No longer operating behind the scenes, in recent years the children of Vietnam’s billionaires have become increasingly visible on the stock market, taking on the role of major shareholders with assets worth thousands of billions of dong. The market has begun to recognize F2 as a generation of successor entrepreneurs. However, the degree of involvement and influence of these heirs varies significantly from one family to another.

As of April 1, the two children of Ho Hung Anh, chairman of Techcombank, Ho Thuy Anh (born 2001) and Ho Anh Minh (born 1995), ranked 12th and 13th among the wealthiest individuals on Vietnam’s stock market. Each owns approximately VND10,600 billion (around US$435 million) in TCB shares, equivalent to nearly 4.9% of the bank’s charter capital.

These Gen Z figures first drew attention in 2024 when they entered the top 20 richest individuals on the market. Their asset surge mainly came from receiving transferred shares from their mother, Nguyen Thi Thanh Tam, in late 2023, followed by further purchases on the market. Previously, she had held nearly 5% of Techcombank.

This transfer is not merely a division of assets but may also be a move to restructure family ownership and reduce concentration risks. However, there are still no clear signs that executive power at the bank has shifted to the next generation.

Taking a different path, Hoa Phat Group under Tran Dinh Long has opted for a more gradual and cautious approach.

His son, Tran Vu Minh (born 1996), by the end of 2025 held more than 176 million HPG shares, equivalent to 2.76% ownership, valued at around VND4,780 billion (US$196 million) as of April 1, 2026. He has also registered to purchase an additional 50 million shares from March 12 to April 10, 2026. If completed, his ownership would rise to approximately 2.95%.

Currently, Tran Vu Minh serves as Director of Dai Phong Trading and Investment Co., Ltd., and has not yet assumed an executive role at Hoa Phat Group. Meanwhile, Tran Dinh Long remains the largest individual shareholder with about 25.8%, while his wife holds nearly 6.9%.

This indicates that at Hoa Phat, the second generation has begun accumulating assets, but power remains firmly tied to the first generation. It reflects a step-by-step, controlled transition aligned with the founder’s philosophy that leadership must be earned through capability.

At Vingroup, the transition approach of Pham Nhat Vuong carries a distinct character, marked by strong central control.

His two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, have begun participating in the ecosystem. At VinEnergo, each holds about 5% ownership, while Vuong retains 71%. At VinSpeed, each holds around 0.5%, while he maintains 51%.

These figures show that strategic assets are still concentrated in the hands of the founder. In terms of management roles, Pham Nhat Quan Anh has joined the board of VinFast, having gone through internal operational roles and being regarded as a highly promising figure. Meanwhile, Pham Nhat Minh Hoang has pursued his own entrepreneurial direction, including ventures such as FGF and participation in investment funds within the ecosystem.

Overall, the Vingroup model can be understood as allowing the next generation to gain exposure and test their capabilities in selected positions.

Who will take control of Vietnam’s private empires?

From Techcombank and Hoa Phat to Vingroup, the picture of succession across major private corporations reveals a clear reality: each enterprise is following its own path, with no single standard model.

For Ho Hung Anh, early allocation of large shareholdings helps define ownership structure, but executive power remains retained. Tran Dinh Long prefers gradual transfer based on merit, consistent with his belief that no one should inherit leadership positions without proving themselves. In contrast, Pham Nhat Vuong maintains a highly concentrated ownership structure, with little visible shift in control.

A common point across these models is that assets can be transferred first, but power requires time, testing, and caution.

The trend of “transferring wealth before authority” stems from several reasons. First, large Vietnamese corporations still depend heavily on the role of their founders. A premature transfer could create leadership gaps in a rapidly changing market environment.

In addition, although many second-generation heirs are well educated, they often lack large-scale practical experience. Holding shares helps align interests with the enterprise, but does not necessarily equate to the ability to control the entire system.

International experience also shows that many family businesses face instability when transitions are rushed. As a result, separating ownership from control is becoming an increasingly common choice.

However, this approach also carries risks. One is the mismatch between ownership and management, which may lead to long-term conflicts of interest. Another is the significant pressure placed on heirs who hold vast assets early but may not yet be fully prepared. A third is the risk of a leadership vacuum if the transition process is prolonged or unclear.

Over the next decade, this process may enter a decisive phase with three possible scenarios. The first is that the second generation matures and officially takes over executive leadership. The second is the continuation of a dual structure, with the founding generation retaining control. The third is a shift toward hiring professional CEOs, gradually reducing the role of family governance.

Whichever direction unfolds, the transition within Vietnam’s major private empires will not only determine the future of each enterprise but also have far-reaching implications for the structure and development of the country’s private sector in the years ahead.

Manh Ha