VietNamNet Bridge - Holding key positions at Doji and Tien Phong Bank, Mr. Do Minh Phu’s family is one of the most powerful family businesses in Vietnam.

Mr. Do Minh Phu (middle) with his son Do Minh Duc and his daughter Do Vu Phuong Anh.

In Vietnamese business circles, the Do family is famous, with three generations of successful businessmen.

Phu (born 1952) is the most famous as he is the chair of Doji Gold & Gem Group and Tien Phong Bank.

Phu's father is Do The Su (born 1923), one of the founders of the predecessor company of Doji Group.

At the age of 38, Su resigned from the post of Chief Editor at Son Tay newspaper to start his own business. At the age of 73, Su established Garment Import-Export Co., Ltd (GAMEXCO). The 90-year-old man still manages this company, which employs over 300 workers and exports garment products to Eastern Europe.

Su has 11 children who are professors, doctors, physicians and entrepreneurs. Phu is the third child in the family.

Before becoming Doji’s chair, Phu was the President of Diana Vietnam, a large enterprise specializing in manufacturing sanitary napkins and baby diapers.

2014 was the 3rd consecutive year Doji was named in the top 500 biggest private enterprises in Vietnam. It occupied the highest position among jewelry firms in the country.

According to the VNR500 ranking, released in December 2014, Doji ranked first among private enterprises and 20th among businesses of all sectors (state owned - private - FDI).

It was also the leading gold and gem company in Vietnam and Doji was recognized a national brand for the fourth consecutive year.

Phu is praised for his leadership when Doji recorded a growth rate of 50% for many years.

In 2010, when most local businesses were in trouble because of economic crisis, Doji earned revenue of VND20,000 billion, which increased to VND30,000, VND35,000 and VND40,000 billion in 2011, 2013, and 2014.

In 2011, Phu and the shareholders of Diana Vietnam decided to sell 94% stake to Japan's Unicharm. This is considered a major turning point in the business process of this businessman.

Later he was involved in the banking sector with the acquisition of 20% shares of Tien Phong Bank. In this bank, Phu holds an 8% stake and his brother Do Anh Tu has 5%. Phu is chairman and Tu is vice chairman of the bank.

As a strategic partner, Doji Group has provided invaluable support to Tien Phong Bank in terms of finance and governance capacity.

After joining Tien Phong Bank, in early 2012 Doji purchase 65% of shares of Saigon Fine Art Import-Export Company (Artex Saigon). Phu is also Chairman of this firm, which is specialized in importing and exporting handicraft products and also owns several office buildings on prime locations in HCM City.

Phu has two talented children, who currently hold key positions at Doji.

His daughter Do Vu Phuong Anh is currently a member of the Board of Directors, Deputy General Director of Administration - Human Resources - Management, and the General Supervisor of Doji.

Phuong Anh graduated from the University of Hawaii, US with a Master’s Degree in Business Administration.

Phu’s son Do Minh Duc is also a Board Member, Deputy General Manager in charge of sales and marketing. He holds a BA in Economics from the City University and Master’s degree in Marketing of Westminster University (UK), and the Gem Professional Certificate of the Gemology Institute of America, US.

Both of them are lecturers at the National University of Economics, Hanoi.

Currently, Phu and his two children own 100% shares of Doji.

Other successful businessmen in the Do family are Mr. Do Anh Tu, Director General of Diana JSC, Mr. Do Quoc Binh, Chairman of the Hanoi Taxi Association, Mr. Do Anh Tuan, General Director of FTD, Ms. Do Xuan Mai, manager of Green Global, and Ms. Do Kim Dung, director of a plastic pipe company.

The Do family is also known for the three “tu” word philosophy, which has been transferred through three generations.

The first is “tu luc” (self-reliance) to actively achieve great achievement. The second is “tu trong) (self-esteem) to keep the prestige in doing business and the third is “tu ton” (superiority complex) to not accept failure and not to be satisfied with the things they have.

NDT