Choose the right person to trust

The news that has attracted attention in recent days is that Mr. Le Phuoc Vu - Chairman of the Board of Directors (BOD) of Hoa Sen Group (HSG) - shared about his plan to transfer shares in the company to his youngest daughter within the next 7-10 years.

According to the 2023 management report of Hoa Sen Group Corporation, Mr. Le Phuoc Vu has 3 children: Le Hoang Vu Tri, Le Hoang Dieu Tam and Le Hoang Dieu Thien. All 3 do not own shares in Hoa Sen. Meanwhile, Mr. Vu owns 104.8 million HSG shares, equivalent to more than 17% of the company's capital, worth about 2,200 billion VND.

Previously, steel tycoon Le Phuoc Vu shared many times about his intention to transfer all shares to a charity fund after taking refuge in the Triple Gem in mid-July 2020 and living in the mountains, running the business remotely.

According to the original plan, Mr. Vu would withdraw from the company in 2026, on the occasion of the 25th anniversary of the business's founding, and would live the life of a monk.

However, at the 2024 shareholders' meeting on March 18, Mr. Vu abandoned the plan to transfer shares to a charity fund, as well as the option of selling shares to raise money. Instead, the HSG Chairman plans to transfer the group's management rights to his 23-year-old youngest daughter within the next 7-10 years.

Mr. Vu's youngest daughter, Le Hoang Dieu Thien (born 2001), is studying for two university degrees in Australia. She is expected to be able to run the group, according to Mr. Vu, thanks to her honesty.

Dieu Thien will be tested in the smallest positions to train and the transfer will take many years to know if he has enough qualities or not. This is considered a commitment, a burden because according to Mr. Vu, when there is a lot of money but greed cannot be controlled, it can bring disaster.

Recently, the discreet daughter of Mr. Dang Thanh Tam - Dang Nguyen Quynh Anh - has also joined the Board of Directors of Kinh Bac Urban Development Corporation - a leading industrial real estate enterprise in Vietnam.

Previously, Dang Nguyen Quynh Anh held the title of "the richest 9X woman on the Vietnamese stock market". Quynh Anh (1991) currently holds more than 13.3 million KBC shares, equivalent to more than 1.7% of this enterprise's capital. Quynh Anh is also the representative of Vinatex - Tan Tao Investment JSC, holding more than 39 million Kinh Bac shares, equivalent to more than 5.1%.

Like many other daughters of rich people, Quynh Anh has a good education, studied abroad in the US and worked as a data analyst for a foreign company.

Share assets or shoulder the family business?

In recent years, many first-generation entrepreneurs have begun to let their children own shares in the family business. Owning shares is also seen as an initial step towards participating in the management of the company.

In early 2024, Le Thi Minh Ngoc - daughter of Mr. Le Van Quang and Ms. Chu Thi Binh - spent about 200 billion to buy more than 11 million MPC shares of Minh Phu Seafood, equivalent to 2.76% of capital.

In 2023, the daughter of Techcombank Chairman Ho Hung Anh - Ho Thuy Anh - bought more than 82 million Techcombank (TCB) shares, worth thousands of billions of VND, thereby increasing her ownership to nearly 105 million TCB shares.

The daughter of Vice Chairman of TPBank (TPB) Do Anh Tu holds nearly 3.1% of TPB shares. The daughter of tycoon Ngo Chi Dung, Chairman of VPBank, owns 10.8 million VPB shares, worth about 200 billion VND.

Previously, investors witnessed many cases of daughters being quite successful in taking over family businesses.

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Daughter of OCB bank tycoon. Photo: OCB

At Orient Commercial Joint Stock Bank (OCB), Chairman Trinh Van Tuan's daughter, Trinh Thi Mai Anh (born 1992), is a member of the bank's Board of Directors. She is also the only female born in the 90s on the Board of Directors of a bank in Vietnam. Trinh Thi Mai currently owns 2.94% of OCB shares, worth about VND890 billion.

In mid-July 2022, Madam Nguyen Thi Nga's daughter - Le Thu Thuy (1983) - left the position of General Director of SeABank after a 5-year term, but continued to participate in the bank's management as Vice Chairwoman of the Board of Directors. Ms. Thuy has been a Standing Member of the Board of Directors of SeABank since 2009, when she was only 26 years old.

During Ms. Thuy's tenure as CEO, SeABank has had many positive changes. In March 2021, SeABank officially listed more than 1.2 billion SSB shares on the Ho Chi Minh City Stock Exchange - HOSE (HSX) with a reference price of VND 16,800/share.

SeABank is one of the mid-sized banks with the strongest growth in recent years.

Ms. Thuy is highly educated, graduating with a bachelor's degree in Business Administration and a bachelor's degree in Banking and Finance from George Mason University, USA. She owns SeABank shares worth thousands of billions of VND.

At the Thanh Thanh Cong sugar empire, Ms. Dang Huynh Uc My - daughter of tycoon Dang Van Thanh and Ms. Huynh Bich Ngoc have made many great contributions to Thanh Thanh Cong Bien Hoa Joint Stock Company (SBT). Ms. Uc My is currently the Vice President of SBT.

Ms. Dang Huynh Uc My (1981) is known as the sugar princess of Vietnam, succeeding the "sugar queen" Huynh Bich Ngoc.

Under the leadership of Mrs. My and her daughter, SBT has taken the number 1 position in the Vietnamese sugar industry after carrying out a series of high-profile deals, including the acquisition of Mr. Doan Nguyen Duc's (Bau Duc) sugar division. Thanh Thanh Cong Investment JSC currently holds more than 26.7% of SBT shares, Mrs. Uc My holds nearly 16.7%; and Mrs. Bich Ngoc holds nearly 10.7%.

The phenomenon of mysterious young daughters and young ladies of Vietnamese tycoons continuously appearing as shareholders holding a large amount of shares or/and holding important positions in businesses has recently become common.

This is considered the next generation, regardless of gender, for the generation of entrepreneurs formed after the renovation period who are about to enter their twilight years.

Young masters and daughters leave hot seats to sit in boss positions. Many young masters and daughters of Vietnamese tycoons have withdrawn from their leading positions at leading businesses in the stock market and sit in boss positions.