From Employee to IPO Leader: The Journey of a Business Visionary

Opportunity from the “ashes”

Mrs. Phuong recounts her 25-year journey as an employee, filled with rich experiences. From a provincial student struggling to find her place in state-owned enterprises to becoming a senior leader at a bank, her path was marked by resilience. She spent 17 years with the Ho Chi Minh Communist Youth Union’s enterprises, rising to Vice Director of Detesco, before moving to Intimex, EMS, VietinBank, and Hapro Holdings.

Her foray into the paper industry began with a conversation with a hometown acquaintance—a paper engineer who had built the Hoang Ha brand over two decades. When a bank asked him to rescue a debt-ridden paper mill, Mrs. Phuong joined the survey and witnessed the desolate factory in Dong Van I Industrial Zone (Ha Nam). “I asked if it could be saved, and he said, ‘With money, it can,’” she recalled.

In early 2012, at nearly 50, Mrs. Phuong acquired the mill for zero cost, taking on all debts and restructuring. “I thought it was simple—someone would handle production, and I’d manage administration and finance. I dreamed of owning a factory to provide jobs for my nieces and nephews who lacked university opportunities,” she shared.

After stabilizing the first mill, she and her team planned to expand. Their second venture was another struggling paper mill in Hai Phong, burdened by bank debts of 60-70 billion VND. Unable to replace the owner due to classified debt, they established Hoang Ha Hai Phong Paper JSC (now HHP GLOBAL). “I realized I had ‘burned my boats’—my assets, career, and future were tied to this company,” she said.

I once wished I’d never started

In late 2012, amid soaring interest rates, Mrs. Phuong borrowed long-term funds at 14% annually (despite concessions) to upgrade the mill. Soon, environmental issues arose. Residents protested due to the previous owner’s reputation. Once, a minor oil spill from rags led to a 200 million VND fine. These challenges spurred her to invest in a modern, eco-friendly mill to dispel the notion that paper production is polluting.

Financial woes persisted. The new mill’s cost exceeded their means, and borrowing fell short. “With funds dwindling, I knew I couldn’t keep improvising. The only solution was an IPO,” she recalled.

Convincing major shareholders to IPO was tough due to control concerns. “By 2017, at the financial peak, I called an emergency meeting, offering two choices: IPO or each contribute 10 billion VND and collateralize properties. With no funds or assets left, IPO became the clear choice—a plan I’d execute fully,” she said.

IPO wasn’t the final hurdle. The third challenge—mental strain—was the worst. “I once wished I’d never started, as the pressure seemed insurmountable,” she confessed.

Rejecting the “backdoor” listing

During IPO planning, advisors suggested a “backdoor” listing by merging with a public company for quicker market entry. However, sensing irregularities during negotiations, Mrs. Phuong halted the deal. Opting for a rigorous IPO, HHP listed on HNX in August 2018, moving to HoSE in 2021—one of few paper companies on the stock exchange.

“At the first trading bell, I reminded myself: IPO is just the start of a longer journey,” she said. Post-IPO, she launched a LEED-certified mill in Tien Lang (Hai Phong), producing its first paper roll in late 2023—a decade-long milestone.

Today, her initial goals are realized, but success means more than numbers. “True success is seeing employees thrive and lead happier lives,” she said. Looking ahead, HHP aims for Net Zero emissions by 2035, 15 years ahead of national targets—a sustainable development benchmark.

“Starting felt like standing in a storm—public backlash, extortionists, production challenges, finances. I once wished I’d never begun, as the pressure seemed unbearable.” – Mrs. Tran Thi Thu Phuong