Page 14 - Layout 1

BANKING & FINANCE

products being produced by hand from fabric
and materials created using traditional tech-
niques. “We have maintained premium quality
during our more than 50 years as a family
business, and quality is our identity,” Ms.
Linh said. “We have expanded our traditional
embroidery, making different types of products
such as homeware, fashion, and jewelry in
various designs, from classic to contemporary,
while still retaining traditional techniques.”
Family business traditions used to be a
hindrance and something Mr. Tin was keen
to change. After diving into the business and
experiencing the ups and downs of economic
cycles, however, he now has a better under-
standing of the traditions surrounding family
businesses and why they shape the heirs to
the throne. “I also realize that in order to
adapt, grow, and become more competitive,
we must retain the old while reinventing and
bringing in the new,” he explained. “It is a
delicate balancing act, but successful execution
makes it all worthwhile.”
The family having a shared understanding
of the business’s future intentions and growth
plans is a key factor, according to Ms. Hao, as
is building stronger communications within
the family about the business, both formally
and informally. During the pandemic, she
saw family members called upon to support
the family business and all did so whole-
heartedly and unconditionally to protect the
legacy. The wisdom, knowledge, and expertise
of different generations were mobilized to
help businesses survive and bounce back.
Joining Mr. Tin and Ms. Linh as business
heirs are CEO of Alphanam Real Estate Ms.
Nguyen Ngoc My, CEO of Biti’s Ms. Vuu Le
Quyen, Deputy CEO of Tan Hiep Phat Ms.
Tran Uyen Phuong, and Deputy CEO of Minh
Long 1 Mr. Ly Huy Sang, among others. They
have successfully inherited the family legacy
from their parents and run the family business
in a sustainable manner. While the older gen-
eration can contribute life-long lessons, the
younger members bring in technological
Four generations of the family of Ms. Nguyen Thuy Linh, General Director of Tan My Fashion Design. know-how and skills, adopting digital trans-
formation and professionalizing the business
to enhance efficiency in the short term and
- Harmonizing tradition and modernity the opportunity to study abroad and has trav- improve competitiveness in the long term.
Vietnam’s economy is undoubtedly moving elled widely to see development and business
forward once more and as local family busi- trends around the world. “I have incorporated Retaining core values
nesses continue to focus on building for the traditional and modern touches into my busi- Family businesses and State-owned enter-
future, they will likely remain in the driver’s ness strategies and especially into our prod- prises have been the bedrock of Vietnam’s
seat of the economic recovery and provide ucts,” she said. “We use traditional materials economic development for decades, with the
important guideposts for others to follow, and hand-made production methods to create former proving their resilience and willingness
according to Ms. Lam Thi Ngoc Hao, Head products designed in a contemporary style to adapt to the ever-changing and dynamic
of National Corporates and Business Trans- in line with modern trends. Our products market that is Vietnam. “Great businesses
formation at KPMG Vietnam. possess a special feature: harmony between have strong corporate cultures, and culture
Another heir, Ms. Nguyen Thuy Linh, tradition and modernity.” is one of the driving forces and also the ‘North
General Director of Tan My Fashion Design, Such traditions have influenced her think- Star’ for any business,” Mr. Tin said. “Family
a renowned traditional embroidery business ing and the way she does business. She has businesses add that extra layer of cultural
headquartered in Hanoi, feels fortunate to always been proud to be Vietnamese and is complexity. While conventional businesses
have inherited business traditions from her passionate about promoting her family’s con- may change leadership every five to 15 years,
grandmother and mother. She has also had servative values, with all “Made in Vietnam” the founders of family business can remain

12 | VIETNAM ECONOMIC TIMES | JUNE 2021