{"id":6490,"date":"2021-04-15T18:07:00","date_gmt":"2021-04-15T10:07:00","guid":{"rendered":"https:\/\/thesmartlocal.com\/vietnam\/?p=6490"},"modified":"2021-04-21T10:00:45","modified_gmt":"2021-04-21T02:00:45","slug":"f88-pawnshops","status":"publish","type":"post","link":"https:\/\/thesmartlocal.com\/vietnam\/f88-pawnshops\/","title":{"rendered":"Boss Pawns His Stuff To Pay Staff, Now He Has 300 Pawnshops In Vietnam"},"content":{"rendered":"

Former pawnor becomes CEO of 300 pawnshops<\/strong><\/h2>\n
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When people need to raise cash quickly without having to go through the verification process, they go to pawnshops. To redeem their collateral, pawnors have to return and repay the loan at a higher rate. The people who resort to pawnshops are usually in dire straits, and most of them try their best to avoid going there again.<\/span><\/p>\n

However, that’s not what happened to Ph\u00f9ng Anh Tu\u1ea5n<\/strong>, a boss who pawned his belongings for cash to pay his employees. Realizing the benefits that pawnbroking offered customers, Tu\u1ea5n was determined to invest in the business. Today, he’s the owner of F88<\/strong>, one of Vietnam\u2019s largest pawnbroking businesses.<\/span><\/p>\n

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Pawnor saw the benefits of pawning<\/strong><\/h3>\n
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\"Phung
\nImage credit: F88<\/a><\/em><\/p>\n

Tu\u1ea5n started his own business when he was still in college. At the end of the month, he often struggled with paying salaries for his employees and making up for overheads. For this reason, he used to pawn his possessions in exchange for cash.\u00a0<\/span><\/p>\n

Incredibly, the trips to pawnshops opened Tu\u1ea5n’s eyes to the profits of the pawnbroking business. Despite the exorbitant rate that he paid as a pawnor, he acknowledged that pawnshops were a good source of cash disbursement to resolve the financial needs on hand.\u00a0\u00a0<\/span><\/p>\n

\"pawnshops\"
\nImage credit: F88<\/a><\/em><\/p>\n

Since then, he harbored the dream of building a pawn empire someday and worked hard to raise capital.\u00a0<\/span>In 2016, Tu\u1ea5n founded F88, a pawnbroking chain with 300 pawnshops across the country.<\/span><\/p>\n

According to<\/span> F88<\/span><\/a>, the minimum loan period here is 3 months and can be extended to 12 months at maximum. Pawnors are charged 13.2% per annum on a loan. For example, if you pawn your motorbike for VND10,000,000 (~USD434.40)<\/strong> that’s due in 12 months, the monthly interest rate you\u2019ll pay is 1.1% per month.\u00a0<\/span><\/p>\n

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He\u2019s a former hacker<\/strong><\/h3>\n
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\"pawnshops\"
\nImage adapted from: Doanh Nh\u00e2n Th\u1ee7 \u0110\u00f4<\/a><\/em><\/p>\n

Before becoming the CEO of 300 pawnshops, Ph\u00f9ng Anh Tu\u1ea5n was a renowned hacker when he was in his 20s. He was the leader of Viet Hacker, one of Vietnam\u2019s most reputable hacker groups that disbanded in 2003.\u00a0<\/span><\/p>\n

\"VSEC\"
\nImage adapted from: G-Group<\/a><\/em><\/p>\n

After withdrawing from the hacking community, he and his partners founded <\/span>VSEC<\/b>, an information security company that establishes and improves cyber security programs for local organizations such as FPT and Viettel Internet.\u00a0\u00a0<\/span><\/p>\n

\"Beatvn\"
\nTu\u1ea5n had a major role in the birth and growth of BEATVN, one of Vietnam’s largest social media platforms<\/em>
\nImage adapted from: G-Group<\/a><\/em><\/p>\n

It\u2019s a little-known fact that Ph\u00f9ng Anh Tu\u1ea5n is also a major shareholder of <\/span>G-Group<\/b>, one of Vietnam\u2019s largest digital entertainment and IT groups that houses BEATVN, GTV, and Ginnovations.\u00a0<\/span><\/p>\n

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From a borrower to a lender<\/strong><\/h3>\n
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Tu\u1ea5n’s story is a good illustration of “Necessity is the mother of invention.” – a famous saying that is occasionally ascribed to the Greek philosopher Plato. In the phase of life where most people may have gotten bitter or given up, he saw only an opportunity.<\/span><\/p>\n

Hopefully, the story can restore our hopes for a brighter future, especially for those who’re striking out on their own. Just like how Tuan went from being a pawnor to a pawnee, you can go from being a borrower to a lender as long as you don’t give up.\u00a0\u00a0<\/span><\/p>\n

Also check out:<\/span><\/p>\n