Revealing the 2 Do brothers behind Diana, DOJI, TPBank

(Dan Tri) - The founders and operators of the DOJI Group ecosystem are two brothers, Mr. Do Minh Phu and Do Anh Tu. Mr. Do Anh Tu recently resigned from the Board of Directors of TPBank.

Starting a business from the gemstone fever

The two brothers Mr. Do Minh Phu (founder of DOJI Group) and Do Anh Tu were born into a family with a tradition of business. Mr. Phu was a student of radio electronics at the University of Technology from 1970 to 1972. After 1976, he was discharged from the army and continued to study at the Hanoi University of Technology.

In 1994, Mr. Phu founded his own company called TTD Technology and Trading Development Company Limited (abbreviation of Technology and Trading Development) - the predecessor of DOJI Group Joint Stock Company (DOJI). As a unit holding Vietnam's gemstone processing technology, with a lot of experience in the field of gemstone mining and cutting, TTD company developed rapidly.

During the 2007-2008 period, when the economic crisis occurred in Vietnam, most businesses were shrinking. Mr. Do Minh Phu decided to acquire a number of companies in the industry including SJC Hanoi, SJC Da Nang and Yen Bai Gemstone and Gold Joint Stock Company. TTD Company was restructured and became DOJI Gold and Gemstone Group as it is today.

Mr. Do Minh Phu and Mr. Do Anh Tu (Photo: DOJI).

The names of Mr. Phu and Mr. Tu are also associated with the Diana sanitary napkin brand. The story of founding this brand began with Mr. Do Anh Tu's study and work in Czechoslovakia. Mr. Tu is a former student of Hanoi University of Foreign Languages.

In 1979, he went to Czechoslovakia to study power machinery at the Faculty of Machinery, Technical University of Prague. In 1989, he successfully defended his PhD thesis at the Technical University of Prague. After that, he worked at the Refrigeration Research Institute, Prague 5 and as a system programming engineer at Czechoslovak Airlines CSA.

In the 1990s, with his business acumen, his family began importing Czech glass to sell in Vietnam. His mother suggested using sanitary napkins to line the product to reduce impact, and then it could be used again. At that time, sanitary napkins were still not popular in Vietnam.

From this idea, Mr. Tu planned to research the market, find products, design packaging, build a business plan,... and returned to the country to start a business with the support of Mr. Phu. This product quickly dominated the domestic market.

In 2011, Mr. Do Minh Phu and his brothers sold 95% of Diana shares to Unicharm Group (Japan) with an estimated transaction value of up to 184 million USD. This deal marked one of the most notable M&A deals in Vietnam during that time.

Entering the banking sector

In 2011, the State Bank announced a list of nine weak banks that were required to be restructured, including Tien Phong Bank. This bank was established in 2008 with FPT Corporation as its founding shareholder.

In 2012, DOJI Group participated in the restructuring of Tien Phong Bank by investing 20% of its equity capital. Mr. Do Minh Phu became Chairman of the Board of Directors and Mr. Do Anh Tu was Vice Chairman of the Board of Directors. In 2024, TPBank achieved pre-tax profit of nearly VND 7,600 billion, an increase of 36% over the previous year and exceeding the set plan.

Mr. Do Minh Phu is Chairman of TPBank (Photo: TPB).

According to the update until the end of August 2024 on shareholders owning 1% or more of charter capital as prescribed in the Law on Credit Institutions, DOJI Group holds 5.93% of TPBank's capital. Mr. Do Anh Tu holds 3.71% of TPBank's capital. Mr. Tu's son and daughter, Mr. Do Minh Quan and Ms. Do Quynh Anh, hold 3.34% and 3.07% of the bank's capital, respectively.

In addition, Mr. Tu is also Vice Chairman of the Board of Directors of Diana Joint Stock Company under Unicharm Group, Japan, Chairman of the Board of Directors of Tien Phong Securities Joint Stock Company.

On March 18, Mr. Tu submitted his resignation as a member of the Board of Directors at TPBank. The bank has just announced that it has accepted Mr. Tu's request based on his personal wishes.

On the morning of March 21, Tien Phong Securities Joint Stock Company (TPS - stock code: ORS) also announced that it had received the resignation letter from Mr. Do Anh Tu as a member of the Board of Directors.

Relationship between TPBank and businesses related to DOJI

TPBank's 2024 governance report shows the relationship between this bank and businesses in the ecosystem of DOJI Group.

In March 2024, TPBank approved the issuance of a guarantee to ensure the implementation of the investment project for Dragon Real Estate Development Joint Stock Company. Previously, in December 2023, the bank also granted credit to the company according to Resolution No. 68/2023 of the Board of Directors.

In April 2024, TPBank's Board of Directors passed a resolution approving the re-issuance of a credit limit to Tien Phong Securities Joint Stock Company (stock code: ORS). In August 2024, this unit approved the re-issuance of a credit limit to a customer, Diana Unicharm Joint Stock Company. In September 2024, the bank approved the issuance of a credit limit to DOJI Group.

According to information from the National Business Registration Portal, Dragon Real Estate Development Joint Stock Company was established on November 25, 2023, headquartered in Ngo Quyen District, Hai Phong City. The legal representatives are General Director Dang Thanh Huyen (born in 1980) and Chairwoman of the Board of Directors Ms. Le Thi Hien (born in 1979).

The company's charter capital at the time of establishment was VND 1,650 billion. The company has 3 shareholders including DOJI LAND Real Estate Investment Company Limited (holding 66%), a member of DOJI Group, Phuc Thinh Construction and Engineering Company Limited (holding 33.9%) and Mr. Duong Anh Tuan (holding 0.1%).

On December 6, 2023, this newly established enterprise announced the purchase of 27.6 million TPB shares, equivalent to 1.25% of charter capital. By December 9, 2023, this enterprise increased its charter capital to VND 2,260 billion, the shareholder structure was not disclosed.

In addition, DOJILand was established by DOJI Group in November 2014 to implement real estate projects such as DOJI Tower, Golden Crown Hai Phong, Diamond Crown Hai Phong.

Phuc Thinh Construction and Engineering Company Limited was established in July 2016, headquartered in Dong Da, Hanoi. Its main business lines are real estate and civil engineering construction.

On December 24, 2024, Phuc Thinh increased its capital to VND 2,450 billion. Of which, DOJI contributed more than VND 1,447 billion (more than 59% of charter capital), DOJILand contributed VND 1,000 billion (more than 40.8% of charter capital) and Ms. Do Vu Phuong Anh (Mr. Do Minh Phu's daughter) contributed nearly VND 2.4 billion.

Shareholder structure of Phuc Thinh Construction and Engineering Company Limited (Photo: DKKD).

Mr. Duong Anh Tuan (born in 1960) has been Deputy General Director of DOJI Group since 2007. He was a researcher in Material Technology and Gemology, Institute of Physics, Vietnam Academy of Science and Technology from 1981 to 1990. After that, he worked as Head of Gemstone Engineering Department of VIGEMTEC Gemstone Joint Venture Company and Head of Gemstone Engineering Department at TTD Company.

Mr. Tuan is also Chairman of the Board of Directors, General Director and legal representative of Hai Phong Invest Joint Stock Company.

TPBank's 2023 management report shows that in March 2023, the bank approved the provision of medium- and long-term credit to Hai Phong Invest Joint Stock Company. In April 2023, the bank's Board of Directors passed a resolution approving the amendment of the credit conditions of the medium- and long-term credit granted to this enterprise.

This enterprise is the direct investor of the Diamond Crown Hai Phong Complex project. This company currently has a charter capital of VND1,520 billion.