Successful entrepreneurs born in the Year of the Dragon

After decades in the business world, " Doji's Rich Man," "Bau Thuy," and Mr. Ho Xuan Nang have all built their own brands and fortunes worth trillions of dong.

Mr. Do Minh Phu - Chairman of the Board of Directors of TPBank

Having been involved in the money trading business for over 10 years, many people still refer to the Chairman of Tien Phong Bank (TPBank) as "Mr. Phu DOJI". Mr. Do Minh Phu was born in 1952 (Year of the Dragon) into a family with a long history of business.

Mr. Do Minh Phu. Photo: DOJI

However, he once admitted that he was quite unlucky in business. He said that he entered both the gold and banking markets during difficult times, even near crises, instead of having a bountiful harvest laid out for him. In the gold sector, DOJI was established in the 2000s when the market already had many large, established brands with decades of history.

As for banking, also in the Year of the Dragon (2012), Mr. Phu joined TienPhongBank (the former name of TPBank) - one of the banks listed as "weak" and forced to restructure. He once likened this decision to running headfirst into a rock because, according to him at the time, the bank lacked three things: a standard method for developing a commercial bank, a competent leadership team, and technology.

However, with the experience, qualities of someone who has spent decades navigating the business world, and dedication, "Phu DOJI" successfully restructured this bank. Just 5 years after restructuring, TPBank achieved profits exceeding 1,000 billion VND from a previously loss-making bank. But during these 5 years, he said he had to sacrifice many things, such as never getting to bed before midnight, and even having to be hospitalized for extended periods. He only spent one-third of his time working at the gold company, devoting the majority to TPBank.

At the end of 2017, he also decided to step down as Chairman of DOJI – the company that made his name and shaped his business style – to become Chairman of the Board of Directors of TPBank, in accordance with the regulations of the amended Law on Credit Institutions. Furthermore, at that time, he shared with employees at both companies that there was still much work to be done with TPBank after experiencing the challenges of being a banker. In 2022, the bank reached its peak profit with pre-tax profit exceeding 9,600 billion VND. By the end of last year, the bank had 12 million customers.

Meanwhile, DOJI also achieved a profit of over 1,000 billion VND in 2022. Besides trading in gold, silver, and gemstones, the group also invests in and develops several real estate projects. Currently, both of Mr. Phu's children have followed in his footsteps and hold senior leadership roles within the group. Mr. Do Minh Duc has served as the Permanent Vice Chairman of DOJI since September 2023, while Ms. Do Vu Phuong Anh is the General Director.

Mr. Nguyen Duc Thuy - Chairman of the Board of Directors of LPBank

Born in 1976 (Year of the Dragon), Mr. Nguyen Duc Thuy is also a self-taught banker from a family with a business tradition. At the end of 2022, Mr. Thuy became Chairman of the Board of Directors of LienVietPostBank, the predecessor of the current LPBank.

In the first year under the new chairman, LPBank earned a profit of over 7,000 billion VND, a 24% increase compared to 2022. Leveraging its leading nationwide network of over 1,000 transaction points, Chairman Thuy also aims for a comprehensive transformation of LPBank in the coming years, transforming it into a top-tier retail bank in the market.

Mr. Thuy first appeared as Chairman of the Board of Directors of LPBank in April 2023. Photo: LPB

Previously, Mr. Thuy served as chairman and leader at numerous businesses in finance, securities, insurance, real estate, construction, energy, cement, etc., such as Chairman of Thai Group, Thaiholdings Joint Stock Company, Kim Lien Tourism Joint Stock Company, Phu Quoc Enclave Joint Stock Company, and Vice Chairman of Xuan Thien Ninh Thuan Solar Power Company and Xuan Thien Dak Lak Solar Power Company.

This businessman from Ninh Binh province is better known in the field of football under the name "Bau Thuy". From 2011 to 2013, he served as the Chairman of Saigon Xuan Thanh Football Club. By spending tens of billions of dong to bring star players to the team, he was considered by experts at the time to be a prime example of the motto "what can't be bought with money can be bought with a lot of money".

Recently, Mr. Nguyen Duc Thuy seems to have rediscovered his passion for football, frequently appearing in the stands at Hang Day Stadium for every match of Hanoi Police FC. Late last year, Thuy's LPBank also became a comprehensive partner of HAGL FC. Following this agreement, the team owned by Mr. Duc was renamed LPBank - HAGL.

According to Chairman Duc, he decided to seek a partner with clear and stable financial capabilities to jointly develop the HAGL club and academy. In the future, the partner may inherit the team and academy. Simultaneously, individuals associated with LPBank and Thaigroup are also expected to purchase 130 million HAGL shares in the upcoming private placement.

Mr. Ho Xuan Nang - Chairman of the Board of Directors of Phenikaa Group

Born in 1964 (Year of the Dragon), Mr. Ho Xuan Nang holds the titles of Associate Professor, Doctor of Mechanical Engineering, and Master of Business Administration. He previously worked as a lecturer at Hanoi University of Technology and then as a staff member at the Vietnam Institute of Agricultural Mechanization from 1993 to 1996.

Starting as a researcher, Mr. Nang's career quickly shifted when he took on the role of Production Director at the Ford Vietnam - Hai Duong automobile factory, and then leadership positions at the Vinaconex high-end paving stone factory (the predecessor of the current Vicostone).

Mr. Ho Xuan Nang (center) presides over Vicostone's 2023 annual general meeting. Photo: VCS

About 10 years ago, Mr. Nang caused a stir with a rare reverse takeover deal in the market. In 2014, Vicostone's shareholders' general meeting approved it becoming a subsidiary of Phenikaa Group (Phenikaa) - a new name with no manufacturing plant. The decision was made in the context of Vicostone being threatened with losing market share and operational efficiency when Phenikaa had signed a 6-year exclusive contract with Breton for quartz slab manufacturing technology.

