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 titled “Establishing Standards Under Significant Growth Pressure” continued to draw 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 undergoes different development stages. Therefore, the approach to “establishing standards” cannot be applied uniformly across all enterprises.
According to her, the management mindset and operational methods of a startup differ significantly from those of large or “super-large” companies. 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 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 reliance on family support.
“When reviewing the profiles of the nominees, I was truly impressed. If I were to start over, I’d likely shed tears facing insurmountable obstacles, scrambling for capital, or turning to my parents for help. Successful individuals may always seem right, but starting from zero is incredibly tough,” she remarked.
Observing the journeys of many young CEOs, she concluded that there’s no single standard for becoming an excellent CEO or building a successful business. However, a common trait she noticed across generations of leaders, from past to present panels, is the element of “integrity.”
Three Core Standards: Transparency – Accountability – Early Governance
From a consulting standpoint, Ms. Nguyen Thuy Duong emphasized that consultants’ role isn’t to think for businesses but to systematize CEOs’ and founders’ existing ideas into clear structures. These structures facilitate internal communication, persuade stakeholders, and build client trust.
Based on consulting experiences with startups, family businesses, and generational transitions, she identified three foundational standards businesses should adopt from the outset.
First is transparency. Without transparency and trust among collaborators, sustaining long-term partnerships and developing a resilient business becomes challenging.
Second is accountability, which surpasses mere responsibility. It entails not just completing assigned tasks but also taking ultimate responsibility when issues arise, facing consequences, and avoiding evasion.
Third is fostering a governance mindset from the beginning. Many small businesses operate under a “single decision-maker” model, but governance limitations surface when introducing new shareholders or foreign investment. Establishing governance principles and commitments early is crucial, as adjustments become difficult once the business grows.
“Some aspects can be redone, but others, especially corporate culture, are nearly impossible to change once established,” Ms. Nguyen Thuy Duong stressed.
Next Gen CEO is a special program seeking and celebrating New Generation CEOs with strong governance and ambitious visions. Nominated by a Council of Entrepreneurs and Business Managers, participants are evaluated and mentored by esteemed experts and leaders across various fields.
Organized by Cafebiz in collaboration with Admicro and AdSponsor, the program coordinates all activities. Special thanks to Techcombank for accompanying NEXT GEN CEO 2025 in honoring Vietnam’s young leaders.
By fostering exceptional thinking, autonomy, and sustainable development, unlocking potential and achieving success in unique ways will drive long-term growth for the business community and Vietnam’s economy.
