Not All Legacies Are Family-Owned
When people talk about legacy in Vietnam, they usually mean family succession. The assumption is straightforward: businesses naturally transition from parents to children, generation after generation. It’s tradition, comfort, and cultural expectation all rolled into one.
But lately, I’ve noticed a quiet yet important shift. More business leaders are privately questioning traditional family-based succession. Behind closed doors, they're beginning to acknowledge something crucial: passing down the business based solely on family ties isn’t always the right choice for sustainability or growth.
The Hidden Complexity of Family Succession
Family succession seems intuitive. Who better to trust than someone who shares your bloodline, upbringing, and values?
Yet, reality is often complicated. Family members don’t always share the same vision, passion, or even skills necessary to lead effectively. I’ve spoken privately with founders who confide their deepest concern isn’t competition or market volatility—it’s the possibility of handing their life's work to someone who isn’t genuinely ready, simply because they bear the family name.
These conversations rarely happen openly. Stepping outside tradition feels uncomfortable and uncertain, even taboo.
PNJ: Legacy Through Leadership
A compelling example that I often reference is PNJ (Phu Nhuan Jewelry). Under Cao Thị Ngọc Dung’s leadership, PNJ has evolved into one of Vietnam’s premier jewelry brands. What sets PNJ apart is its deliberate, strategic shift away from traditional family-based succession.
Rather than simply passing the reins to family, Cao Thị Ngọc Dung prioritized merit-based leadership, strong governance, and professional management systems. PNJ invested in building internal leadership pipelines, grooming talented professionals, and establishing clear accountability structures. Today, PNJ’s continued growth and stability prove that legacy doesn't have to be confined to bloodlines. Instead, a company can thrive by prioritizing competence, alignment, and strategic vision above family loyalty.
Masan Group: Institutional Legacy
Another powerful example is Masan Group, founded by Nguyen Dang Quang. Masan has grown significantly over the past decades, evolving into one of Vietnam’s largest diversified conglomerates.
What makes Masan particularly interesting is its institutional approach to succession and leadership. Nguyen Dang Quang recognized early on that sustainable growth required institutional strength, governance clarity, and strategic leadership development—not dependence on family ties. He consciously built Masan to operate effectively independent of any single person, including himself. Today, Masan is known for its robust governance structure, professional executive teams, and clarity in strategic leadership, making it a clear example of legacy beyond traditional family succession.
Redefining What Legacy Means
These companies—PNJ and Masan—demonstrate a critical truth: genuine legacy isn’t necessarily who you hand the keys to. Instead, it's the governance structures, leadership values, and clear vision you leave behind.
The businesses I deeply respect are those courageously developing internal leaders, investing in strong governance, and clearly prioritizing competence and alignment over mere family connection. They aren’t dismissing family; they’re redefining legacy to mean something even more powerful: enduring impact built on clarity, merit, and strategic purpose.
Beyond Family Ties
When leadership separates from family identity, organizations become stronger and more agile. Hiring and strategy decisions grow clearer because emotional obligations or family dynamics no longer cloud judgment. This shift demands courage, though. It means openly acknowledging that your company’s best future leader might not be someone raised within your own household.
These choices are intensely personal, often uncomfortable, yet essential. They signify genuine leadership—placing the business’s future ahead of comfort and tradition.
Leadership Is About Courageous Choices
Choosing leaders beyond family doesn’t mean abandoning family values; it means safeguarding the business’s sustainability first. It means willingness to have tough conversations, make hard decisions, and ultimately ensure the company’s longevity.
Real leadership requires putting long-term viability and competence above familiarity and comfort—even if it feels uncertain.
Vietnam’s Quiet Legacy Revolution
Vietnamese business culture is gradually evolving. The shift toward merit-based leadership and sustainable legacy-building isn’t loud, flashy, or public. Instead, it unfolds quietly behind closed doors, in thoughtful discussions, difficult boardroom meetings, and courageous strategic choices.
Yet, it's profoundly important to our country’s economic future and identity.
I strongly believe Vietnam’s next-generation companies—the ones we’ll admire decades from now—won’t simply be family-owned enterprises. They’ll be leadership-driven institutions. They’ll reflect clarity, competence, and accountability, inspired by companies like PNJ and Masan.
Ultimately, legacy isn’t just about handing down your name; it’s about consciously passing forward something far more lasting—a set of principles, clear vision, and resilient culture strong enough to survive beyond you.
