The Successors Behind a VND 4.2 Trillion Bookstore Empire

The leadership transition is taking place at a time when FAHASA is restructuring its operating model and accelerating the adoption of technology, while readers’ purchasing habits continue to evolve significantly.

After 50 years of development, FAHASA’s bookstore network is entering a generational leadership transition. The responsibility of managing this multi-trillion-dong enterprise is gradually being handed over by Chairman Pham Minh Thuan to his two sons: Pham Nam Thang, Vice Chairman of the Board of Directors and General Director of FAHASA Retail, and Pham Minh Nhat Hung, Head of Marketing.

This transition comes as FAHASA is undergoing a comprehensive operational restructuring and embracing digital transformation. By the end of 2025, the company recorded revenue of more than VND 4.228 trillion.

The next generation now faces the challenge of sustaining the company’s growth while responding to increasing competition from e-commerce and the rapidly changing purchasing behaviors of consumers.

Management Lessons

Speaking to Tri Thuc – Znews on behalf of both himself and his younger brother Pham Minh Nhat Hung, Pham Nam Thang said that taking over the family business has been far from an easy journey. Having joined FAHASA in 2013, he still remembers the pressure and challenges of familiarizing himself with the extensive operations of one of Vietnam’s largest bookstore chains.

At the time, both the bookstore retail sector and the publishing industry were undergoing significant transformation. The emergence of e-commerce platforms and new competitors required businesses to adapt continuously in order to maintain their market position.

“Every day, I wake up knowing that I have to keep thinking and analyzing market trends and competitors. Some competitors were virtually invisible before entering the market, yet the changes they brought were tremendous,” Thang recalled, describing the challenges that compelled the next generation of leaders to accelerate their pace of innovation.

Looking back, Thang believes that his generation benefited from being mentored early by his father, Chairman Pham Minh Thuan, along with the company’s experienced senior management team. Practical lessons from the founding generation helped shape his leadership style, particularly in terms of discipline and attention to detail.

Reflecting on his father’s strict management philosophy, Thang shared:

“Chairman Thuan often said, ‘In everything we do, the first priority is that everyone must fulfill their own roles and responsibilities. Whether you are a janitor, a bookstore employee, a manager, or a leader, everyone must perform their duties properly and strive to do their very best with the highest level of dedication.

Secondly, when carrying out any task, always plan carefully and pay close attention to every detail. If you spend just a little more time planning, the outcome will be of much higher quality.’ This philosophy has guided the way I manage today. Every project and every task is planned thoroughly and well in advance.”

In an earlier interview with Tri Thuc – Znews, Chairman Pham Minh Thuan revealed that he has already delegated most day-to-day management responsibilities to the next generation. His current focus is on corporate strategy, long-term development, organizational structure, and talent development.

“I now mainly deal with organizational structure, development strategy, training, and evaluating business models. However, this is not a clear-cut handover but rather an overlapping process. The younger generation excels in technology and technical organization, but they still need to strengthen their ability to synthesize information and develop strategic direction. This transition is therefore a gradual process of integration and succession,” he said.

Bringing AI into Traditional Bookstores

At a time when many publishing and book distribution companies are facing declining performance, FAHASA has delivered results that stand in stark contrast to the broader market.

Data for the first half of 2026 shows that the company’s book segment continued to achieve double-digit growth, exceeding 10%. With approximately 70% of its bookstore network reporting strong consumer demand, FAHASA remains confident in achieving its financial targets for the second half of the year.

Mr. Pham Nam Thang added that the company’s strong revenue performance is driven primarily by book sales, rather than stationery products. According to him, books currently account for 55–60% of display space across FAHASA’s physical bookstores and contribute more than 60% of online sales revenue.

Providing further insight into market trends, Mr. Thang noted a clear shift in consumer reading preferences. Demand for self-help and personal development books has declined significantly, while the business and economics category has also experienced a slight decrease. However, other book categories have continued to maintain solid growth, helping sustain the company’s overall positive performance.

According to Mr. Thang, this shift is driven by changing reading habits among younger consumers. Rather than reading broadly across multiple topics, they are increasingly developing a preference for more in-depth reading, seeking books with higher-quality and more meaningful content.

“Our strategy is to integrate AI into every customer touchpoint to deliver a personalized shopping experience. Our smart bookstore system will analyze each customer’s reading habits and preferences in depth, enabling it to provide highly accurate book recommendations and helping readers discover titles that best match their interests,” Mr. Thang said.

Built on an automated management platform, FAHASA is now preparing for the next phase of its market expansion, with Northern Vietnam identified as a strategic focus area. Under its long-term development roadmap, the company aims to expand its nationwide network to 200–220 bookstores by 2035.

Source: For the full article, please refer to: The VND 4.2 Trillion Bookstore Empire on the Shoulders of the Next Generation of Leaders.