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Do you believe millionaires control nearly half of the global wealth? But what's the story behind the riches of the Doji gold, silver, and gemstone conglomerate owner?
Many know Ruby Plaza as a major commercial center specializing in gold, silver, and gemstones from the renowned Doji conglomerate in Vietnam. But few delve into the tale behind the success of the 'think differently if you're wealthy' leader of this conglomerate!
Lineage and a name foretelling...post-destiny
Surely many are familiar with the name Do Minh Phu - CEO of the Doji gold, silver, and gemstone conglomerate. Some even believe the name shapes destiny, as 'Minh' in Chinese means 'brightness, wisdom', and 'Phu' means 'wealth'. His parents' choice of name seems to have brought blessings to their descendants. But reality is often more complex than we think.
The family of CEO Do Minh Phu originally hails from Hanoi. During the resistance against the French, his grandparents relocated, with his parents staying in Yen Bai. Consequently, Phu was born in Minh Phu commune of this province - now submerged under Thac Ba Lake (after the Thac Ba hydroelectric plant was built here). His name reflects the village, the commune where he was born and raised.
Lesson 1: Names...do not define character.
Mr. Do Minh Phu at the TP Bank shareholders' meeting
Understanding fate can alter destiny
The land of his birth bestowed upon him many things in life. It not only gave him a name foretelling future wealth but also provided a business opportunity that not everyone gets. This is where the Star Ruby gemstone was discovered, elevating Vietnam's gemstone industry's reputation globally. The logo of the Doji gold, silver, and gemstone conglomerate features a 6-pointed star, representing the Star Ruby gemstone. The world has recognized and named Vietnam's Star Ruby gemstone as VSR – Vietnam Star Ruby, a symbol reserved for Vietnam's exceptionally unique gemstone.
Yen Bai is regarded as the capital of Vietnam's gemstones
Before becoming the CEO of a renowned gold, silver, and gemstone conglomerate, Mr. Phu was once a scientific research officer. He graduated from the University of Technology with a degree in electronics engineering. Afterwards, he worked at a center specializing in image processing and remote sensing data (satellite imagery).
Refusing to settle as a complacent scientific officer with a meager state salary as society often assumes, he always sought to enhance other necessary skills such as languages. From early on, he knew never to waste his time on futile activities or social gatherings like many other young people. Instead, he observed how people lived to work to cultivate his sensitivity in every aspect - today's actions have yielded tomorrow's results.
In the late 80s (1988-1989), Prof. Nguyen Van Hieu recognized Do Minh Phu's language abilities and sharpness, entrusting him with the position of General Director of a joint venture company, a partnership between the Vietnamese scientific institute and a Thai company, researching gemstone processing technology. His gemstone fate began here.
And his first turning point came in 1990 when he embarked on becoming the General Director of a foreign company in Vietnam, specializing in gemstone research and processing.
This change also completely altered his life. However, at that time, pure research might not have had much application in business, meaning it was difficult to generate real profits. Fortunately, his company successfully researched gemstone processing to create exportable products. This bridge and significant lesson helped him transition from a researcher to a formidable businessman in the market.
Lesson 2: Nothing comes for free, getting rich is very difficult but if you prepare in advance, you can seize the opportunity to become wealthy.
The humble beginnings of Vietnam's leading gemstone conglomerate
Subsequently, he embarked on entrepreneurship with a very modest capital, accumulated from years of work at the Vietnamese Institute of Science and Technology and overseas assignments, amounting to 200 million dong (in 1994), to establish his first official enterprise.
A jewelry showcase by the Doji gold, silver, and gemstone conglomerate
His foundation back then was a small house, situated at No. 2, Lane 69 Dang Van Ngữ Street, with an area of approximately 60-70 m2 and a few dozen workers. This was the springboard to success, the precursor to the Technology and Trade Development Company (TTD) and later the Doji Gold and Gemstone conglomerate.
He said, initially he saw this as a challenge but never thought of it as the beauty industry or glamorous business. The starting point was the gemstone trade, an area with a lot of pressure at that time. The biggest pressure was that the leader had to make decisions on major deals, facing many risks.
For example, when buying a batch of gemstones, the decision-maker couldn't follow the procedures of typical state-owned companies, such as meetings, committees, business officers' reports, and then the leader making decisions... The executor had to pay the price, had to make decisions without much time for meetings when gemstone traders from mining areas came to offer their goods.
At that time, decision-makers had to face risks and accept them, realizing that wrong decisions could lead to significant losses. This was the lesson that helped him learn how to make decisions and take responsibility for his own work. It also formed the qualities and characteristics of a skilled leader, a renowned tycoon in the business world.
Lesson 3: Getting rich is only easy in movies, even tycoons have to pay the price to become wealthy. So never waste effort on jealousy towards the wealthy, instead ask yourself: How did they get rich?
Earning money anytime, anywhere, utilizing every nook and cranny to collect every penny
At Ruby Plaza Shopping Mall, alongside retail jewelry space, Mr. Phu also opened restaurants and spas, rented out offices to increase revenue, and also as a marketing tactic to bring customers to buy jewelry. Indeed, he knows how to utilize every resource to market products and create additional revenue streams.
A business establishment of the Doji gold, silver, and gemstone conglomerate
In 2007, alongside the inauguration of Ruby Plaza Shopping Mall, the Doji gold, silver, and gemstone conglomerate launched a chain of upscale service restaurants including Ngoc Mai Restaurant, Akari Restaurant, and Aquamarine Spa. Three years later, the Doji conglomerate continued to open two new restaurants, Ngoc Mai Red and Akari Sun, while renaming Ngoc Mai and Akari to Ngoc Mai Gold and Akari Moon. Notably, these restaurants have fairly moderate prices, catering to many office workers without being as expensive as jewelry items. This is how he expanded his customer base, benefiting not only from million-dollar bills but also from collecting every penny to create a huge annual revenue stream, supporting many employees in the company.
Lesson 4: Don't just think about hefty investments or constantly pursue grandiose dreams, the wealthy will teach you that money can be earned from small values in everyday life.
List of 3 restaurants owned by the Doji gold, silver, and gemstone conglomerate
>>> Check out the impressive images of Ngoc Mai Red Restaurant
>>> Check out the atmosphere and menu of Ngoc Mai Gold Restaurant
>>> Explore the ambiance and menu of Akari Restaurant
- BimBim -
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