Buzz
Learning from Everyone: How Nguyen Viet Hoa Overcame Adversity to Build a Fashion Empire
Leaving a Stable Job for Entrepreneurship: The Resilient Story of Nguyen Viet Hoa
Business Adventures from Childhood: The Nguyen Viet Hoa Story
In 2008, the company Creative Arts Vietnam emerged under the leadership of director Nguyen Viet Hoa with an initial investment of 100 million dong. The initial successes seemed like a path strewn with roses, leaving the brand owner of that year immersed in delusion: “I was overly confident, yet lacked knowledge and specific development plans, which would inevitably lead to failure. Finding myself empty-handed, I had to resort to becoming an architect to seek employment.” Thus, the company went bankrupt after just 6 months of operation.
At that time, many would have considered Viet Hoa to be reckless, foolish, someone who couldn't seize opportunities, someone who was 'too comfortable'... for abandoning a good job at Vinaconex Corporation to follow the call of youth and pursue his unconventional dreams.
But little did he know, the second failure came even quicker.
Just after a few months, Hoa decided to resign and join a multi-level marketing venture with a business partner, pooling together more than 50 million dong in savings. “Nobody supported me in this endeavor, even my friends started to distance themselves. There were times when I felt stressed, times when I felt I couldn't overcome it. I spent all the money I had, sometimes having to rely on friends for meals to continue my work...” Hoa shared.
Throughout this time, there was only one thing that never changed: Hoa's passion for business never cooled down. “While for others it may seem like a colossal failure, for me, the lessons I learned from those business opportunities were invaluable,” Hoa revealed.
...to our brand – Young & Dynamic
Starting a family with nothing in hand. His wife pregnant, life tough amidst unemployment, Hoa pondered deeply. He decided to return to his hometown in Hai Duong to restart by establishing a fashion system business model. Hi5 was born and caused a sensation among the youth at that time. With an initial loan of 150 million, within just 2 years, he had 12 stores across 3 provinces and cities.
Success was smiling, yet once again Viet Hoa found himself on the verge of his early entrepreneurial setbacks: “I was lazy, unwilling to learn, not focused on my business..” Eager to invest in real estate, he faced liquidity issues, unable to sustain business operations. And the stores closed from 12 to just 11, then 10, then 4. It was only facing the risk of bankruptcy for the third time that Hoa truly woke up and began to refocus.
“Failure is the tuition fee for growth”
To rebuild, Hoa went abroad to learn. He dedicated 4 years to diligent research and market experience. Completely eliminating old stores and brands, in April 2014, Hoa built and introduced a new brand, with the vision to become Vietnam's national fashion brand – “The First Zara in Vietnam”.
His strategy was to develop product lines that bring happiness to customers, while also aggressively expanding the system to reach 95 stores nationwide by 2020. As of now, we have a presence in 14 provinces and cities, offering primarily clothing, footwear, accessories, belts... for young office workers.
Posted by: Mau Nguyen
Keyword: Hoa YODY - A young man in his 20s who once struggled with unemployment now becomes the powerhouse behind a 'phenomenal' fashion system
