Vietnamese next-gen family business leaders empowered to make impactful changes

Tiếng Việt

Vietnamese next-gen family business leaders empowered to make impactful changes

A new generation of young and talented Vietnamese men and women has demonstrated their strong leadership skills and knowledge to help their family businesses build resilience and grow during and post the COVID-19 pandemic.

As part of the Roadmaps to Management Success series, RMIT School of Business & Management hosted the hybrid second event titled Getting it right: Management transitions from founders to the next generation with the attendance of nearly 400 second-generation chief executive officers (CEOs), industry professionals, academics, and students.

The event highlighted the importance of family businesses in the Vietnamese economy and key takeaways from next-gen leaders to nurture transgenerational entrepreneurship.

CEO of Tan Thanh Furniture Mr Quang Pham, Founder of Rabity kids' fashion Ms Hanh Tran, COO of Q Industries Group Mr Kwan Yi Quek, and RMIT lecturer and moderator Antoine Goupille discussed the importance of family businesses in the Vietnamese economy.

Ms Tran Hong Hanh, founder of Rabity kids' fashion, part of the Tan Phu Ltd family business, explained what empowered her to establish a new retail venture in addition to the original manufacturing activity of the family business.

“It was exceedingly difficult for me to convince my parents to innovate and launch a fashion brand without our family name in it. My parents had a more conservative mindset, and I had to prove it was the way to develop the family business further,” Ms Hanh said.

Ms Hanh’s innovative thinking has allowed Rabity to open over 80 stores across Vietnam and Cambodia. She attributes her success to her previous management experience in non-family and international businesses and to the knowledge and skills received during her business degree at RMIT.

Chief Executive Officer of Tan Thanh Furniture Mr Quang Pham presented the many challenges he encountered and the lessons he has learned since he stepped in to lead the business upon his parents retirement.

What was most difficult according to him, is that he had to put in countless hours of work every day for many years, “I came to the office first and left last” to prove he was the right leader and change the organisational culture.

As a successful leader of a flourishing corporation, Mr Quang stresses the importance of having a good mentor in the initial stages of the transition.

Mr Kwan Yi Quek, Chief Operating Officer of Q Industries Group, a global Hospitality supplier from Singapore, shared his particular experience as a second-generation leader and suggested three key takeaways.

“Bring into the team a trusted mentor/coach who can help bridge the generational gap, know what your strengths and weaknesses are, and there are no secret recipes, only best practices,” Mr Quek said.

Six panellists at the event smiling at the camera

The next-gen family business leaders (second, third, and fourth from left) together with RMIT academics presented at the event Getting it right: Management transitions from founders to the next generation.

RMIT lecturer and event organiser Antoine Goupille concluded the event by emphasising RMIT’s responsibility in best preparing future leaders.

“It is great to see so many future business leaders attend the event, and for them to have the opportunity to learn from the experiences of our guest speakers,” Mr Goupille said.

“Aligned with trends in the modern business world, I believe RMIT programs will set students on the path to becoming business leaders in any industry.”

Story: Antoine Goupille and Thuy Le

Business and management

Media Release

09 August 2022