The emergence of the next generation in businessman Thuy’s family is drawing attention in financial circles as LPBank Securities JSC, LPBS, has completed a large-scale IPO.

LPBS successfully distributed more than 141.75 million shares at VND30,000 per share, raising over VND4.256 trillion and increasing charter capital to over VND14.086 trillion, joining the group of securities firms with charter capital exceeding VND10 trillion.

The list of major shareholders after the IPO include two children of Thuy - Nguyen Xuan Thai and Nguyen Ngoc My Anh; each own more than 190 million LPBS shares, equivalent to nearly 13.5 percent of charter capital. Combined, the two hold over 380 million shares, worth about VND11.4 trillion based on the IPO price.

This is the first time that the F2 generation of tycoon Nguyen Duc Thuy’s family has appeared with assets large enough to become one of the most notable individual shareholder groups on the stock market.

Not only holding large assets, both have also begun joining corporate management.

Nguyen Xuan Thai, born in 2003, though only 23 years old, has held multiple positions in family ecosystem companies. He was nominated to LPBS’s Board of Directors, is a board member of Phu Dong Sports Investment JSC, the entity owning Ninh Binh Football Club, and also serves as Vice Chair of the Board at Sacom Crypto Asset Exchange JSC, SCEX.

Meanwhile, Nguyen Ngoc My Anh, born in 2001, was former CEO of ThaiSpace and currently chairs Ninh Binh Football Club. In early June, both joined Sacombank, STB, when Nguyen Xuan Thai was appointed assistant to the Board of Directors and My Anh became assistant to the general director.

Holding very large stakes while appearing in management roles shows that the second generation of Bau Thuy’s (Boss Thuy) family is being prepared for bigger roles in the business ecosystem.

Power transition among tycoons 

The appearance of Nguyen Duc Thuy’s two children reflects the generational transition trend becoming increasingly clear among Vietnamese entrepreneurs.

Nguyen Duc Thuy is one of the prominent entrepreneurs of the founding generation. He was former chair of ThaiGroup, Thaiholdings, LPBank, and is currently standing vice chair of Sacombank’s Board of Directors. Over more than two decades in business, he built his mark across real estate, banking, securities, and football.

His family now has influence at many large enterprises. Besides his leadership role at Sacombank, the ecosystem extends to LPBS, SCEX, multiple football clubs, and a series of related companies. Notably, SCEX is among the firms being considered to join Vietnam’s pilot program for the crypto asset market, a field expected to grow strongly as the legal framework is completed.

The fact that Thuy’s two children hold tens of trillions VND in shares and take management roles shows the transition is not just an asset handover but has begun expanding into executive power.

This trend is also occurring at many large corporations and banks.

At ACB, Chairman Tran Hung Huy is a typical example of F2 directly running and leading the bank after restructuring.

At Vingroup, dollar billionaire Pham Nhat Vuong in recent years has gradually brought the next generation into the ecosystem alongside a professional management team.

At TPBank and DOJI, the children of Do Minh Phu have joined the ownership structure. The family of Ho Hung Anh at Techcombank also transferred very large shareholdings to his two children, each holding tens of trillions VND in assets.

Meanwhile, Do Quang Hien’s family has seen Do Quang Vinh take the role of Vice Chair of SHB, while at SeABank, Le Thu Thuy is a key figure tied to entrepreneur Nguyen Thi Nga’s family.

The increasing presence of F2 in major private groups shows the power transition at Vietnamese family businesses is entering a new phase. Instead of only holding assets, the next generation is given opportunities to join management early to gain experience, preparing to take over enterprises worth hundreds of trillions VND in the future.

Manh Ha