The Relentless March of ‘The F2 Formation’: The Strategy of Bầu Hiển and His Two Sons

On the evening of August 9, the skies above Ho Chi Minh City’s southern region were illuminated by a large-scale technology showcase. A thousand drones painted iconic images of Tay Ninh, especially a giant sacred dragon rising over the Land of Nine Dragons, accompanied by artistic fireworks and a grand concert featuring renowned artists.

This event was organized by T&T City Millennia, a project by Thai Son Long An JSC, a member of the T&T Group corporation.

However, this was not merely a promotional activity. It signaled a new strategy for T&T Group, where business pillars are more interconnected than ever, forming the “F2 Formation.”

In this formation, founder Do Quang Hien, affectionately known as “Bầu” Hiển, assumes the role of strategic coordinator, while his two sons lead the charge on critical fronts.

Bầu Hiển’s F2 Formation

T&T City Millennia itself is a strategic asset. Spanning nearly 267 hectares, it is designed to offer 9,000 diverse products, including shophouses, commercial houses, twin villas, garden villas, and high-rise apartments.

The project boasts a carefully calculated location along the Rach Doi River, opposite the Hiep Phuoc urban port and just a bridge away from the center of Phu My Hung. Situated on the Long Hau road (Can Giuoc, Long An), it is T&T Group’s key piece in their plan to anticipate the trend of urban expansion southward.

The substantial investment in experiential events like this music festival, rather than solely focusing on sales, reflects a new mindset associated with the management style of Do Vinh Quang, Bầu Hiển’s second son, in the group’s real estate arm. T&T is not just selling a house but a lifestyle inspired by the fusion of culture and vibrant commerce.

Their goal is to transform Tay Ninh, in general, and T&T City Millennia, in particular, into a new destination for large-scale music and art events, attracting residents, tourists, investors, and media attention. Concurrently, they aim to promote the image of the urban area as a dynamic live-work-play hub.

The development of mega-cities like T&T City Millennia poses a connectivity challenge. This is where the aviation piece, Vietravel Airlines, comes into play.

T&T Group’s investment in Vietravel Airlines during a volatile period in the aviation industry can be understood as an effort to create an integrated service circle. Theoretically, the airline can provide transportation packages, bringing passengers from all over to the group’s urban and tourism destinations. This model will create a self-sustaining ecosystem, enhancing the value of both businesses and retaining customers.

The dual role of Do Vinh Quang, overseeing a portion of the real estate business and serving as Chairman of Vietravel Airlines, underscores the tight integration between these two sectors.

All plans for large-scale project deployments and fleet expansions require a solid financial foundation. In Bầu Hiển’s ecosystem, this responsibility falls to SHB Bank, an area now bearing the imprint of his first son, Do Quang Vinh.

This marks an important shift towards forming a system operated with a clear structure. SHB is not only capable of providing capital for internal projects but also offers cross-financial products. Examples of this synergy include exclusive home loan packages for T&T customers, co-branded credit cards with Vietravel Airlines, and cash management solutions for the supply chain.

Bầu Hiển’s Accelerating Momentum

With the F2 Formation established and operational, Bầu Hiển’s acceleration is evident in the latter half of this year.

Firstly, in the skies, there’s a ‘race’ to deploy the fleet. In late June 2025, Vietravel Airlines welcomed its first owned aircraft, an Airbus A321. Shortly after, in early August, they added an Airbus A320 to their fleet.

At a recent conference, the Board of Directors agreed on a target to expand the fleet to a minimum of 10 aircraft, standardizing on the Airbus A321/A320 model. With three planes currently owned, this means acquiring at least seven more by the year’s end.

In addition to fleet expansion, Vietravel Airlines plans to extend its strategic network, preparing to operate international routes. Domestically, they will introduce two new routes, Ho Chi Minh City to Hai Phong and Thanh Hoa, and resume the Hanoi-Nha Trang route. In the international market, starting in October 2025, the airline expects to operate charter flights between Hanoi and Anhui, China.

On the ground, there are rapid moves in large-scale infrastructure and real estate projects. In late June, a consortium involving T&T Group commenced the construction of the Bao Loc-Lien Khuong expressway, a vital route for the Central Highlands region.

Earlier, in March, the group also broke ground on the first five-star international hotel in Can Tho, marking their entry into the premium tourism market in the Mekong Delta region.

Even more notable were the comprehensive strategic proposals for Ho Chi Minh City in July. T&T Group offered to participate in several critical sectors, from researching and investing in the development of an international financial center to building urban infrastructure and modern logistics centers and agricultural product markets. These proposals reflect a long-term vision and ambition to deeply engage in the restructuring and development of the country’s economic engine.

Most recently, in Quang Tri, the Prime Minister, during an inspection tour, directly assigned T&T Group to expedite the progress of the Quang Tri Airport project.

Thirdly, financial strength is being fortified. In the first half of 2025, SHB Bank recorded a profit of over VND 8,900 billion, a 30% increase, achieving 61% of its annual plan. A plan to increase charter capital through stock dividend distribution is underway.

In the “F2 Formation,” Bầu Hiển’s role has evolved from a direct operator to a chief architect, ensuring that these pillars support each other effectively. Meanwhile, the next generation has been empowered to execute and deliver results on specific fronts. This marks an important transition from a business model reliant on an individual to a system operated by a clear structure.

Theoretically, the effectiveness of this model is significant. However, the practical challenge lies in translating strategic synergy into business outcomes. Will a home buyer become a frequent flyer on the airline? Will financial solutions truly bind the entire ecosystem together?

Regardless, when these moves occur almost simultaneously across multiple sectors, it indicates that the “breakthrough” phase of the T&T Group ecosystem is more than just a plan.