Mr. David Dương, Dr. Alan Phan, entrepreneur Chính Chu, billionaire Trung Dung, millionaire Bill Nguyen and many other successful entrepreneurs in America mostly rose from nothing. With “kindness and patience” in their hearts, especially “patience,” tireless perseverance in work and intelligence, they became millionaires, helping affirm the standing of Vietnamese people.
Trung Dung, one of the most famous Asians in the United States
Trung Dung's story has been told in media outlets such as Forbes, the Financial Times, and The Wall Street Journal.
The year 1992 marked an important milestone in Bill Nguyen’s life. The young man from Houston, then 21, began his journey toward becoming a millionaire by taking an executive role at Forefront. Just 6 years later, this software company was worth nearly USD 150 million.
Continuing his journey, Bill achieved success running 2 other companies, Freeloader and Support.com, but it was not until he established Onebox in 1999 that he became widely known. It was also the first time Bill founded and owned a company of his own.
Onebox was founded by chance. Starting from the idea of “sending faxes over the internet,” Bill approached venture capital firms for funding. Onebox became a major “hit” at the time, allowing organizations and individuals to send virtual faxes easily.
After just 18 months, Bill sold Onebox for USD 850 million. Previously, the total funding Bill had raised to build Onebox was a mere USD 60 million. This remains Bill's most successful deal to date.
Even though he was not truly successful with Lala and especially ColorLabs, Bill Nguyen remained someone investors “never doubted.” Lala, which had raised USD 35 million, was not considered a success but still brought in USD 80 million when Apple acquired it in 2009.
At first glance, Bill's success might seem to come from intelligence and luck, but few would suspect that it was his kindness that earned people's trust and affection and their willingness to provide investment capital.
He is Vietnamese, yet served as President of the African student association while at university, reflecting his kindness, sincerity, and dedication to others. He also said that his success came from patience and enduring hardship to overcome it.
What troubles Bill most now is that he has yet to become a billionaire. ‘It really does weigh heavily on my mind,’ the millionaire said in an interview with Fast Company. ‘I have the ability to endure hardship better than anyone else, and will last longer, because I can.”
The Waste King in America – David Dương
He is Chairman and CEO of CWS, the only Asian company ranked 31st among the top 100 U.S. waste management companies in 2013.
He is Chairman and CEO of CWS, the only Asian company ranked 31st among the top 100 U.S. waste management companies in 2013.
David Dương is also Chairman of Vietnam Waste Solutions (VWS), a limited liability company specializing in waste treatment investment in Đa Phước Commune, Bình Chánh District, Ho Chi Minh City.
Recently, VWS won against its competitor Waste Mangement, the largest waste treatment company in the United States, headquartered in Texas, with branches in 50 states and many countries worldwide.
The contract won by CWS is one of Oakland's largest, worth 2.7 billion USD over 20 years, with implementation beginning in 7/2015.
Mr. David Dương said CWS won the bid thanks to its low price (the company operates in Oakland), support from all company employees and, particularly, the Vietnamese community's support and demand for fairness for a Vietnamese-owned company, an ethnic minority business in the United States. This prompted the City Council to vote to award the contract to CWS.
Few know the hardships David Dương endured to achieve success. His dedication and patience in his work, putting his whole heart into everything he does, combined with a kind heart that always considers society first, and the kindness he consistently shows employees, have earned their trust and affection.
CWS now operates in 8 US cities, specializing in scrap trading, waste management, collection and recycling, and operating recycling plants… CWS also trades recycled materials in the US and international markets, proudly earning David Dương the title of America’s “king of waste.”
Dr. Alan Phan
Alan Phan was the first Vietnamese entrepreneur to list his private company on the US stock market in 1987. In 1999, Harcourt Group, which he founded, reached a valuation of USD 670 million before splitting into 5 companies that continued to be listed on the US stock market.
Dr. Alan Phan went to study in the United States in 1963. He earned a master's degree there before receiving 2 doctorates in the United Kingdom and Australia. He also served as a visiting lecturer at universities in the United States (Colorado, Columbia, Cal State) and China.
Alan Phan has many years of experience working at multinational companies and major Wall Street banks. He is also Chairman of the VIASA Investment Fund, an Emerging Markets consultant for many multinational corporations and a shareholder in 6 public companies in China and the US.
In 1997, Alan Phan was the first to introduce an online share-selling system and online education in China. With experience across many investment fields, Alan Phan is now an analyst offering distinctive, in-depth economic perspectives.
Deeply devoted to his homeland, he dedicated much affection and effort to Vietnam's economic development. He passed away in America in 10/2015 at the age of 70.
Chính Chu
Entrepreneur Chính Chu was born in Vietnam in 1966. In 1975, he and his family emigrated to America. Chính Chu started out selling individual books and delivering them to customers' homes. He holds a bachelor's degree in Finance with distinction from the University at Buffalo, a public university in New York (USA).
Before joining Blackstone in 1990, Chính Chu had worked in Salomon Brothers' mergers and acquisitions department since 1988. He is now Blackstone's co-chairman and senior managing director of asset management.
The global financial market became more familiar with Chính Chu when he spent USD 34,3 million to buy the entire 89th floor and half of the 90th floor of Trump World Tower, developed by billionaire Donald Trump, in late 2007. After unsuccessfully trying to buy the remaining half, Chính Chu spent another USD 5 million to add space on the building's rooftop, bringing the total cost to 39,3 million.
This Vietnamese-origin entrepreneur’s assets currently amount to around USD 1.1 billion. In Vietnam, Chính Chu is also known as the husband of overseas singer Hà Phương, the younger sister of singer Cẩm Ly.
His name also partly reflects his character: upright, thoughtful, kind, and patient. Together with his intelligence, these fine qualities helped make him a Vietnamese-born billionaire in America.
Proud of Vietnamese People’s Achievements
Vietnamese people have always taken pride in being intelligent, industrious and hardworking. More importantly, kind and patient hearts have helped them rise above every difficulty.
In a foreign land, unfamiliar with its customs, practices, and business environment and lacking startup capital, they nevertheless overcame these challenges and advanced through honest business, trust, and kind, patient hearts.
This is also a lesson for Vietnamese entrepreneurs seeking sustainable development instead of the short-term, opportunistic approach many currently take.
