In achieving the Dat Xanh Group’s level of success today, as a multi-industry group with total assets of more than VND30 trillion ($1.23 billion) and more than 17,000 employees and 15,000 collaborators, you have received many prestigious awards, such as a Vietnam Gold Star Award (2011), Ho Chi Minh City Outstanding Entrepreneur (2012), Outstanding Young Entrepreneur and Red Star Award (2014), and Outstanding Asian Entrepreneur Award (2020), etc. You must have your own secret. Can you tell us about that?

In the past, people often said about me: “Mr. Thin does business like no one else.”

A typical example was in 2003 when the domestic market focused on land transactions. At that time, there was a popular trend for apartments in large cities abroad. When choosing this apartment product to start my career, I went to Singapore to study the civilized and modern elements in the apartment buildings there. After persuading and consulting in-person many times, our first project was successful, and the Dat Xanh Group quickly became known as a real estate consultant and distributor.

Many people wonder why I chose to “list” our business on the stock exchange at the end of 2009, when the real estate market was in crisis. In my opinion, listing in difficult times would help the business measure its health and resistance. I believe that only when the business faces challenges can it increase its ability to overcome such challenges.

After 20 years of establishment and development, the Dat Xanh Group has become one of the leading groups in Vietnam, operating in industries such as real estate services, real estate development investment, civil infrastructure construction, financial investment, and financial services, technology and technology application.

Its success today stems from “heavenly weather” - the new opportunities I find and explore so that the business can find a successful path; “earthly advantage” - the right business strategies at each relevant time; and “people’s harmony” - the associates that have stood side-by-side with us and the partners and customers that have trusted us. None of these factors are accidental; they are all the result of maximum efforts by myself and all of the leaders and employees at the Group.

After nearly 20 years as Chairman and CEO of the Group, you have recently only held the position of Chairman. What are your plans?

After building a strong and stable Dat Xanh Group, from 2020 I decided to transfer to the position of CEO. Since then, I have only held the position of Chairman to manage and decide on strategic issues for the Group. In addition, I want to spend time focusing on developing Dat Xanh Group to penetrate into the digital economy, and circular economy by developing the technology platform for real estate, finance, etc.

You mentioned digital economy. What made you decide that Dat Xanh will focus on this field?

Real estate is facing internal problems as its scale and speed increase rapidly. Technological development leads to changing consumer trends. The inevitable consequence is that the online technology application business is gradually dominating the traditional model. Therefore, using digitech to transform the way of doing business is vital to all companies including Dat Xanh Group.

Simultaneously, the Resolution from the 13^th National Party Congress emphasized the government’s orientation towards a circular economy, a digital economy, and a green economy model, which emphasizes the application of technology and innovation, promoting the leading role of the business community.

As a leading business in Vietnam’s real estate industry, I recognize that the Dat Xanh Group needs to pioneer digital transformation. In fact, ten years ago, I conducted many trips to developed countries to study real estate business models based on technology platforms and promote the transformation process on the Group’s system.

How have you directed strategies on entering the technology field?

The Dat Xanh Group was among real estate businesses to apply technology from very early. In 2012, we operated the ERP model - a “paperless office” in administration and business operations.

During Covid-19, the Real Agent online sales platform developed by the Dat Xanh Group helped its system maintain business operations. In particular, many projects we distributed were 95 per cent sold out in just one live stream. This is a typical example showing that just with a technology platform meeting all information needs and safe transaction methods, real estate will no longer be a product that customers have to go to the place and experience in person in order to “pay money”.

In 2020, we cooperated with McKinsey, the world’s leading strategic consultancy, to build a ten-year development strategy with a 30-year vision and orientated to comprehensive digital transformation. We were determined to speed up implementation, and at the end of 2021 purchased copyrighted software from SAP (Systems Applications and Products in Data Processing), developed by SAP SE - the largest software company in the world, and simultaneously cooperated with FPT - Vietnam’s leading technology corporation, and announced a project on digital transformation in the real estate industry, aiming to comprehensively change the Group’s operations and business management.

Through Dat Xanh Services - a member company responsible for developing real estate service systems - we have been a pioneer in building a real estate technology ecosystem such as iHouzz and FINA.

iHouzz is a proptech application that deploys property management services, rental management, and big data, etc., combining online and offline (O2O). Point of Sale (POS) chains are touchpoints for customers and brokers around the country, with a rich source of products, integrating a variety of service utilities such as home loans, interior design, and legal procedures, etc. iHouzz is continuing to cooperate to expand the office system, to provide comprehensive real estate services, including transfer brokerage, leasing, real estate rental management, and lending and notarization, etc.

Fintech platform FINA, meanwhile, operates as a mortgage broker, supporting customers in submitting loan applications and approving loans online. Through FINA, the Dat Xanh Group has connected with 30 financial institutions, and loans of more than VND10 trillion ($409.3 million) have been disbursed. With a team of personal financial service consultants, FINA serves 20,000 customers with a loan approval rate of up to 96 per cent. The platform’s advantages come from creating flexible financial products with low interest rates. For example, in the context that lending interest rates can be as high as 14 per cent per annum, partner banks pledge to keep rates at below 10 per cent per annum or even 7-8 per cent. In the future, FINA aims to double its number of users, diversify its product portfolio, and optimize financial and investment benefits for all actors participating in the real estate ecosystem.

What specific goals have been set for Dat Xanh Group’s technology race?

Comprehensive digital transformation will be the foundation for the Group and its member companies to research and apply blockchain and AI / machine learning in business activities with technological content, penetrating new fields such as finance, health, and education, etc., to start earning profits and increase scale and market share after three years and the following five years, with 60 per cent of the Group’s revenue to come from the digital economy.

In harmony with its core business activities, the Dat Xanh Group will complete its capitalization target of $10 billion in 2030. This will also be when Dat Xanh Group is ready to expand its potential globally, affirming its national position in the international marketplace.

What strengths do you think the Dat Xanh Group possesses to reach its goal of pioneering digital transformation?

People are our number one strength. The Dat Xanh Group has a team of brave, talented, and enthusiastic leaders, with most having earned MBAs at leading universities in the UK, the US, and Australia, etc. For me, people are always the most important factor determining the success of a business strategy.

As a leading brand in real estate services and real estate finance, the Dat Xanh Group owns a system of nearly 100 member companies, and has 17,000 employees and 15,000 collaborators throughout Vietnam’s 63 cities and provinces. At the same time, it owns a major database of nearly 20 million customers we have served over our 20 years of operations. With strong financial potential and modern technology platforms, employees of the Group and myself are always determined and make a maximum effort towards reaching the goal of leading the field of real estate technology.

The speed of digital transformation will determine the success or failure of a business. The 4.0 train does not wait for anyone, and those who get on board early will create a competitive advantage and new position. This is also an outstanding foundation for us to build a leading private economic group in Vietnam and reach the world, aiming for the goal of “Efficiency - Longevity - Greatness”.