Ethics, ambition critical for startup founders to succeed: Go Global Holdings exec

The global investment landscape offers abundant opportunities for Vietnamese brands to expand internationally, but startups must prioritize self-improvement and readiness, says Nguyen Phi Van, chairwoman of Go Global Holdings, a company specializing in franchising.

She made the remark at the Shark Tank Forum 2025 in Ho Chi Minh City on Thursday. Van, nicknamed "franchise shark," highlighted the potential of the food and beverage (F&B), fashion, and handicraft sectors. She emphasized the importance of ethics, ambition, and personal development for startup founders.

Van noted that despite the opportunities, she has struggled recently to take Vietnamese brands abroad. The primary challenge, she said, is that many founders are unprepared. Van urged founders to study and adapt to local markets and improve their English proficiency to effectively communicate and present to international partners.

"The global market is still vast. Startups need to professionalize themselves and their operations to seize investment opportunities and compete on a larger stage," Van added.

Bui Quang Minh, chairman of Beta Group, a company specializing in cinema chains, noted that his business primarily focuses on the entertainment industry, making entertainment-related startups a priority for investment.

Additionally, he expressed optimism about the education and healthcare sectors, citing their promising potential. Regarding founders, Minh stated that the more well-rounded a founder is, the better. Minh added that he and his team are willing to support founders in areas where they may lack expertise.

Nguyen Hoa Binh, founder and chairman of NextTech Group, a leading technology startup in Vietnam, expressed a preference for direct-to-consumer (D2C) startups and businesses that manufacture or process goods and sell them directly to customers, often online.

Binh emphasized that D2C represents the future trend. He also stressed that ethics is the most critical quality in a founder. "An ethical person who fails will still act in the best interest of their partners. An unethical person, even if they succeed, will pose significant risks to investors," he argued.

"There’s no definitive formula for success. I've experienced failures and lost significant money," said Binh when asked about investment strategies. He added, "I was fortunate to have a few successful deals, but I always approach founders with empathy. If a founder is dishonest, investing in their startup is highly risky."

Binh offered this message to startups: "Scarcity drives creativity. Every limitation you face makes your eventual success even more remarkable."

Hoang Kim Dung, country head of Genesia Ventures Vietnam, a Japan-based fund that specializes in investing in early-stage startups, said Genesia focuses on identifying the most challenging pain points in the value chain and finding startups that can address them. The fund seeks founders with a strong fighting spirit and resilience.

Dung advised startups raising capital to thoroughly research investors to align with their interests and preferences.

Pham Le Nhat Quang, partner and executive IC member at ABB Private Equity, stated that his fund targets unlisted businesses with consumer bases beyond Vietnam. The fund looks for traditional businesses integrating technology and those serving markets in second- and third-tier cities or rural areas.

Quang emphasized the importance of scalability and exit strategies when selecting startups for investment. He also highlighted the need for founders to adapt, balance priorities, and recognize when it’s time to pivot or exit.