“Yellow Rose” of Industrial Parks

How does one define one of the top 20 richest women on the Vietnam stock market who is currently investing in the largest number of industrial parks in Vietnam? The life of Ms. Dang Thi Hoang Yen has been a story of astonishing achievement. From humble beginnings she took advantage of her Vietnamese education and later hard-won bank loans in the United States to build a multi-national business. Fuelled by ambition her initial investment in real estate has fast developed into an international business floated on the stock exchange. More still, throughout her ascendancy Ms. Dang Thi Hoang Yen has always been as keen to pursue benevolent projects as much as economic opportunities. Her life story reflects that of the country - a meteoric ascendancy from poverty to becoming an influential player in the global economy.

Difficulties of being the biggest in the flock.

Ms. Dang Thi Hoang Yen was born as the first daughter to a poor family. As her father frequently reminded her: “you are the biggest of my flock and your brothers and sisters will follow in the way you fly”. This expectation and responsibility placed on her from a young age, combined with the economic difficulties experienced by the family, shaped the aspiration which undoubtedly underpins her success as Chairwoman of the Management Board of Tan Tao Group. Indeed, whilst at University, while her friends rode Chinese bicycles to school, she walked to school in bare feet. Not until her final year of university was she bought a secondhand bicycle by her father. But after classes she would still ride it to restaurants carring two pails of trash water to feed pigs. Determined to advance economically and make an example for her siblings Hoang Yen saved her scholarships to buy books whilst other girls spent them on clothes. In 1980 Hoang Yen graduated from the National Economic University in Ho Chi Minh City with the aspiration shared among her peers to contribute to the development of the country following its collapse in the aftermath of the Vietnam War.

The saline land Tan Tao of Binh Chanh district, one of the poorest districts of Ho Chi Minh city, was the first place Hoang Yen scattered the seeds of her new business. Whilst a range of foreign investors had failed to develop the land Hoang Yen knew that only the Vietnamese could wake up the land of the country. At this time Hoang Yen worked at the Investment Promotion Centre. Although she had no capital of her own she borrowed prudently and made plans to construct an industrial park. She has succeeded. To her the motto ‘Tan Tao’, to create new things’, was always to be fulfilled using labor and brains.

The words of the father always motivated and inspired her to ‘become the biggest of the flock’ and it would have been uncharacteristic if her ambition ended on the saline land of Tan Tao. In 1998 Hoang Yen began to seek business opportunities in the United States. With little capital and experience of the US economy Hoang Yen’s opportunities at first appeared severely limited. More still, the restrictions placed on her by a tourist visa meant bank loans were not forthcoming. However, Hoang Yen’s luck changed when she won the support of the Texas Authority. With their support the Chairwoman of Tan Tao group successfully solicited for her first large loan enabling investment in large construction projects. Since then, banks have continued to lend to her greater sums of money enabling the expansion of her American business.

Through the ups and downs under the management of Chairwoman Dang Thi Hoang Yen, Tan Tao Group has made construction investments into nine industrial parks, which in total cover thousands of hectares within Vietnam. Further, Tan Tao Corporation has attracted VND 5,309 billion of capital investment in domestic businesses and USD 140 million of foreign investment. The primary projects include the construction of urban zones, universities that meet international standards, highways and office buildings within Vietnam.

“Provide fishing-rods, not fish”.

For anyone who has ever heard her share experiences with students, her enthusiasm for the young generation is clear. In front of students she transforms from a chairwoman and the richest woman in Vietnam into a mother and a sister. Her desire to share knowledge and experiences is evident and the energy and spirit she imparts onto the younger generation to study and start up businesses in the future is truly inspirational. Instead of directly offering money to students Ms. Dang Thi Hoang Yen offers them instead useful studying tools such as yearly scholarships and computers. Indeed, as Hoang Yen puts it herself, “I always think about how to provide useful fishing-rods for students and how they will be able to help other people after graduation”.

Outside of her work and family Hoang Yen devotes her time to charitable activities which help unfortunate persons, particularly children. Furthermore, she has invested in education and given scholarships to promising teachers blighted by poverty. For example, the university construction plan for poor and excellent students is currently underway in Ho Chi Minh city. The colleges and vocational schools are expected to come into operation in 2009 and from 2010 the University of Southeast Asia, an international standard university, will start enrolling students. More still, Hoang Yen involves the managers and employees of the Tan Tao Group in her charitable work. In the past, Tan Tao Group has motivated companies to set-up welfare funds which have contributed 100 compassion houses to Chau Thanh district and VND 100 million to policy families. Additionally, through the e-newspaper of Tan Tao Group, 3 charity foundations have been established including ItaFoundation for Future, ItaFoudation for overcoming illnesses, and ItaFoundation for Healing sorrows. In June of 2007, Tan Tao Group completed and held the inauguration of Tan Tao nursery school. The school was built with the total capital of VND 4 billion on the 17,7 ha resettlement zone in the expanded Tan Tao Industrial Park.

Recently during the launching ceremony of the charity funds of Tan Tao Group, the State President Nguyen Minh Triet expressed his appreciation of the contributions of the Group and Ms. Hoang Yen to the national goal of industrialization and modernization. The President said that “The development of Tan Tao Group under Charwoman Dang Thi Hoang Yen is praiseworthy. The Group has strongly developed and supported our people and the people of neighboring countries such as Laos, Cambodia…”. On Women ‘s Day Ms. Dang Thi Hoang Yen was proud to be one of 36 businesswomen who were awarded the “Yellow Rose Cup” by the Vietnam Chamber of Commerce and Industry for significant contributions to the socio-economic development of the country and the development of the Vietnam business community.

Source: Weekend People ‘s Army Newspaper