College relationship
The wife of Mr. Pham Nhat Vuong - Chairman of Vingroup Corporation, Ms. Pham Thu Huong (born in 1969) is currently Vice Chairman of the Board of Directors of Vingroup Corporation. Although she is on the list of the richest people in Vietnam, Ms. Huong is very secretive about her private life. The first time Ms. Huong appeared with her husband in the media was on January 20, 2022 at the first VinFuture Awards Ceremony.
Billionaire Pham Nhat Vuong and Ms. Pham Thu Huong have three children: Pham Nhat Quan Anh, Pham Nhat Minh Hoang and Pham Nhat Minh Anh. Their love story began in the 1980s, when they were both studying abroad in the Soviet Union. At that time, Vietnam maintained good friendly relations with Eastern European countries, especially the Soviet Union, and sent many excellent students to study in the fields of economics, finance, science and technology. For many young Vietnamese people, studying abroad in the Soviet Union was an opportunity to change their lives and escape poverty.
Portrait of Ms. Pham Thu Huong. Photo: Internet
Mr. Pham Nhat Vuong and Ms. Pham Thu Huong were outstanding young people of that period. Mr. Vuong majored in economics and geology at the Moscow Geological Institute, while Ms. Huong excelled in studying International Law. The two met through a group of Vietnamese students studying abroad in the Soviet Union, and from there their relationship began.
In 1993, Mr. Pham Nhat Vuong graduated and married Ms. Pham Thu Huong, his girlfriend from university.
Accompanying her husband in the business world
After getting married, Mr. Pham Nhat Vuong and Ms. Pham Thu Huong moved to Kharkov, Ukraine, and opened the Vietnamese restaurant Thang Long at No. 5, Aminevskoe Highway, a place with a large Vietnamese population in the 1990s. According to Fast Salt Times, during this period, the economic crisis left supermarkets in Kharkov empty, and people had to buy goods with coupons. Seeing an opportunity, Mr. Vuong returned to Vietnam to buy a rudimentary instant noodle production line, brought it to Ukraine to establish Technocom Company, and produced Mivina brand noodles. The product was quickly accepted and became a popular dish.
Initially, to have capital, the couple borrowed 10,000 USD from friends with an interest rate of 8%/month, then borrowed more from the European Bank with an interest rate of 12% to expand production to items such as dried herbs, potato powder, and soup. In 1995, Mivina noodles were launched and quickly became popular, reaching sales of 1 million packages after only one year. By 2004, 97% of Ukrainians used this product. From the initial 30 employees, Technocom developed into a famous fast food company, exporting to more than 30 countries such as Germany, Poland, and Israel. In addition to instant noodles, the company also produces mashed potatoes, spices, and packaged foods, laying the foundation for the later formation of Vingroup.
Ms. Pham Thu Huong (in orange ao dai) rarely appears in the media. Photo: Internet
Since 2000, Mr. Vuong began investing in Vietnam, establishing Vinpearl in 2000 and Vingroup in 2002. Before building Vinpearl Land and Vincom, he went to Phuket (Thailand) to learn about hotel business experience and to Singapore to learn about shopping malls.
Hon Tre Island, Nha Trang, was chosen as the site for the first Vinpearl Land, with the ambition of turning it into a luxury resort. In 2006, Vinpearl Land Nha Trang was born with 225 hotel rooms and a multi-functional entertainment complex, quickly becoming a top destination in Vietnam. In 2007, he opened Vincom Ba Trieu, the first large commercial complex in Hanoi. Three years later, the sea-crossing cable car connecting the mainland to Vinpearl Land Nha Trang was put into operation, among the longest sea-crossing cable cars in the world (as of 2018).
During this time, he frequently traveled between Vietnam and Ukraine to manage the business. Nestlé offered to buy Technocom many times but he refused. In 2009, he suddenly sold Technocom to focus on Vietnam. In 2010, the company was officially transferred to Nestlé for an undisclosed amount. At the time of the change of ownership, Technocom was still a major brand in Ukraine, with two factories in Kharkov, a revenue of 100 million USD/year, products exported to 20 countries and 1,900 employees.
Ms. Huong appeared with her husband at the VinFuture 2023 awards ceremony. Photo: Internet
In 2011, Vinpearl and Vincom merged through a share swap. In February 2012, Vingroup shares (code VIC) were officially traded on the Ho Chi Minh City Stock Exchange. From two iconic projects Vinpearl Nha Trang and Vincom Ba Trieu, Vingroup developed strongly in the first two decades of the 21st century. Besides real estate, the group also has high expectations for electric vehicle production. Vingroup's success is the mark of both Chairman Pham Nhat Vuong and Vice Chairman Pham Thu Huong.
Ms. Pham Thu Huong is different from many businesswomen in Vietnam, deeply involved in the management of Vingroup from the very beginning. Currently, she is the 6th richest person on the Vietnamese stock market with personal assets worth around 7,000 billion VND. However, she is very secretive in front of the media.
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