, Vietnam implemented social
distancing nationwide, restaurant business activities therefore became paralyzed. The
second wave of the epidemic in August 2020 and information about infections
directly affected the restaurant's business operations. In addition, the frozen
international tourism market and limited domestic tourism are also a reason for the
sharp decline in the number of F&B customers in general and especially at tourist
destinations.
In the context of the market facing many difficulties and challenges, the Company
has made many efforts to ensure business efficiency and minimize the decrease in
profits compared to the previous year. By the end of the year, the Company achieved
Net Revenue of 4,559 billion VND, equivalent to 97% of the year plan and Profit
after tax reached 65 billion VND, equal to 43% of expectations. Regarding the
restaurant network, at the end of 2020, the Company had a number of 383
restaurants, an increase of 32 restaurants compared to the end of 2019.

xvi
4.3. In 2021
Golden Gate recorded a 27% decrease in interest rates compared to 2020 due to the
COVID-19 epidemic
The market context faces many difficulties and challenges. The company has made
many efforts to ensure business efficiency, applying flexible planning methods and
responding to each stage depending on the situation. Although in 2021, in
compliance with epidemic prevention regulations of provinces and cities, the
company had to close restaurants for 1/3 of the operating days of the year. However,
the company still achieved revenue of VND 3,320 billion, equal to 73% of 2020.

4.4. In 2022
The year 2022 marks Golden Gate's strong recovery after difficulties caused by the
COVID-19 epidemic. Except for the first quarter, which was still affected by social
distancing in the Northern region, Golden Gate's restaurants returned to normal
operations helping the Company regain revenue growth after 2 years of the
epidemic. In 2022, GG's total net revenue is set at 6,965 billion VND, an increase of
110% compared to 2021. The company's profit after tax also goes upstream from a
loss to a profit of 658 billion VND. This business result has completed all goals of
the company's yearly business plan.

xvii
5. HOW DID THE LEADERS MANAGE THE CRISIS?
The Golden Gate Trading Services Company has revealed that their chain of
restaurants, boasting 20 brands and 400 establishments, faced a significant challenge
during the implementation of social distancing measures to curb the spread of the
COVID-19 pandemic. Throughout this period, all 400 restaurants nationwide were
forced to close their doors for a duration of four months.
In the year 2020, the company experienced a decline in revenue for the first time,
dropping to 4,559 billion VND compared to the previous fiscal year's 4,776 billion
VND. Despite this, the company's profits also underwent a considerable downturn,
reaching only 65 billion VND, a fifth of the previous year and reverting to levels
akin to those in 2014.
To overcome these challenges, Mr. Dao The Vinh, along with other leaders at
Golden Gate, devised multiple solutions during the COVID-19 pandemic.
The company negotiated with 400 landlords, equivalent to 400 negotiations, which is
a huge undertaking for Golden Gate. Thanks to the understanding and support of the
landlords, Golden Gate successfully negotiated rent reductions ranging from 30% to
50%, some places are less, but for Golden Gate "it's more or less precious".

- Golden Gate has maintained a robust credit history with banks, even in the most
challenging times of the COVID-19 pandemic, consistently ensuring timely
repayments to avoid falling into the bad debt category. Thanks to that,
additional financial resources come not only from leaders' assets but also from
external borrowing, building on strong personal reputation. In Q3 2021, the
company successfully raised 700 billion VND through bond issuance to enhance
liquidity.

- During the most difficult days of the Covid pandemic, Dao The Vinh and
Golden Gate's Board of Directors constantly sought solutions to overcome
unprecedented challenges. Despite the restaurant's closure, Golden Gate remains
actively engaged in organizing online training sessions called GGG-eLearning
to maintain optimism among its staff. Although the closure of establishments
necessitated a reduction in temporary staff, Golden Gate retained 4,000-5,000
contracted employees. Amid tight cash flows, there were moments when some
departments received only base salaries and Golden Gate promised them close
"to be compensated when business recovers."

- Amid the impossibility of providing dine-in services, Golden Gate swiftly

adapted by transitioning its business model, focusing on online sales and
takeaway services. Golden Gate has launched the G-Delivery service, delivering
food directly from the restaurant to the customers' doorstep, along with creating
various combo deals for customers to enjoy high-quality restaurant-standard
meals at home without having to go out. Additionally, the G-Delivery service
offers convenience by allowing customers to borrow grills or hot pots for free,
enabling them to cook even after ordering from anywhere. During the pandemic,

xviii
 enjoying grilled dishes and hot pots will be the safest option, as cooking meals
at home ensures the safety of customers. The company then expanded the range
of products by packaging them and providing at-home catering services, while
solving the problem of food inventory and reducing short-term financial
pressure. In particular, these efforts have created a stable source of income
during the most difficult times, helping to ensure staff salaries and maintain
Golden Gate's financial stability.

