Tan Hiep Phat's viewpoints on the edges of local companies over multinationals

	With Tan Hiep Phat, location defines the success of a product
	Tan Hiep Phat is open to any company promoting its future vision
	Sharing experience, the key factor for THP Group's development

Phuong Uyen Tran, Deputy CEO of Tan Hiep Phat

Successful companies typically discover the magic differentiator by investing heavily in research and development (R&D). The head of this development at THP is Uncle Tu, my father’s childhood friend who has been with the company since the beginning.

Luckily, local businesses have advantages over multinationals in leveraging customer insight. They are far more likely to interpret the research correctly because they are closer to it themselves.

Local companies also benefit from a more favorable risk/reward ratio when they launch new products, the lifeblood of any company. In Vietnam, it takes a multinational an average of two years to launch a new product. THP launched Dr. Thanh Herbal Tea in forty-five days. My father ran the project himself.

Local companies can get products to market much faster than multinationals because they are less bureaucratic and far more entrepreneurial. At face value, bringing a slew of new products to market might seem risky, but, actually, the reverse is true.

Phuong Uyen Tran's family

Local companies can act quickly, so they can easily remove products that are not working even if preliminary customer research had suggested they would. This minimizes losses and enables local companies to keep innovating. They can respond to success and failure much more quickly, learning from both to keep creating more of the kind of products consumers want.

Above all else, local companies typically only target their home market and can fully serve its needs. Multinationals rarely launch a product in one market alone. They make compromises to try to appeal across many.

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