Excerpt from the 20th Anniversary Speech by Dr. Nguyen Quoc Toan – Co-founder and CEO, EQuest Education Group, 2003–2023
I. The naïve beginning: The $3,400 seed
Before I begin, allow me a personal anecdote. As I neared my Ph.D. graduation, I realized that getting a scholarship and earning a doctorate was not as difficult as people imagined. Success simply required persistence and a systematic approach. With that insight, I discussed founding an education company with my friends to help Vietnamese students study in the U.S.
Our dream was simple: How does Vietnam become powerful? Only education can transform our country positively. And where do you find the best education? America. Therefore, we concluded, the most effective and viable way to contribute to Vietnam’s future was to send as many of our nation’s finest minds to study in the U.S. as possible.
When we formed the company with a registered capital of 80 million VND (roughly $3,400 USD at the time), I proudly told my father-in-law. He slowly looked over the business registration and quietly asked: “You like the number 80 because it’s lucky, right?” I confessed: “To be honest, Dad, that’s all the money we had.” He sighed, “You should have told me; I would have given you 20 million more to make it 100 million. I thought you just liked the number 80.”
That is how we started—with 80 million VND and the audacious dream of changing the destiny of a nation. It was naïve, wasn’t it? And 20 years later, I remain that naïve.
II. The Quest for Excellence: Achievements and DNA
Our journey, which began in 2003 with the simple, innocent dream of a group of Ph.D. students and their friends, has blossomed into EQuest, one of Vietnam’s most dynamic private education groups.
With over 150,000 students enrolled across our K12 schools, EdTech platforms, and higher education institutions, we have built more than a corporation—we initiated a journey toward excellence in education. Starting with three employees in 2003, EQuest reached 5,000 employees by the end of 2023. We have educated hundreds of thousands of students, created thousands of jobs, and contributed hundreds of billions of VND to the state budget.
Our name, EQuest, signifies the “Education Quest”—a ceaseless academic pursuit. Our slogan, “The Quest for Excellence – Vươn tới sự hoàn thiện,” reflects our non-negotiable DNA: an obsession with achieving the best possible outcome and an uncompromising intolerance for mediocrity.
This obsession is codified in our achievements: EQuest is the first education organization in Vietnam to achieve Cognia accreditation (the world’s largest accrediting body) and is compliant with ESG standards. We are also backed by KKR, one of the world’s largest private equity firms.
III. Growth with decency: The non-negotiable values
We take immense pride in one fact: Very few people who leave EQuest can say we were not decent.
There is a quote, often attributed to the Bezos family: “It is much harder to be kind than be clever.” We chose the path of decency in our development.
- Ethical core: We remain firm in the principle of “growth with decency.”
- Prioritizing people: We prioritize the well-being of our students, teachers, and employees in every thought and action.
- Conflict resolution: When conflicts arise, we always seek dialogue and resolution before resorting to legal avenues.
- Balance: In times of difficulty, we have been willing to slow down our growth to ensure the equitable alignment of all stakeholder interests.
These are the fundamental principles of EQuest’s conduct.
IV. A debt of gratitude: The power of others
When an outsider sees a successful company, they often attribute the achievement solely to the founder or the chairman. But the success of any organization or individual is never the result of one brilliant person. It is the combination of business acumen, relentless effort, continuous trial-and-error, and a very large measure of luck.
For us, the founders of EQuest, our greatest luck has been our good colleagues, good staff, good partners, good friends, and good families. Today, on our 20th anniversary, I am overwhelmed with gratitude:
- To our 5,000 employees: Our journey is built on your tireless dedication. This includes thousands of committed teachers who inspire and enlighten students every day.
- To our colleagues: Thank you for striving to hold EQuest to global standards of accreditation, management, technology, governance, and compliance.
- To our shareholders: Thank you for your fierce trust and boundless patience. For many years, you waived dividend payments to reinvest in our growth. Your sacrifice is the foundation of our current development.
- To our Board of Directors: Especially Quốc Khánh and Đàm Thủy, thank you for your unwavering support, from student enrollment to conflict resolution, and for serving as wise mentors to the executive team.
- To our institutional investors (TAEL and KKR): Without your powerful backing, our journey to this scale would have been unimaginable. Thank you for being our partners on this shared quest.
- To my family and father: Thank you for being my steadfast anchor. When I chose entrepreneurship over a stable international career, you embraced my decision. I owe a special debt to my Father, who, drawing on his experience, became EQuest’s first legal representative and “silent CEO” after his own retirement. He provided me with a safety net when I was young and naive, and his generous spirit tolerated my many foolish, childish decisions.
V. The mandate: Built to last
What will the next 10 to 20 years look like for EQuest?
- We aim to become a leading Vietnamese education organization that partners with the state to create positive change for millions of students.
- We must build an institution that is built to last (Jim Collins) and is independent of any single individual.
- We will operate according to the best global and most suitable governance practices, run by excellent personnel who master technology and Artificial Intelligence.
- We will continue to generate significant and superior value for our employees and shareholders.
To achieve this, we must cling to our core values: a commitment to lifelong learning, the relentless pursuit of excellence, a culture of action, and dedication to creating positive, large-scale social impact.
These values are EQuest’s strength and the compass guiding us through difficult times. In all our growth and contribution, we will always conduct ourselves with decency, humility, and gratitude.
Congratulations on 20 years of EQuest. Thank you.
Nguyễn Quốc Toàn