6. WHAT CAN WE LEARN FROM THIS CRISIS?

The world has witnessed a COVID-19 pandemic breaking out and spreading at
breakneck speed, causing serious consequences for human health, life and activities.
The COVID-19 pandemic is taking place in an extremely unexpected direction
causing everything to fall into a state of crisis, with no immediate solution to be
found to prevent and control the epidemic. And one of the industries most affected
are businesses operating in F&B sector, including restaurants, eateries, cafes, pastry
shops, supermarkets, grocery stores... This also happens to the global economy,
when consumers demand consumption, production, trade, tourism, transportation...
all declined sharply, causing a serious and prolonged economic crisis.
In such a difficult and challenging context, leaders of F&B businesses need to have
timely strategies and actions to overcome the crisis and maintain business operations.
There will always be unexpected incidents that no one can predict or recognize, so
leaders need to have deep enough knowledge and understanding of every situation to
be able to handle every situation. They need to clearly understand the epidemic
situation, market fluctuations, needs and behaviors of customers, competitors,
partners, suppliers, employees... to be able to make decisions. suitable and effective.

6.1. Some lessons learned from the business's story

- Leaders need to be knowledgeable and decisive in adapting to change,
transforming business models and business methods, from traditional models to
modern models such as online. This helps businesses reach more customers,
increase revenue and profits, reduce costs and risks. Especially for businesses
operating in the F&B industry, an industry with high consumer demand but also
very easily affected by external factors such as epidemics, weather, trends...
Transforming business models Online business will help F&B businesses
overcome difficulties, take advantage of opportunities and develop.

- In times of crisis, a good leader not only needs to have knowledge, skills and
vision, but must also be able to allocate, identify and focus available resources
to resolve the crisis effectively. This means they need to invest in current
decisions to ensure business survival, as well as maintain business operations
under stress and pressure. Besides, they also need to forecast the next steps in
advance, to be able to adapt and develop in the future.

xix
- In difficult times and crises, one of the top priority tasks of leaders is to manage
and optimize costs. This helps businesses maintain business operations,
minimize losses and prepare for the future. By managing and optimizing costs,
leaders can reduce financial burdens, increase efficiency and productivity, and
improve profitability and competitiveness. Cost management and optimization is
a continuous process and requires creativity, flexibility and prudence from
leaders.

- Businesses need a strategy to maintain a solid financial profile. Because

financial records are one of the important factors evaluating the capacity,
efficiency and reputation of a business. Good financial records will open up
many opportunities for businesses to mobilize capital from many different
sources such as banks, investment funds, large investors... These capital sources
will help businesses recover and develop.

- The Human Assets Approach: People are one of the most important factors for
an organization to survive, maintain and develop. Therefore, in crisis contexts,
such as the COVID-19 pandemic or the economic crisis, it is also an opportunity
to screen out factors that are not suitable for the organization, such as those who
lack capacity, responsibility, or spirit of solidarity or non-compliance with
regulations. At the same time, developing human resource capacity must be
done regularly to increase the business's ability to adapt to external fluctuations,
helping the organization overcome the crisis.

In short, skills such as judgment, contingency, hypothetical situations or unexpected

countermeasures must always be mastered by leaders so that when situations arise
they can be resolved promptly. They need to be able to assess the situation
accurately and objectively, forecast future possibilities, assume the most difficult
situations and prepare preventive or reactive solutions, and at the same time quickly
adjust and improve according to reality. To solve the most difficult problems and
help businesses overcome crises so they can survive and grow strongly in the future.

xx
7. RECOMMENDATIONS
7.1. Strengthen financial management
Businesses need to implement measures to save costs and optimize capital. To do
this, businesses need to cut redundant or ineffective personnel, regularly check costs
to use capital effectively, prevent waste, and ensure enough costs for future
activities. In addition, businesses also need to consider cutting unnecessary costs and
finding new financial sources, be it loans, cooperation, cross-investment or equity
mobilization.

7.2. Personnel training and development

Focus on developing human resource capacity including training, coaching,
enhancing technical, soft skills, management, leadership, problem solving... This will
help the organization strengthen its adaptive capacity to overcome the initial step and
develop stability.

7.3. Adjust the business model

During the period of social distancing, businesses should actively transform their
business model from direct, traditional to e-commerce, which is an important and
necessary step. By using a reputable and efficient food delivery platform. If
successful, Golden Gate can expand its market and reach more customers, not only
in areas near the restaurant but also in farther places.

7.4. Product innovation

Should focus on creating new product lines to meet customer needs. These products
include dried, frozen, vacuum-packed and canned products. These products will help
customers easily preserve and use them when needed without having to go to the
restaurant to enjoy delicious dishes typical of Golden Gate

xxi
8. CONCLUSION
Becoming a leader is not easy. From the case study "GOLDEN GATE BECOMING
SUCCESSFUL COVID-19", we can see the importance of a leader. The leader is
like a captain with his far-sighted vision helping the company overcome the storm of
crisis and thereby achieve success. Not only Covid-19, there will be many other
crises waiting to appear that require leaders to be able to adapt and take timely
measures. Updating skills, technology and methods to promote organizational
development along with flexibility in constantly changing operations and innovating
business models to suit the situation is one of the things that helped Mr. Dao The
Vinh in general and Golden Gate Group in particular become successful during the
Covid-19 crisis.

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