This meant Vicostone would no longer have the right to invest in equipment from this company and would no longer have the potential for growth. However, at the end of 2014, Mr. Ho Xuan Nang, then Chairman of the Board and CEO of Vicostone, unexpectedly acquired 90% of the charter capital of the parent company Phenikaa.

Since December 2015, he has served as Chairman of the Board of Directors of Phenikaa. Through groundbreaking business strategies and a long-term vision, in a short period of time, he has transformed Phenikaa from a small company into a well-known diversified economic group in the market.

Vicostone, a subsidiary of Vicostone, is currently among the top 3 premium quartz stone brands globally, with 6 production lines and a capacity of over 3 million m2 per year. The company's products are sold in over 50 countries with approximately 10,000 dealers and partners, including demanding markets such as the US, Canada, and Australia. Between 2017 and 2022, Vicostone consistently earned profits exceeding 1 trillion VND annually. By the end of 2023, Vicostone's total assets reached over 6.4 trillion VND.

In addition to manufacturing, Phenikaa operates in fields such as education, technology, scientific research, healthcare, trade, and services. The group currently operates the Phenikaa multi-level school system and university. Mr. Nang also serves as the Chairman of the Board and General Director of Phenikaa University.

By December 31st, this businessman owned over 5.98 million VCS shares of Vicostone, equivalent to 3.74% of the capital. These shares are worth nearly 370 billion VND based on the closing price of the February 7th trading session. In the market, the Chairman of Phenikaa is also often referred to as "Nang Do Thai" (meaning "the Jewish man").

Mr. Pham Dinh Doan - Chairman of Phu Thai Group

Also born in 1964 and a graduate of Hanoi University of Technology like Mr. Ho Xuan Nang, Mr. Pham Dinh Doan is currently the Chairman of Phu Thai Group.

Mr. Pham Dinh Doan. Photo: Phu Thai

After graduating, Mr. Doan was assigned to work as a research officer at the Institute of Food Industry under the Ministry of Light Industry (now the Ministry of Industry and Trade). Thanks to his strong professional skills, he was further sent to study in Thailand and France.

In 1993, Mr. Doan returned to Vietnam but decided to abandon his scientific research career. He chose to start his own business and founded Phu Thai in 1993 with only 10 employees. At that time, he realized the opportunities in the distribution and retail market abroad had developed very strongly, while in Vietnam it was still mainly in the hands of state-owned enterprises.

In 1995, after Vietnam and the United States normalized diplomatic relations, Mr. Doan quickly seized this opportunity to do business with partners, starting with Procter & Gamble (P&G). To this day, Phu Thai remains the official distributor of P&G products in Vietnam.

With his foreign language skills, Mr. Doan was able to directly negotiate with foreign partners. Thanks to this, Phu Thai seized opportunities for cooperation with a "standing on the shoulders of giants" strategy right from the time the economy opened up. This businessman believes that cooperating with large foreign partners and corporations helps both him and Phu Thai to strive for greater success, operate more professionally, and manage more transparently. Throughout his entrepreneurial journey, he has always emphasized integrity in business.

Overcoming numerous initial difficulties, Mr. Doan is considered one of the pioneers and founders of the modern retail model in Vietnam. To date, Phu Thai has nearly 5,000 employees. In 2022, Phu Thai and its member companies achieved revenue of nearly 10,000 billion VND.

In Vietnam, Phu Thai is a distribution partner for many well-known brands such as P&G, Caterpillar (USA), Jaguar Land Rover (UK), Pon (Netherlands), BJC (Thailand), Itochu, Watakyu, Colowide (Japan), and Medion (Indonesia).

Mr. Doan also previously served as the Chairman of the Vietnam Young Entrepreneurs Association. Currently, he still holds the position of a representative in the Hanoi City People's Council for the 2021-2026 term.

Dao Huu Duy Anh - General Director of Duc Giang Chemicals

Born in 1988 (Year of the Dragon), Dao Huu Duy Anh, General Director of Duc Giang Chemical Group Joint Stock Company, belongs to the F2 generation of Vietnamese entrepreneurs. He is the son of the Chairman of the Board of Directors of Duc Giang Chemical Group - Dao Huu Huyen.

CEO of Duc Giang Chemicals - Dao Huu Duy Anh. Photo: FBNV

CEO of Duc Giang holds a Master's degree in Chemistry from the University of Cambridge (UK). Before taking on the role of managing this company with numerous subsidiaries and a market capitalization exceeding 36,000 billion VND, Duy Anh held various positions at Duc Giang.

While studying abroad, he spent almost all of his summer vacation returning to Vietnam to familiarize himself with the family business, starting from the smallest tasks. He worked as a concrete worker and a raw materials factory worker.

After returning to Vietnam, Duy Anh's first job was as an assistant to Mr. Dao Huu Huyen. It wasn't until April 2013 that he became Deputy General Director of a company within the Duc Giang Chemical Group. Since 2019, Duy Anh has been a member of the Board of Directors and Deputy General Director of the group, in charge of exports – a segment that generated over 70% of Duc Giang's revenue between 2019 and 2021.

Currently, CEO Duc Giang holds over 11.4 million DGC shares. These shares are worth nearly 1.1 trillion VND. However, Mr. Dao Huu Duy Anh once said that he doesn't really feel anything different because assets on the stock market don't fully reflect his wealth.

The CEO believes that one of his most valuable assets is his academic and technical expertise in communicating with leading experts on global chemical market trends. This allows Duc Giang to identify products experiencing supply shortages, helping to optimize production and profitability.

Anh Tú

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