To mark the 50th anniversary of Vietnam’s reunification (April 30, 2025), VnExpress is publishing a series of interviews with technocrats and entrepreneurs who studied or worked abroad and returned to contribute to their motherland.
Nguyen, founder and chairman of Imex Pan Pacific Group (IPPG), Vietnam’s leading luxury retailer with exclusive rights to distribute over 100 prestigious brands like Rolex, Cartier and Dolce & Gabbana, is among them.
In this interview, he speaks about his return to Vietnam, the lessons from four decades in business, his views on the country’s development, and his vision for the future.
- In 1975, when Vietnam was reunified, you were in the U.S. How did you react to the news?
- I was studying abroad at the time. While I was happy that the country had unified, I was also saddened, as my family’s financial situation meant I lost access to funding and had to support myself to complete my studies.
This year also marks 40 years since I took on a special mission for my homeland.
In 1985, I was working as a financial inspector at Boeing in the U.S. when I received a call from Vietnam’s representative office at the United Nations inviting me to visit my family in Vietnam. The country was then under a U.S. trade embargo.
I agreed to return, but when we reached the Philippines, where my (then) wife Tina’s family lived, we hesitated. I had a gut feeling the trip would not be easy.
On the first night back in Vietnam, both of our young children were hospitalized with dengue fever. At the time, an outbreak was sweeping through the south, but medicine was scarce.
A doctor scolded me, saying: "Why bring two children back now? We do not even have fever-reducing medicine, let alone proper treatment." My wife and I stayed up all night rubbing lemon slices on their skin as a folk remedy.
At around midnight a woman screamed in the next room: "My child is dead!" That child also had dengue.
I was frozen. We kept rubbing lemon on our kids. Fortunately, by 8 a.m., the fever had subsided. My wife carried our sick children and we immediately flew back to the Philippines. My family criticized me severely for the decision to come back to Vietnam.
Soon afterward I was invited to return again. I sent my wife and children to stay with my in-laws and came back alone.
In Hanoi, I met then-Prime Minister Pham Van Dong, who asked me to help Vietnam establish its first international air route, with the Philippines. The government had shortlisted aviation experts, and I was selected due to my experience at Boeing.
I faced two choices: return to a stable life in the U.S. or leave my family in Manila and commit to Vietnam. I chose the latter, knowing that I would be letting down my family and that my children would grow up without their father nearby.
Accepting the mission with no clear end in sight, I sold everything -- home, car, belongings -- so that I would have nothing holding me back.
- How did your family react when you left everything behind after 15 years of building a career in the U.S.?
- Tina understood the pain of a mother watching her child suffer without medicine. She supported my decision to serve my homeland, and I remain deeply grateful to her. Others in my family also empathized with my longing for Vietnam.
- How did you secure permission for Vietnam’s first international flight with the Philippines?
- When I returned to Manila, I began reaching out to every possible contact to apply for a flight permit. I approached 12 different agencies within two days but was rejected by all. The Philippines, an American ally at the time, had strict orders from then-President Marcos banning any permit approvals for Vietnam.
Unable to proceed through diplomatic channels, I turned to a personal connection: my wife was the niece of the then First Lady of the Philippines. I told Vietnam’s chargé d'affaires in the Philippines, Tran Tien Vinh, that if I did not return, he should contact my wife and ask for her help in case I ran into trouble.
At 7:30 p.m. that evening I entered the presidential palace with Vinh. A military colonel and Leita, an aide who was also President Marcos’ sister-in-law, accepted the documents but hesitated to deliver them. I had to go in myself.
Standing outside the room, I was filled with anxiety. But I remembered the anguished cry of the mother whose child had died in the hospital. That memory gave me the strength to push forward.
When I entered President Marcos was sitting under a dim light. I quietly placed the request on his desk. Without saying a word, he picked up a pen and signed: "Approved – Sept. 4, 1985."
I grabbed the paper and tried to leave, but my knees weakened and my legs felt heavy. The door was only three meters away, but it felt endless. I feared he might change his mind.
As I reached the door and was ready to dash to my car, a secretary called me back. My heart sank. But it turned out they needed additional signatures from the secretary and chief inspector to finalize the approval.
Looking back, I still feel indebted to President Marcos.
That night a message saying ‘Hanh has completed the mission’ was sent home, and our leaders embraced each other with emotion. That document was not just a permit, it opened the door for Vietnam to re-enter the world.
- Why were you willing to make such sacrifices?
- I can never forget the screams of that grieving mother. My own children nearly died, blood was flowing from their eyes, nose and gums. It was heart-wrenching. Thousands of other children were dying due to a lack of medicines.
At the same time the media reported about desperate people risking their lives and fleeing the country with gold and U.S. dollars only to fall prey to pirates. I did not want to see Vietnamese forced to leave their homeland for economic reasons.
- How did the first flights unfold after the milestone mission?
- As soon as I received the permit, I asked the Department of Health for a list of the most urgent medicines. Motivated by the experience of nearly losing my children, I used my own money to buy medicines and bring them back to Vietnam on the first flights.
I also urged Vietnamese overseas to send goods and medicines to their families. Inbound flights were always full; outbound flights were often empty.
The more flights we operated, the more we lost. I brought in US$30 million, but after three years I had lost $5 million. That amount could have bought 500 houses in District 1, Ho Chi Minh City, at the time at around $10,000 each.
Then Party General Secretary Nguyen Van Linh once held my hand and said: "Please keep the route alive." He feared I would quit due to the losses. Understanding that this was also a political mission, I accepted the losses and later handed the route over to Vietnam Airlines after the aviation agreement with the Philippines was signed.
