The second generation of billionaire families - often referred to as F2 - is increasingly present on the stock market as major shareholders. In some cases, their holdings have rapidly elevated them into the ranks of the country’s wealthiest individuals.

As of April 1, the two children of Ho Hung Anh, chairman of Techcombank, have both entered the top tier of Vietnam’s richest stock market investors.

Ho Thuy Anh (born 2001) and Ho Anh Minh (born 1995) currently rank 12th and 13th, each holding shares worth approximately VND10,600 billion (about US$430 million), equivalent to nearly 4.9% of the bank’s charter capital.

Their wealth surged after receiving transferred shares from their grandmother, Nguyen Thi Thanh Tam, in late 2023, followed by additional purchases on the market. While this redistribution may help restructure ownership and reduce concentration risk within the family, executive control at the bank remains firmly unchanged.

A more gradual approach is visible at Hoa Phat Group, led by Tran Dinh Long.

His son, Tran Vu Minh (born 1996), held over 176 million HPG shares by the end of 2025, equivalent to 2.76% ownership, valued at around VND4,780 billion (US$194 million) as of early April 2026. He has also registered to purchase an additional 50 million shares, which would raise his stake to roughly 2.95%.

Despite this accumulation, Tran Vu Minh has yet to take on an executive role within the group. Instead, he currently serves as director of a separate company, while his father continues to dominate ownership with around 25.8% of HPG shares. His mother holds nearly 6.9%.

At Hoa Phat, the transition reflects a deliberate philosophy: ownership may be passed down gradually, but leadership must be earned through capability rather than inheritance.

At Vingroup, the model is more tightly controlled.

Pham Nhat Vuong’s two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, have begun participating within the ecosystem, though their ownership stakes remain relatively limited in key entities.

At VinEnergo, each holds about 5%, while their father retains 71%. At VinSpeed, their stakes are just 0.5% each, compared to his 51%. Strategic assets, therefore, remain concentrated in the founder’s hands.

In terms of governance, Pham Nhat Quan Anh has joined the board of VinFast and gained experience through internal operational roles, positioning him as a potential successor. Meanwhile, Pham Nhat Minh Hoang has pursued a more independent path, developing his own ventures and participating in investment funds within the ecosystem.

Overall, Vingroup’s approach allows the next generation to gain exposure, but under close supervision.

Wealth first, power later

From Techcombank to Hoa Phat and Vingroup, one pattern stands out: while assets are increasingly transferred to the next generation, decision-making power remains largely with the founders.

This “wealth first, power later” approach reflects several underlying realities.

First, Vietnam’s major private corporations still depend heavily on their founders, whose leadership plays a decisive role in navigating a fast-changing market. A premature handover could create operational risks.

Second, despite strong educational backgrounds, many heirs lack extensive real-world experience at scale. Share ownership aligns their interests with the business, but does not automatically equip them to manage complex corporate systems.

Third, global experience shows that rushed succession in family businesses can lead to instability. Separating ownership from control has therefore become a cautious and increasingly common strategy.

Yet this approach is not without risks.

A mismatch between ownership and management authority could create long-term conflicts of interest. The next generation may also face immense pressure when holding vast assets without corresponding readiness. Prolonged transitions, meanwhile, risk creating leadership gaps if not clearly structured.

Three possible paths ahead

Over the next decade, succession in Vietnam’s private empires may evolve along three main trajectories.

In one scenario, the second generation matures and formally takes over executive leadership.

In another, a dual structure persists, with founders retaining control while heirs gradually expand their influence.

A third possibility is a shift toward professional management, with external CEOs reducing the role of family control in governance.

Whichever path emerges, the transition underway will shape not only the future of individual corporations, but also the broader structure and resilience of Vietnam’s private sector in the years to come.

Manh Ha