LQT Talk #18 – The valuable business secrets at age 50 of the “Spice King” DH Foods

On June 27th, students of the WSU-LQT BBUS program attended an LQT Talk with Mr. Nguyen Trung Dung, Founder and CEO of DH Foods, on the topic “From Business Idea to Success.”

A valuable lesson from Mr. Nguyen Trung Dung’s first startup

Mr. Nguyen Trung Dung was once a top math student in Northern Vietnam and received a scholarship to study information technology in Poland. However, business was his true passion, and that was the path he chose after graduation.

In 1990, he and four close friends started a small company in Poland. Since only one person in the group had full legal documents, that person was registered as the founder of the company, while the others were shareholders by “oral agreement,” each holding 20% of the shares but only listed as employees on paper.

At that time, the Polish market was scarce in goods after the transition period, while the demand for shopping was very high, so the group’s business ran smoothly. They traded all kinds of goods that could be sold, from clothing to handicrafts imported from Vietnam, which led to rapid revenue growth and strong company development.

However, when money began to flow in, conflicts arose. The person registered as the company owner believed that only he and Mr. Nguyen were the main contributors, so he gradually sought to exclude the other three members. At first, Mr. Nguyen did not oppose, but later there were disputes and he chose to leave the company voluntarily.

The whole group broke up, friendships ended, and the compensation amount shared by each person did not really match the company’s value at that time. Looking back, Mr. Nguyen considers that first startup both his first and biggest failure. He not only lost effort and relationships but also left debts with domestic partners.

From revival to new challenges

At the end of 1992, after the failure of his first startup, Mr. Nguyen Trung Dung returned to the city with a large debt and started over. This time, he chose to do business selling Vietnamese instant noodles in Poland. However, the product was unfamiliar, many stores refused, and some even mistook it for “dried worms.” Some stores rejected the product up to ten times, but through persistence, he gradually convinced them to accept the goods on consignment.

The biggest difficulty was not the market but capital. He had to borrow money at very high interest rates, sometimes up to 10% per month, to pay for transportation and taxes. Fortunately, the goods sold out as soon as they arrived at the port, helping him quickly turn over capital, repay debts bit by bit, and expand the business. Thanks to his reputable dealings, he negotiated with domestic suppliers to get credit terms of 30, then 45, and finally 60 days.

During a trip to the port to handle procedures, he met an old friend who had started a business with him before. This friend asked to cooperate, and he agreed. They opened a distribution company, with Mr. Dung holding 75% of the shares. The business developed quickly, and he invited a few more friends to join.

But then, conflicts arose again. Some people thought he did not directly manage the business but kept most of the shares. To maintain harmony, he proposed increasing the friends’ shares to 50%. After many internal disagreements, Mr. Dung gradually lost interest and withdrew from the company, handing over all his shares to his partners.

In his second startup, Mr. Dung repaid all his debts, bought a house, a car for himself, and for some management employees in the company. But due to economic fluctuations, he ultimately decided to sell the entire business he had built for 6 million USD.

With a large capital in hand, he began his third startup with ready-to-eat food packaged in aluminum bags. With experience and ambition, he wanted the company to grow rapidly. However, impatience combined with the global financial crisis of 2007–2008 caused the company to struggle and eventually fail.

Mr. Nguyen Trung Dung’s ambition to globalize Vietnamese spices

After many years living and working in Europe, Mr. Nguyen Trung Dung noticed the shortage of Vietnamese spices in the international market. He vividly remembers hometown gifts such as spice packets, bottles of fish sauce, or jars of pickled eggplant sent by friends and relatives — each one as precious as gold to him.

When European supermarkets began to stock Asian spices, most products were from Japan and Thailand, while Vietnamese spices were very rare. This made him feel regretful and inspired him to nurture a big idea.

In 2010, upon returning to Vietnam, Mr. Dung saw even more clearly the unfortunate changes in the domestic spice market. Many traditional products had been mixed with artificial coloring, preservatives, and flavorings, which ruined the simple, natural taste he had loved since childhood.

From these experiences, he decided to establish DH Foods with the desire to bring natural, clean, and convenient Vietnamese spices to consumers both domestically and internationally. Especially, he wanted to help Vietnamese people living abroad enjoy meals rich in the flavors of their homeland and feel the full happiness in every dish.

3 business lessons from Mr. Nguyen Trung Dung’s 30-year journey

Sharing at the LQT Talk, Mr. Nguyen Trung Dung emphasized: “I hope today’s young people work out of passion and joy in creating value. When you do what you love, you will find satisfaction, meaning, and success. Money will come as a result, not as the sole goal.”

After more than 30 years of real-world experience filled with ups and downs, failures, and successes, Mr. Nguyen Trung Dung has summarized lessons he wants to share with the next generation of young entrepreneurs:

1. Know When to Stop for Sustainable Growth: True success does not come from chasing endlessly but from knowing when to stop, controlling greed, and clearly recognizing what is enough to build a solid foundation for the future.

2. Transparency to Protect Yourself: Transparency is not only a business principle but also a shield to protect yourself from potential risks, helping maintain long-term resilience on a challenging journey.

3. Enrich Perspectives to Be More Cautious: Multidimensional thinking is the key to thoroughly understanding issues and avoiding hasty decisions that can lead to unwanted consequences.

Conclusion

The event also featured a discussion between Mr. Nguyen Trung Dung and Ms. Ton Nu Xuan Quyen, Founder of BluSaigon, offering students valuable advice. Through this conversation, students not only heard real-life stories but also learned how to perceive challenges, build sustainable business mindsets, and develop themselves to become creative and resilient entrepreneurs in the future.

LQT Talk is a series of activities within the WSU-LQT Bachelor of Business program, where students gain access to real lessons from influential entrepreneurs.