Businesswomen: Bravery and Confidence

Top 10 Vietnamese businesswomen announced by Forbes in 2013 include Nguyen Thi Le Hong, Chairwoman and CEO of Dong Nai Food Industry Corporation (DOFICO); Pham Thi Viet Nga, Chairwoman of Hau Giang Pharmaceutical Joint Stock Company (DHG); Nguyen Thi Phuong Thao, Executive President of Sovico Holdings; Nguyen Thi Mai Thanh, Chairwoman of Refrigeration Electrical Engineering Corporation (REE); Dinh Thi Hoa, Chairwoman of Thien Ngan Company; Truong Thi Le Khanh, Chairwoman of Vinh Hoan Corporation; Cao Thi Ngoc Dung, President and CEO of PNJ Company; Mai Kieu Lien, Chairwoman and CEO of Vinamilk; Tran Thi Huong (Tu Huong), Chairwoman of Global Group; and Nguyen Thi Nga, President of BRG Group - Intimex - SeABank. They have brought fame to Vietnamese women, although the domestic and global economies are in extreme difficulty.

As the only woman in the Management Board of DOFICO, a provincially governed State-run enterprise set up in 2005 from 16 member companies and four affiliates, Nguyen Thi Le Hong clearly specifies DOFICO’s development strategy: Focusing on food industry. With the due focus on core areas, in 2012, DOFICO’s revenue totalled VND23 trillion. Notably, animal feed production, in which she is the Chair of the Board of Directors, now ranks second in the country with 1.2 million tonnes a year.

 

Pham Thi Viet Nga joined DHG in 1988 as the General Manager. She turned a State-run ailing small company on the verge of bankruptcy into the biggest listed pharmaceutical company. In 2012, DHG’s net profit increased 18 percent to US$24 million on US$140 million of revenue. She resigned as the CEO in 2012, but remained as chairwoman in the Board of Directors where she outlines development strategies for DHG.

 

Nguyen Thi Phuong Thao is now the Managing President of Sovico Holdings, a multi-business company operating in 10 countries with a registered capital of VND1,000 billion. In addition, she is also the Vice President of HCM City Development Commercial Joint Stock Bank (HDBank) and Vice President of Vietjet Air.

Being very well-known on the market for a long time, Nguyen Thi Mai Thanh, Chairwoman of REE, has led a small enterprise into a big firm engaged in a wide range of industries, including refrigeration, real estate, electricity, and water. REE is known as the first company to go public and float its shares on the stock market. REE also developed Retech air-conditioners - the first Vietnamese branded air conditioner. In 2012, REE’s revenue and profit increased 32 percent and 28 percent year on year, respectively.

 

Dinh Thi Hoa, Chairwoman of Thien Ngan Company, was one of the first Vietnamese students to receive business administration scholarships at Harvard University (US). Galaxy Studio which distributes movies, operates cinema centres, and produces films is the most successful company run by Hoa. As of late 2012, Galaxy held 49 percent of movie production market share, 36 percent of cinema market share and 28 percent of movie distribution market share in Vietnam. She is also a majority shareholder of Thien Viet Securities Joint Stock Company.

 

Dubbed as the "Queen of basa fish”, Truong Thi Le Khanh, Chairwoman of Vinh Hoan Corporation, outlined strategies to turn a small production facility into the largest basa (pangasius) fish exporter in Vietnam by revenue whose major markets are the US and the EU. In 2012, its export revenue reached US$174 million. Since it went public in 2007, its revenue trebled and profit quadrupled in 2012.

 

Cao Thi Ngoc Dung, President and CEO of PNJ Company, played a primary role to make PNJ jewellery brand and PNJ Company the industry leader in Vietnam. From 2009 to 2012, PNJ’s return on equity (ROE) was about 22 percent.

 

Mai Kieu Lien, Chairwoman and CEO of Vinamilk - the most profitable blue-chip on the Vietnamese stock market, has led Vinamilk brand to the international market, with its product presence in 23 countries. The corporation had steady-growing revenue and profit since it listed its shares in 2006. In 2012, its revenue climbed 23 percent year on year to US$1.3 billion and net profit rose 40 percent to US$280 million.

Starting from empty hands, Tran Thi Huong, also called Tu Huong, President of Global Group, never graduated Grade 5 but she is one of the most respected businesswomen in Vietnam after nearly half a century doing business in various areas from real estate to factory and company purchase. Global Group is a major shareholder of Nam A Bank and owns many land plots across the country, including Diamond Bay in Nha Trang City.

 

Being famous for running many golf courses in the north, Nguyen Thi Nga, Chairwoman of BRG Group, Intimex and SeABank, used to be the President of Techcombank. She is now the president of BRG Group, which is engaged in banking, export-import, retail services, sports and tourism. She also invested in Hilton Hotel chain in Hanoi. She is also the President of Intimex Vietnam and the President of SeABank.

 

According to the latest statistics by the Vietnam Women Entrepreneurs Council, a quarter of enterprises are owned or run by women. Besides, a third of business households are led by women. This is special because women are not much encouraged to do business or develop personal careers in many Asian nations.

For many women, doing business is merely a way to earn a living rather than build a career. This explains why most businesses run by women have small scale and directly relate to livelihoods like consumer goods, services, agriculture, textile, leather and footwear.

 

However, their very prudence and wholeness in earning a living create amazing Vietnamese women entrepreneurs. In recent years, many companies collapsed during the economic slowdown, but many women-led firms survived and became pedestals for economic stability and social security. Remarkably, they are also very active with altruistic activities.

 

In reality, whenever there is a successful businesswoman, it is usually thought of something they do not fulfil. It seems that the society requires impossibly high, even perfectionist standards, of professional women. Hence, their successes have not been fully recognised and valued. These are “double” difficulties that they need to overcome to achieve today successes. They silently sacrifice and keep tremendously resilient.

 

Vietnamese businesswomen are constantly striving to live up to the virtues awarded by Uncle Ho, namely "Heroic, faithful, indomitable and resourceful."