Buzz
Furthermore, Vương Phạm shares insights into his entrepreneurial journey, the path to wealth, transforming from a young laborer to the millionaire he is today.
In mid-2021, Vương Phạm (Phạm Đình Quốc Vương, born in 1991) unexpectedly appeared in a video by Khoa Pug, garnering considerable attention from Vietnamese netizens. At that time, he was known as a dollar millionaire, owning a marketing and technology company while holding significant real estate assets.
Currently, Vương Phạm's company specializes in developing software to assist nail salons in marketing and customer management. The revenue comes from two sources: 15,000 nail salons using the software, generating $200-250 per month per salon. Additionally, Vương is expanding into payment solutions for these nail salons.
Apart from his business endeavors, Vương Phạm is also a beloved YouTuber known for his down-to-earth and humble demeanor. On his channel, he shares about land projects, ongoing ventures, and activities such as building farms and zoos. The 31-year-old millionaire's channel has over 1.16 million subscribers and more than 101 million channel views.
Recently, Vương Phạm returned to Vietnam and had a meeting and sharing session at FPT Polytechnic College (Hanoi).
Newly wealthy people like to show off, truly wealthy individuals do not.
Some claim that your current fame is thanks to appearing on Khoa Pug's YouTube channel. What are your thoughts?
This is accurate. From then until now, I've just been doing my thing without paying much attention. Later, when Khoa went to the U.S., I got in touch with him to visit and review Vương's farm. This sudden fame disrupted Vương's normal life—a person going from being ordinary to suddenly famous can be exhausting.
Currently, what is the friendship like between you and Khoa? Do you still communicate frequently? Are you aware of and supportive of Khoa's business ventures?
Khoa is a very famous person, and I just want peace to focus on my work, so sometimes, I don't want us to influence each other. Personally, Vương doesn't want to talk much about Khoa's life. If you have any questions, follow Khoa's channel, and you'll find answers. Vương just wants a quiet life and business success, as too much fame can be a hassle, not enjoyable.
Specifically, what has Vương gained and lost from this fame?
In the business world, personal fame doesn't help much, so Vương focuses solely on his business. Once you're famous, Vương finds it more harmful than beneficial. Personal matters get dragged into the spotlight, becoming the target of attacks.
Despite being knowledgeable about marketing, Vương claims not to like fame much. Is there a contradiction here?
Vương reads books and believes that fame goes through two phases: rapid rise and praise followed by negative developments and decline. Vương has experienced both. During the second phase, meddling in other people's business without gaining anything positive makes one a target. When facing criticism, Vương told everyone: 'If I overcome this, I'll be famous forever, and if not, I'll keep getting trampled on.' Vương prevailed, staying true to himself and working hard. If Vương deceived anyone, the customers (15,000 of them) would speak up.
As a dollar millionaire, you share a simple lifestyle. Is this a way to garner sympathy and affection from the masses?
Vương knows many successful and wealthy people, extremely wealthy even. One friend owns a private airport and a 17,000-acre farm, raising rhinos, giraffes, and even buying a tank. Despite this, they live extremely modestly. Vương also encountered a woman who sold him a $10 million piece of land, one of the wealthiest families in Houston. She has numerous farms but only keeps a piece to let some horses roam for fun, spending $300,000 per year (around 7 billion VND) to maintain them. However, her wallet, a crocheted one made of wool, looks worn out. During the land purchase, when they met in an extremely luxurious building to sign the contract, she simply placed her woolen wallet on the table, creating a stark contrast.
Vương concluded that only newly rich individuals enjoy showing off, while truly wealthy people do not. Vương lives a simple life and doesn't care about what others say.
Did Vương always have this style, or did it develop later?
The simple style has been there since Vương's grandparents, but when he first got money, he bought branded items. Vương bought a $3,000 suit (around 70 million VND) to see how it felt and found it meaningless. Expensive clothing doesn't guarantee comfort like cheaper ones. Trying and going through the flashy phase made Vương realize it's not essential.
Having the first million dollars, Vương spent it all to buy a house without much thought.
Where did Vương get the idea and motivation to start a business?
Back then, Vương worked odd jobs like many other students to make ends meet. He happened to meet a customer who often used Amazon cards to pay. This customer seemed very relaxed, not following the normal routine of eating before or after work. After a few encounters, Vương asked about his profession, discovering he traded online on the Amazon platform. At that time, the concept of making money online was new to Vương.
Later, a cousin gave Vương a game, sparking the idea from the previous customer. Vương took it online to sell. His startup capital was $5 (around 117,000 VND), but he got a boost, with the condition, 'Sell this game, and whatever you make, give me $5.' Vương listed it on eBay with some introductory lines, saying anyone could buy it at any price, free shipping, and so on. After 7 days with no buyers, suddenly, close to the end, there was a flurry of bidding, reaching $39 (around 911,000 VND). After deducting expenses and paying the cousin, Vương made $15 (around 350,000 VND). Thinking, 'How did I make $15 so easily? Equivalent to 3 hours of odd jobs,' Vương started his business. A few weeks later, he gathered all the games from his cousins and friends to sell.
