Ms. Nguyen Thuy Duong – Chairwoman of EY Consulting Vietnam, Member of the Appraisal and Advisory Board of the Next Gen CEO program (Right).
During the CEO Circle Forum 2026 organized by CafeBiz (under VCCorp), the panel discussion “Establishing Standards Under Significant Growth Pressure” continued to attract attention by delving into the challenges faced by Vietnamese businesses, particularly small and medium-sized enterprises, during their scaling process.
From the perspective of a consulting firm that has partnered with numerous domestic and international corporations, Ms. Nguyen Thuy Duong, Chairwoman of EY Consulting Vietnam, believes that each business has its own development stage. Therefore, the approach to “establishing standards” cannot be applied uniformly to all.
According to her, the management mindset and operational methods of a business in its early stages differ significantly from those of companies that have reached large or “super-large” scales. While learning from successful management models is essential, expecting a one-size-fits-all formula for immediate application to every business is unrealistic.
Drawing from her personal experience, Ms. Nguyen Thuy Duong shared that despite not being an entrepreneur herself but working in consulting, she holds great respect for CEOs who start from scratch. Behind every success story are numerous challenging phases: capital shortages, operational deadlocks, and even having to seek family support.
“When reviewing the profiles of the nominees, I truly admire them. If I were to start over from the beginning, I would probably shed tears facing seemingly insurmountable obstacles, lacking capital, and sometimes having to rely on my parents. Successful people’s words always sound right, but starting is incredibly tough,” she remarked.
Observing the journeys of many young CEOs, she concluded that there is no single standard for becoming a great CEO or building a successful business. However, a common trait she noticed across generations of leaders, from previous panels to the current one, is the element of “heart.”
Three Core Standards: Transparency – Accountability – Early Governance
From a consulting perspective, Ms. Nguyen Thuy Duong emphasized that the role of consulting firms is not to think on behalf of businesses but to systematize the thoughts and directions already present in CEOs’ and founders’ minds into clear structures. These structures can then be communicated internally, persuade shareholders, and build trust with customers.
Based on her experience consulting for startups, family businesses, and generational transitions, she identified three foundational standards that businesses should adopt from the outset.
First is transparency. She stressed that without transparency and trust among stakeholders, it is challenging to foster long-term partnerships and develop a sustainable business.
Second is accountability. She distinguished accountability from mere responsibility, emphasizing that it involves not just completing assigned tasks but also taking ultimate responsibility when issues arise, facing consequences, and not evading them.
Third is cultivating a governance mindset from the early stages. She noted that many small businesses operate under a “one-person decision-making” model. However, when introducing new shareholders or attracting foreign investment, governance limitations quickly become apparent. Establishing governance principles and commitments early on is crucial, as adjusting them later becomes difficult once the business grows.
“Some things can be redone, but others, especially corporate culture, once established, are hard to change,” Ms. Nguyen Thuy Duong emphasized.
Next Gen CEO is a special program aimed at identifying and celebrating the New Generation CEOs, who are strong in governance and ambitious. It is proposed by a Nomination Council comprising entrepreneurs and business leaders, evaluated and mentored by reputable experts and top leaders across various fields.
The program is organized by Cafebiz, in collaboration with Admicro and AdSponsor, serving as the initiators and coordinators of all activities.
Special thanks to Techcombank for accompanying NEXT GEN CEO 2025 in honoring Vietnam’s young leadership generation.
By fostering exceptional thinking, autonomy, and sustainable development, unlocking potential, and achieving success in unique ways, each leadership generation will contribute to long-term growth for the business community and Vietnam’s economy.
