{"id":3222,"date":"2025-06-26T16:07:19","date_gmt":"2025-06-26T09:07:19","guid":{"rendered":"https:\/\/dinhhongky.com\/\/uncategorized\/the-story-of-second-generation-entrepreneurs-f2-entrepreneurs\/"},"modified":"2025-06-26T16:07:19","modified_gmt":"2025-06-26T09:07:19","slug":"the-story-of-second-generation-entrepreneurs-f2-entrepreneurs","status":"publish","type":"post","link":"https:\/\/dinhhongky.com\/en\/uncategorized\/the-story-of-second-generation-entrepreneurs-f2-entrepreneurs\/","title":{"rendered":"The Story of Second-Generation Entrepreneurs (F2 Entrepreneurs)"},"content":{"rendered":"

\u201cFrom father to son\u201d \u2013 this saying doesn\u2019t seem to hold entirely true for many family businesses in Vietnam, especially large private companies.<\/p><\/blockquote>\n

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\"\"\"\"<\/p>\n

The desire to build regional-scale enterprises capable of competing internationally means that demands on successors are equally exacting, and the second-generation (F2) entrepreneurs face numerous challenges they must overcome.<\/p>\n

Young Entrepreneurs Under 30<\/h3>\n

One of the main features in the upcoming issue of Forbes Vietnam highlights stories of under-30 entrepreneurs\u2014many of whom are F2, the children of Vietnam\u2019s tycoons.<\/p>\n

A prominent example frequently featured in the media is the family of \u0110\u1eb7ng V\u0103n Th\u00e0nh. His children, \u0110\u1eb7ng H\u1ed3ng Anh and \u0110\u1eb7ng Hu\u1ef3nh \u1ee8c My, now serve as CEOs of family-affiliated companies in real estate and sugar industries. After enduring the upheaval of losing Sacombank\u2014an enterprise created by their parents\u2014their cautious reflections on the marketplace and partnerships reveal deep, valuable insights:<\/p>\n

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\u201cThe great lesson I\u2019ve learned is to build relationships based on sincerity, so that in times of difficulty they become reliable support,\u201d said \u0110\u1eb7ng H\u1ed3ng Anh to the press.<\/p>\n<\/blockquote>\n

Few F2 entrepreneurs have faced such dramatic corporate crises, but many are compelled to accelerate their growth in response. One daughter of a major bank chairman reportedly works until 1\u20132\u202fa.m., enduring intense pressure in a competitive sector that demands steel nerves.<\/p>\n

To step out from a predecessor\u2019s shadow, she admits needing to work 3\u20134 times harder than the average person.<\/p>\n

F2 entrepreneurs are often educated abroad and bring modern work experiences back to Vietnam. Yet this also creates conflicts between fresh ideas and traditional corporate customs established by their parents. One case in point: FPT\u2019s attempt to appoint its young CEO, Tr\u01b0\u01a1ng \u0110\u00ecnh Anh, failed due to resistance\u2014his \u201chardline\u201d management style clashed with entrenched power structures, showing that F2s must innovate while respecting history.<\/p>\n

Family-Controlled Businesses and Governance<\/h3>\n

In Vietnam, family-controlled businesses still play a crucial economic role, even if few rank among the country\u2019s largest companies. Globally, family firms are prominent in emerging economies like India, Thailand, Brazil, and Malaysia.<\/p>\n

One advantage is strong internal oversight\u2014family members can hold CEOs accountable more effectively than dispersed shareholders. After recent waves of M&A, many family businesses have learned the importance of maintaining control to safeguard long-term interests.<\/p>\n

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\u201cI learned it is vital to maintain absolute controlling rights to guarantee stable leadership. At Sacomreal, our family holds 51%. In 2014 we planned to increase that by another 15%. We are reinforcing this structure across our other businesses,\u201d said \u0110\u1eb7ng H\u1ed3ng Anh.<\/p>\n<\/blockquote>\n

For example, Minh Ph\u00fa Seafood\u2019s chairman, L\u00ea V\u0103n Quang, declined a partnership offer from Thailand\u2019s CP Food\u2014despite attractive valuations\u2014due to concerns about being taken over. Likewise, Secoin\u2019s Chairman \u0110inh H\u1ed3ng K\u1ef3 refused a high-priced offer from Thailand\u2019s SGC in 2012, affirming his commitment to keeping the company in family hands.<\/p>\n

Embracing Modern Management<\/h3>\n

While staying family-led, many Vietnamese F1 owners are adopting modern governance practices and welcoming external talent.<\/p>\n

Minh Ph\u00fa\u2019s chairman, L\u00ea V\u0103n Quang, hired experienced executives with multinational track records to oversee traditionally conservative departments like finance and marketing, shifting leadership roles away from family members.<\/p>\n

Companies such as Minh Ph\u00fa (seafood), \u0110\u1ea1i \u0110\u1ed3ng Ti\u1ebfn (plastic), and Minh Long (ceramics) have invested millions in state-of-the-art enterprise resource planning (ERP) systems. Implementing these solutions required changes at every level\u2014from assembly-line staff to the top leadership\u2014in how work is done.<\/p>\n

Looking Ahead<\/h3>\n

The first-generation (F1) entrepreneurs\u2014many of whom started from scratch\u2014still have the intellect and energy to lead. But as their companies scale, they are steadily transitioning leadership to the next generation.<\/p>\n

What remains to be seen is whether these F2 heirs will inherit not only their parents\u2019 intellect and entrepreneurial spirit but also the ability to uphold and enhance the legacy they receive.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u201cFrom father to son\u201d \u2013 this saying doesn\u2019t seem to hold entirely true for many family businesses in Vietnam, especially large private companies. The desire to build regional-scale enterprises capable of competing internationally means that demands on successors are equally exacting, and the second-generation (F2) entrepreneurs face numerous challenges they must overcome. Young Entrepreneurs Under…<\/p>\n","protected":false},"author":4,"featured_media":3221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts\/3222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/comments?post=3222"}],"version-history":[{"count":0,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts\/3222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/media\/3221"}],"wp:attachment":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/media?parent=3222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/categories?post=3222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/tags?post=3222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}