I treated that $5 million loss as my investment in Vietnam’s business foundations. I expanded into manufacturing and tourism to create jobs and circulate money.
I opened rattan factories and zipper plants for export. I built Nha Trang’s first 14-story hotel to attract tourists and also my way of giving back to my hometown and country.
- At a time when Vietnam was still new to the global market and you had no export experience, how did you attract international investments and build global partnerships?
- I was new to exports and so brought in business partners with experience in each sector. To gain their trust, I invested my own money in the project.
This reassured investors because they knew exactly who was taking responsibility. Once operations began, they would bring in raw materials, provide production guidance and commit to buying all finished products. All I had to do was meet their requirements.
Once operations stabilized, I even gave up my ownership stakes to partners. Initially I owned the factories, but once they ran smoothly, I signed over my shares. My priority was to create jobs, boost exports and grow the economy.
Recognizing the need to attract international capital, the government asked me to help set up an investment cooperation agency. I helped recruit staff and establish the first office of the State Committee for Cooperation and Investment in HCMC.
Thanks to these efforts, the city supported me whenever I needed help. As long as I operated within the law, I faced no obstacles. That was key to my early success.- How did Vietnam’s business laws, like the 1990 Private Enterprise Law and 1999 Enterprise Law, impact your work?
- Business was easier back then with less competition and simpler procedures.
It only took a few days to obtain a business license, which allowed me to quickly bring in investors, transfer funds for construction and set up the first rattan export factory within a few months. Once the goods were ready, buyers came immediately, and ships arrived to take them away.
Later I proposed donating a zipper factory to Khanh Hoa Province. At the time, the central province was exporting jackets to the Soviet Union but still relying on imported zippers, which placed a strain on Vietnam’s limited foreign currency reserves. The local government approved the plan immediately.
The construction of the Nha Trang Lodge hotel also progressed quickly. At the time, out of 18 investment licenses issued in the province, I held 12.
From 1985 to 2000, before the Enterprise Law was passed, most of my ventures involved partnerships with the government. I contributed capital, supported exports and helped attract investment while the factories remained state-owned.
- What long-term strategies did you adopt over the last 40 years to adapt to economic shifts?
- While Vietnam followed the global trend of manufacturing and industrial zones, I took a different path. I knew that was not my strength.
Early on I mapped out my own development plan, waiting for the right policy environment. By the early 2000s, when private enterprise was better supported, I shifted toward retail and luxury goods.
With a background in economics and exposure to developed markets like South Korea and Japan, I understood that as economies grow, so do people’s needs. After securing basic needs, people seek to express their status, hence my focus on aviation and luxury distribution.
Above all, I believe in ethical, law-abiding business.
- What are your current plans as the private sector becomes an engine of the economy?
- IPPG currently manages 45 projects, with two main focuses.
The first is a financial center, which I proposed in 2016. I know Vietnam lacks the capital to self-fund major investments. I once invited billionaire Howard Lutnick, recently appointed U.S. Commerce Secretary by President Donald Trump, to invest in Vietnam.
He sent over 30 letters to Vietnamese officials, pledging to invest $10 billion initially, with potential for up to $120 billion. His firm would even fund all training and operations without needing state support.
Such funding could spur public investment. Vietnam’s current interest rates are too high at around 7–10%, while foreign capital costs 2.5–3%. Using the latter for public projects will save the government substantial costs.
But, it took nine years for this project to reach the planning stage. This is the biggest regret in my life. Forty years ago I fulfilled the duty entrusted to me by the country’s leaders. Now I am unsure if I can complete this final mission before retiring in five years.
The second focus is a non-tariff zone featuring factory outlets, shopping centers for branded goods and duty-free shops.
I believe this could attract five to 10 million tourists to Vietnam. Our partners include China Duty Free, companies associated with The Trinity Forum, an international alliance of airports, retailers, and brands in the duty-free industry besides various global travel agencies and airlines.
They are eager to move forward.
Currently tourists mainly visit for sightseeing and spend an average of just $300 per person, far below the $1,000 target. With better shopping options, 10 million visitors could bring in $50 billion. Now many Vietnamese travel abroad to shop in factory outlets. It is regrettable that we are missing out.
The Party general secretary recently voiced strong support for the private sector. After 40 years I see this as a sign of a brighter path ahead.
- With retirement in sight, how are you preparing to ensure IPPG stays on course?
- For the past four or five years I have been planning to hand over all the operations. Every plan has a successor. My family works as a team: When I say "Let’s move fast," everyone runs.
I am grateful to my wife and "closest disciple," Le Hong Thuy Tien (CEO of IPPG). She is loving, young, eager to learn, and passionate about contributing to both national development and our family business. I place my utmost trust in her and in our children.
My son Henry (his eldest son from his first marriage) manages operations in the Philippines. Louis (his second son from his first marriage) oversees the ACFC retail division, expanding it from 40 to 60–70 brands. I no longer travel far, but my children now handle business trips and partnerships.
I am strict but not authoritarian. I never raise my voice, but once I assign a task, it must be completed 100%, no exceptions. I have given them a strong advisory team, and they can always consult me. Now they do not need me to run things, only to invest and support.
I am also grateful to the Party and the government for the opportunity to establish that first international route. I now hold over 400 awards, an honor I treasure.
I am now 75, but if I could take on great responsibilities 40 years ago, then why can’t today’s 30- and 40-year-olds do just as much?
Start with work that suits your strengths and benefits society. I hope young people will prioritize the country’s interests, followed by the city, company, family, and finally theirs.
Story: Thuy Ngan - Diem Hanh
Photo: Thanh Nguyen-Phung Tien
