With Tan Hiep Phat, local businesses, which are far more likely to interpret the research correctly, have advantages over multinationals in leveraging customer insight.
Phuong Uyen Tran, Deputy CEO of Tan Hiep Phat
Successful companies typically discover the magic differentiator by investing heavily in research and development (R&D). The head of this development at THP is Uncle Tu, my father’s childhood friend who has been with the company since the beginning.
Luckily, local businesses have advantages over multinationals in leveraging customer insight. They are far more likely to interpret the research correctly because they are closer to it themselves.
Local companies also benefit from a more favorable risk/reward ratio when they launch new products, the lifeblood of any company. In Vietnam, it takes a multinational an average of two years to launch a new product. THP launched Dr. Thanh Herbal Tea in forty-five days. My father ran the project himself.
Local companies can get products to market much faster than multinationals because they are less bureaucratic and far more entrepreneurial. At face value, bringing a slew of new products to market might seem risky, but, actually, the reverse is true.
Phuong Uyen Tran's family
Local companies can act quickly, so they can easily remove products that are not working even if preliminary customer research had suggested they would. This minimizes losses and enables local companies to keep innovating. They can respond to success and failure much more quickly, learning from both to keep creating more of the kind of products consumers want.
Above all else, local companies typically only target their home market and can fully serve its needs. Multinationals rarely launch a product in one market alone. They make compromises to try to appeal across many.
About author Phuong Uyen Tran
For the first time history, women in Vietnam and throughout Asia have the opportunity to pursue their dreams. Your dream might be to be a career woman, a stay-at-home mother, or someone who tries to juggle both. At a time when many young middle-class women have grown up in Vietnam and then studied abroad—or who have grown up abroad and then returned to Vietnam, Phương offers business insight and guidance to these global citizens. She is someone who will always be Vietnamese in her heart, but feels equally at home wherever she is in the world.
Drawing from this global perspective, Phương provides us with both a global and local mindset, a huge advantage in business today. She is helping women to throw off the shackles history has heaped on them and achieve their highest dreams.
Second-generation Asian businesswomen, Phương Uyen Trần, serves as Deputy CEO of Tan Hiep Phat (THP) group, a company started by her parents in 1994. Today, it is Vietnam’s leading beverage company. In addition to running Number 1 Chu Lai plant, she is responsible for THP’s procurement, domestic and international marketing, public relations, and corporate social responsibility programs. Phương is an executive of the Beverage Association of Vietnam and also sits on the executive committee of the Young Presidents’ Organization (YPO) Vietnam chapter.
She is passionate about family-owned businesses, as well as women in business. She is keen to share her knowledge and regularly speaks about managing family-owned businesses at global conferences.
Phuong Uyen Tran
- Tan Hiep Phat s high goals and ambition to out compete multinationals
- With Tan Hiep Phat location defines the success of a product
- Tan Hiep Phat s promotion campaign
- Phuong Uyen Tran: Creativity along with corporate culture help promote the growth of business post Covid-19
- Branding helps shape Tan Hiep Phat s future business
- Foreign companies’ expansion plans in VN
- Tran Ngoc Bich- the energetic leader behind the success of THP Group
- Tran Ngoc Bich- the energetic leader and gentle wind beneath THP Group’ wings
- Hoa Phat Steel Sheet enjoying export advantages from FTAs
- Phuong Uyen Tran s mother idea behind Zero Degree Green Tea