F88's uncopyable "competitive weapon"

As the only pawn shop on the market, about to reach a billion-dollar valuation, F88 has almost no competitors in the alternative financial market. Many people have asked the founder of F88: Why did pawn shops fail one after another, while F88 succeeded?

The business has no rivals in the pawn market.

After going public, F88 aims to be listed on the HoSE with a valuation of 1 billion USD by 2027, while increasing its network to 1,000 transaction offices, a number that even many large banks would covet.

F88 has no competitors in the new generation pawn market in particular and the alternative financial market in general.

Although the goal is very challenging, Mr. Phung Anh Tuan, Chairman of the Board of Directors of F88, believes that the potential for the alternative financial market in Vietnam is still very large and this goal is very feasible.

Research shows that by 2024, total outstanding loans from registered pawn shops will be around $8 billion, while outstanding loans from new generation businesses will account for around 3.2%. In this segment, F88 has almost “no competitors”.

Compared to Thailand (the three largest pawnshop chains in Thailand alone have 15,500 stores, each with a capitalization of billions of USD), in Vietnam - where F88 is "alone in the market" - the scale of 1,000 transaction offices is not enough to cover the market. In other words, the growth potential of F88 in Vietnam is still very open.

F88's journey over the past 12 years is not simply a history of a business's development, but also a journey to eliminate social prejudices and affirm the alternative finance industry. F88's approval to be listed on the stock exchange shows that the company has fulfilled its commitment to the model of a transparent and civilized popular financial group.

The question many people ask is, why are so many pawnshop chains in Vietnam being established – including very successful pawnshop businesses in foreign markets – all failing in Vietnam, while F88 is successful?

Answering this question, Mr. Phung Anh Tuan, Chairman of the Board of Directors of F88 said: “Copying the F88 model is very easy, but to succeed is very difficult. If you do not build a foundation of people, management and technology, you will "go" very quickly. F88 exists and stands firm until now thanks to its emphasis on human factors and corporate culture. In F88's 12-year journey, the greatest achievement is having a team of employees with similar personalities, the same goals, vision, and corporate values."

Corporate culture is a competitive weapon that cannot be copied.

According to F88's leadership, corporate culture is "a secret weapon that cannot be copied, creating a difference for F88 in the market and is also the most important factor that helps F88 overcome all difficulties. During the media crisis in 2023, up to 99% of employees still did not leave the company. Cultural foundation and connection with employees are the factors that help the company overcome the storm.

Different corporate culture is also the reason why F88 can attract more investors, despite the difficult market period, showing that not only employees but also investors have strong faith in F88's core values.

Mr. Phung Anh Tuan, Chairman of F88 Board of Directors: F88 exists and stands firm until now thanks to its emphasis on human factors and corporate culture.

Currently, F88 has up to 4,000 employees, all of whom "know by heart" the core values ​​of the enterprise including: Integrity to the end; Agile to accelerate; Innovation to lead; Kindness from heart to action. This is also the set of behavioral standards of each F88 member.

“The mission of a business is to answer the question: why does the business exist, what do employees go to work for every day? With F88, since its inception, we have set a mission: Changing the way people approach finance to help them have a better life with fast, easy, transparent services. Thanks to a meaningful mission that brings value to society, F88 can attract employees, because every employee who goes to work feels the meaning of their work,” said Mr. Tuan.

According to many F88 employees, the typical behavioral culture at this company is sincerity, kindness, no frills, no stereotypes, an environment where everyone is respected, encouraged to express opinions and make decisions together. Being treated with respect and inspiration helps employees feel a real sense of belonging.

Looking back at the crisis period in 2023, Mr. Tuan felt lucky because the incident happened at the right time, helping the leadership to look back at themselves and improve their shortcomings. The strong recovery that followed proved that the business model was methodical, standardized, and transparent. And more importantly, this incident showed that F88's strategy of investing in people and focusing on building corporate culture was completely correct. In fact, in the most difficult period, 99% of F88's employees still chose to stay and not leave the company.

The strategy of focusing on the human factor has also helped F88 win many major awards. In 2024, F88 won the title of 'Best Workplace in Asia 2024' awarded by Great Place to Work®. In 2025, F88 continued to be honored at HR Excellence 2025 - 'Employee Engagement' category.

For F88, the 12-year journey from its establishment to its listing is not only a journey of business change but also a journey of transformation, a journey of changing prejudices. Up to now, the internal satisfaction rate and customer satisfaction index CSAT (Customer Satisfaction Score) at F88 have always reached over 90%.

Source: https://baodautu.vn/vu-khi-canh-tranh-khong-the-sao-chep-cua-f88-d385157.html