After selling all the old games from cousins and friends at school, Vương made $5,000 (around 117 million VND), feeling very happy. But after gathering everything, there was nothing left to sell. Then, while casually reading at the bookstore, he found a business book explaining how to source products, where to buy, and more. That's when he learned how to proceed. Until now, Vương is grateful to that author!
What are the most important milestones in Vương's entrepreneurial journey?
First is the initial $15, as I just mentioned.
Second is when I had my first million dollars. It was extremely difficult to make it from $1 to a million, so I was very happy. On that day, with the first million, I immediately bought a house, no need to say more.
You've shared that you've faced numerous setbacks in entrepreneurship. Can you recall the most memorable setback?
Back then, when I was selling things online, I had no idea how to pay taxes. One fine day, the tax office came down and said, 'Why are you selling so much without paying taxes? The total tax is already in the millions.' I was scared and realized the importance of the law. Actually, I did research. I searched online: 'Do you have to pay taxes for selling things online?', and Google answered, 'No.' I was so happy, so I just kept selling. But the truth is, for small sales, you don't have to pay taxes, but for sales in the millions, you do. After that incident, I hired accountants, auditors, lawyers, etc., for support. The lawyer fee was $5,000, and the tax was $500 (around 11.7 million VND). From then on, I paid taxes properly. That was the toughest time in my life.
In the most challenging times, at the bottom of society, you truly realize the preciousness of those by your side. It was in this state of being abandoned by everyone, experiencing a decline in spirits, health, and a 10-day illness, that only my wife visited me every day. After returning, I sought her permission to marry, finding no one else like her.
Vương Phạm with his spouse (Photo: FBNV)
How did you boost your spirits and continue with entrepreneurship?
With a wife and child, I truly put in effort. Primarily, I worked hard for myself, my family, ensuring a modest living for my wife and child.
Early retirement is a great idea, and Vương is also interested in it.
According to you, where should students begin their entrepreneurial journey?
Today, Vương deliberately wears a worker's blue shirt like this because he used to work as a janitor in his grandmother's company. Vương was born into a relatively comfortable yet not wealthy family. However, Vương's upbringing was humble, playing with friends in the countryside, catching frogs, and snakes to earn money. At the age of 15 - 16, he worked as a laborer before moving to the United States doing odd jobs.
In his entrepreneurial journey, as mentioned, Vương's starting capital was 5 dollars, a cushion for his head. If Vương didn't have much capital, you might be in the same boat. Start small, build from the bottom because starting too big is prone to failure. Collision starting from when you were in school helps to see what suits you.
And it's not about being a director or a millionaire that brings happiness. According to a U.S. study, people only need to earn $70,000 per year (about 1.6 billion VND) to be happiest. When it goes up to $100,000 (over 2.3 billion VND), the happiness rate decreases, and at $1 million, it's even less happy. Vương himself feels that way; the higher you go, the more headaches. If Vương could go back, he would choose a happier life, do less, and spend more time with his children. His kids often ask, 'Where's Daddy?', 'Where's Dad?'... So Vương thinks you guys should aim for that $70,000 mark. Living beyond that doesn't make sense; when you look back, the happiest moments are the challenging times like when you were a new student. The happiest moments are being with your family, having grandparents, parents, wives, and children complete; not when you become a millionaire.
So what motivates you to continue to this point?
Since it's already significant, I have to keep going; there's no stopping.
As the company grows day by day, more employees join. Back when it was a startup, the company only had a few people, and the salary wasn't enough to live; they commuted by a makeshift vehicle. At that time, Vương stood in front of everyone and said, 'All of you walk with me, stick with Vương. I promise that within the next 3 years, you will have a new home, a new car. Trust in Vương.' At that moment, someone laughed and looked skeptical about trusting Vương. But as promised, 3 years later, everyone had new homes, around $400,000 - $500,000 (about 9.3 - 11.7 billion VND), sometimes driving fancier cars than Vương. They were the motivation for Vương to continue striving.
In your opinion, how can one determine the outcomes when starting a business?
This can be observed in everyday life. Humans have a natural instinct for laziness, so doing things that address laziness ensures success. In general, I find ways to solve inconvenience.
Nowadays, many young people set a goal of early retirement while many millionaires and billionaires continue to work. What do you think about this trend?
Vương thinks it's a good trend. I don't know how long I'll live, but it's not much. So if I can strive for early retirement, have time with family, loved ones, and children, then I encourage that. It's wonderful. If I can do it, Vương will too.
Thank you, Vương, for your insights!
