Competing with Giants

What a privilege to get to know the Tran family and in particular, Dr Tran Qui Thanh, founder of soft drinks giant, Tan Hiep Phat (THP) and his daughter, Phuong Uyen Tran. They represent the first and second generation of one of Vietnam’s leading private sector companies.

Their family story provides a mirror to Vietnam’s post-war history and it was fascinating to research and write about the two. The ensuing book chronicles how a successful company and nation were forged from the ashes of war, hardened by a backdrop of crippling economic sanctions, but have thrived as economic liberalization awakens capitalist instincts and consumer spending power.

 
 

Two images for one city with two names, framed 45 years apart, tell you almost everything you need to know about how far Vietnam has travelled over the past four-and-a-half decades.

The black and white photograph, from April 1975, depicts one of the last US helicopters leaving Saigon at the end of the Vietnam War. The suffering and desperation it portrays remains indelibly fixed in Western minds. For many, it is still their defining image of the country.

But it’s not the one the Vietnamese themselves subscribe to. This would be the colour photo of Ho Chi Minh’s Vincom Centre: a 26-storey skyscraper, built by Vietnam’s richest billionaire and choc full of international brands like Ralph Lauren and Calvin Klein.

America lost the war, but its consumer ethos won the peace, just as it previously did across Eastern Europe during the Cold War. Vietnam had a similarly terrible 20th century, but today its citizens regularly poll as the world’s most confident about their prospects during the 21st. 

It’s a youthful, dynamic country dominated by Millennials, who represent over half the population. They like spending their rising disposable income either through the multinationals, which have been thronging in, or increasingly, through homegrown giants like Vingroup, Masan and THP.

As they pour through the mall doors, many aren’t even aware of the history, which took right place next door. Is it time for the rest of the world to turn the page on a new chapter too?

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