Vietnamese business is often a story of real estate or manufacturing. Then there is Nguyễn Thị Phương Thảo.
She didn't just break a glass ceiling; she basically shattered the entire roof of the Southeast Asian aviation industry. Most people know her as the "Bikini Airline" lady. It’s a catchy headline, sure. But if you think that’s why she’s a billionaire, you’re missing the actual plot. This isn't a story about marketing gimmicks. It is a story about a woman who saw a rigid, state-controlled market and decided to fly a plane straight through the middle of it.
The Soviet Roots of a Billion-Dollar Mindset
Thảo isn't some overnight success. She’s been at this since the 1980s. While studying in Moscow, she wasn't just hitting the books; she was hustling. We’re talking about a teenager importing fax machines, plastic, and rubber from Japan and South Korea into the Soviet Union. She made her first million at age 21. Think about that for a second. While most of us were figuring out how to pay rent in our early twenties, she was already navigating the complex logistics of international trade in a crumbling superpower.
This period was her training ground. She learned how to spot gaps in supply chains. She learned that being first matters, but being efficient matters more. When she returned to Vietnam, she didn't just sit on her cash. she co-founded Techcombank and VIB, two of the earliest private banks in the country. She understands money at a molecular level.
Vietjet Air: The Great Disruptor
When Vietjet Air launched in 2011, Vietnam’s skies were basically the playground of Vietnam Airlines. It was expensive. It was formal. It was out of reach for the average person. Thảo changed the math.
The "Bikini Airline" thing happened in 2012. It was a PR stunt, let’s be honest. Flight attendants in swimwear during an inaugural flight to a beach destination. It caused a massive stir. The government even fined them. But here is the thing: it worked. It got everyone talking about a tiny startup airline. But you can't build a sustainable business on swimsuits alone.
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The real genius of Nguyễn Thị Phương Thảo was the low-cost carrier (LCC) model. She looked at what Tony Fernandes was doing with AirAsia and what Southwest was doing in the States and thought, "I can do this better in Vietnam." She focused on secondary airports. She optimized turnaround times. She bought planes in bulk to get massive discounts.
Breaking Down the Numbers
By 2017, Vietjet went public. It was a massive IPO. Thảo became Southeast Asia’s only self-made female billionaire.
- Vietjet’s market share in Vietnam eventually rivaled the national carrier.
- She placed record-breaking orders with Boeing and Airbus—we're talking hundreds of aircraft at once.
- Her net worth consistently hovers in the billions, fueled not just by planes, but by HDBank and Sovico Group.
People often ask if she’s just lucky. It’s not luck. It’s a relentless focus on the "unserved." Before Vietjet, many Vietnamese people had never even stepped foot on a plane. They took buses or trains that took days. She gave them back their time for the price of a bus ticket. That is true disruption.
The Nuance of her Leadership Style
If you meet her, she’s reportedly very soft-spoken. It's a contrast to the aggressive growth of her companies. She talks a lot about "doing business with a kind heart." Some critics roll their eyes at that, especially given the cutthroat nature of aviation. But those close to her describe a woman who works 20-hour days and knows the name of almost every senior manager.
She isn't just a figurehead. She’s involved in the technicalities of aircraft leasing and fuel hedging. You don't survive the 2020-2022 period in aviation without knowing exactly where every cent is going. While other airlines were collapsing during the global lockdowns, she was pivoting Vietjet toward cargo. They stripped seats out of planes to carry masks and electronics.
Why Most People Get Her Wrong
The "Bikini" label is a double-edged sword. It made her famous, but it also made people underestimate her. They see the flashy marketing and miss the iron-clad balance sheet.
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She’s also a massive player in real estate through Sovico. Think luxury resorts like the Furama Resort in Da Nang. She owns power plants. She’s deeply integrated into the Vietnamese economy in ways that a single airline doesn't fully explain.
There’s also the controversy. In 2021, there was a whole thing about a £155 million donation to Linacre College at Oxford University, which proposed renaming itself "Thao College." It sparked a lot of debate about where the money came from and the ethics of renaming historic institutions. It shows she isn't just looking for influence in Hanoi—she wants a seat at the global table.
What You Can Learn from the "Iron Lady" of Vietnam
Looking at Thảo's trajectory, there are a few things that any entrepreneur should steal.
- Don't fear the incumbent. Vietnam Airlines was a titan. She didn't try to be them; she tried to be everything they weren't.
- Cash flow is king, but credit is queen. Her banking background gave her the leverage to buy planes when others had to lease.
- Marketing gets them in the door; operations keep them there. The bikini stunt got the headlines, but the 90% load factor (how full the planes are) is what paid the bills.
Practical Steps for Aspiring Leaders
If you’re trying to emulate the success of Nguyễn Thị Phương Thảo, don't go out and buy a fleet of planes tomorrow. Start with the logic.
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Analyze your local market for "hidden demand." Is there something everyone assumes is only for the rich? Find a way to make it cheap without making it "cheap." Focus on the efficiency of the "turnaround." In her case, it was getting a plane landed and back in the air in 30 minutes. In your business, it might be reducing the time between a lead and a sale.
Invest in your own education early. Thảo didn't start with a billion dollars; she started with an education in economics and a willingness to trade fax machines in the snow.
The story of Nguyễn Thị Phương Thảo is far from over. As Vietnam continues to grow as a manufacturing hub, her logistics and banking empire will only become more central. She didn't just change how people fly; she changed the expectations of what a Vietnamese business can look like on the world stage.