The economic landscape of Vietnam is witnessing an increased contribution from women-founded firms. Vietnam's swift economic expansion and laissez-faire economic policies to establish inventive and expandable enterprises are helping them to capitalize. Women entrepreneurs play a crucial role in Vietnam's developing economy and inclusive growth trajectory as the country continues to draw in foreign investment. One such exemplary leader is Tu Anh Duong, the founder of Hoang Anh Services & Consulting, who brings a distinctive combination of extensive local knowledge and global competence to the table.
Engaging in an interaction with Asia Business Outlook magazine, Tu Anh shares her strategies, future roadmap, and much more. Let’s delve into it.
What specific challenges are faced by companies aiming to expand to the Vietnamese market?
Vietnam is a very dynamic but also a unique market. People are smart, hardworking, adaptive, open, and friendly, but they also deeply treasure and respect their cultural values. A one-size-fits all approach rarely succeeds. The concept of ‘think global, act local’ is highly relevant for business in Vietnam.
The competitive landscape includes not only professional MNCs but also a robust presence of SMEs and household businesses that are highly adaptive, competitive, agile, and flexible. Women account for 77 percent of the work force and 33 percent of them are in senior management positions. Vietnamese women are empowered with intelligence, independence, tenacity, and an openness to challenges. However, gender equality still faces stagnation within the traditional male-dominated culture and hierarchical system.
The implementation and commitment to sustainability and AI are still in the early stages, presenting both opportunities and challenges for businesses.
Can you share the inspiration behind the establishment of Hoang Anh Services & Consulting? What does the name ‘Hoang Anh’ symbolize for your team?
I am the third generation of women leading our business in a world traditionally dominated by men. The success of my grandmother and mother has always been a source of inspiration in my life. This led to the establishment of Hoang Anh Services & Consulting, providing business and marketing solutions, a field in which both my business partners, Colin Blackwell, Gordon Milne, and I are experts.
The name ‘Hoang Anh’ carries cultural and emotional significance for me, as it is named after my
youngest daughter. I hope to leave behind a legacy for our fourth generation of women to inherit. ‘Hoang Anh’ also evokes the image of the oriole bird, a small but beautiful bird with an exceptionally melodious voice. Just like us, small yet mighty!
What methods do you employ for your business, and how do you ensure that the insights gathered are actionable for your clients?
I prefer to describe our services as practical business and marketing solutions. Business questions always guide the methodologies we craft for our clients. My business partners and I have been involved in Vietnam’s market since the mid 90s and we bring this depth of international as well as local experience to our clients.
I was among the first generation of researchers at Nielsen Vietnam in 1997 and have accumulated credentials with international companies in Australia, the UK, Vietnam, and across ASEAN.
For us, a completed project does not mean the case is closed. We are local observers and partners of our clients, supporting them even beyond the agreed scope. Our clients often rely on us and commission us for a range of other business needs, such as business licensing, office setup, and local networking. We encourage a real, life-to-life approach, especially in a world where technology, AI, and social media risk diluting human touch and introducing biased data
What trends have you observed in the Vietnamese market that businesses should be aware of when considering entry?
Vietnam is quick to adopt any global trends. Unique trends created by Vietnamese people themselves have also become notable phenomena.
Many Vietnamese dishes have gained international acclaim, even earning spots in Michelin guides. A recent project of alcoholic beverages conducted by us for a global flavor house, Vietnamese bartenders surprised our clients with highly unique and creative cocktail recipes using simple, yet exotic, daily ingredients.
AI and ESG are also potential growth areas as they begin to play increasingly important roles in the lives of Vietnamese people.
How do cultural nuances influence business strategies in Vietnam, and how does your team help clients navigate these differences?
One example, which I am proud to highlight as both a business success and a personal achievement, involves my work with the number one sanitary napkin brand in Vietnam.
In 2014, our research found that Vietnamese women strongly wanted to break free from the stereotype of being ‘useless and overly sentimental’ and to be acknowledged as ‘sensitive but strong’. By 2018, ‘Love. Believe. Do’ campaign was a tremendous success, helping our client become a meaningful brand in the lives of young Vietnamese women and solidifying the number one position in the sanitary napkin category. In 2022, the birth of the ‘Shine Your Own Colors’ campaign garnered exceptional brand loyalty and recognition for our client.
That’s how we helped our clients recognize and navigate these cultural nuances to craft business strategies that resonate with the Vietnamese market.
Tu Anh Duong, Founder, Hoang Anh Services & Consulting
Tu Anh is now a third generation leading three family business in tourism, business and marketing. Hoang Anh Services & Consulting specializes in business and marketing consultation, with AI and ESG as new services. Nam Anh company provides business services and airline representatives. Golden Lotus Spa and Home Stay Phan Thiet promotes the beauty of Vietnamese wellness and relaxation. She is also a mentor of SME Mentoring 1on1 (the largest SME mentoring program in Indochina) and ESG programs like Mekong Deltaccellerate (funded by Australian Government).
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