Commentary: It is deeply ingrained in the Vietnamese tradition of filial piety and absolute loyalty to the family.The new tycoon families in Vietnam have started to pass down the reins of the corporations to the younger generation.
However, is it a wise decision to hand over the compapnies’ future in the hands of young and inexperienced in their early 20’s? Loyalty is important, but competence is much more important.
The number of Vietnamese millionaires has been increasing rapidly, while the rich businessmen tend to be younger in recent years.
A lot of young ladies reportedly have the assets worth of multi-million of dollars. Most of them are the beloved daughters of the big businessmen, who have the assets through inheritance and from the business of their own.
On January 21, 2012, the HCM City Stock Exchange (HOSE) released a notice that the daughter of Nguyễn Thị Mai Thanh, President of the Refrigeration Engineering Enterprise (REE) – Nguyễn Ngọc Nhất Hạnh, registered to buy one million REE share more, thus raising her ownership ratio in the enterprise to 1.3 percent of the company’s chartered capital.
Until that day, Hạnh had held 2.16 million REE shares, worth VND40 billion ($2 million). The transaction of buying one million shares more is expected to take place on the days between January 23 and February 21.
The mother of the beautiful lady is Nguyễn Thị Mai Thanh, the president of REE, who has been considered the “soul” of the powerful enterprise over the last many years.
Hạnh, born in 1991, is really a hereditary businesswoman. She had a very impressive learning record at school and she got 8.5 marks from IELTS (International English Learning Testing System), the highest ever record in Vietnam. Especially, she got 9.0 for reading and writing when she was 18. She is applying for colleges in the USA such as Stanford University, Georgetown University and University of Southern California.
In Vietnam, the name Đặng Huỳnh Ức My, only 21, has also been very famous not because she is the daughter of Đặng Văn Thành, the former President of Sacombank, one of the biggest commercial banks in Vietnam, but also because she is a successful businesswoman.
Some days ago, local newspapers reported that My successfully bought 1.5 million BHS shares of the Bien Hoa Sugar Company. With the successful deal, Uc My, now a member of the board of directors of BHS, holds 4.84 percent of the enterprise’s capital.
In late December 2012, Uc My resigned from the post of the CEO of Thanh Thanh Cong Company, the legal entity which now holds the controlling stakes in a series of sugar companies, reasoning that she needs sometimes for relax. However, no one thinks the lady of the Dang family would “relax” for a long time.
Also in 2012, the business circle whispered in each other’s ears about the appearance of a new name – Trầm Thuyết Kiều, born in 1983, the beloved daughter of Trầm Bê, a tycoon in the finance sector.
Kiều,, who holds nearly 10 percent of shares, is now Deputy General Director of Phuong Nam Bank. She is also Deputy General Director of the Phuong Nam Gold, Silver and Gemstone Company, where she holds 4.95 million shares, or 11 percent of stakes of the company.
Prior to that, in late 2011, the daughter of Cao Thị Ngọc Dung, President and CEO of the Phu Nhuan Jewelry Company bought 324,000 PNJ shares, raising her total PNJ share amount to 2.3 million shares.
The year 2012 witnessed the great success made by many businessmen families with the appearance of many young tycoons at young ages.
Trầm Bê, one of the most influential businessmen in Vietnam, has not only succeeded in the business field, but also in his family. Two his sons Trầm Trọng Ngân and Trầm Khải Hòa and the daughter Trầm Thuyết Kiều have been put into the most important positions of the companies which he set up or the businesses whose he holds the controlling stakes.