Excerpted from the speech by Dr. Nguyen Quoc Toan – Co-founder, CEO of EQuest Education Group at the 20th Anniversary Ceremony of the Group’s Establishment (2003 – 2023)
STARTING FROM A PERSONAL STORY
Before starting, let me tell a short personal story. Around the time I was about to complete my PhD, I realized that, as it turned out, applying for scholarships and obtaining a PhD degree was not as difficult as people usually thought. The issue was knowing how to execute systematically and persistently, and success would follow. And so, I discussed with my friends about founding an education company to send Vietnamese students to study abroad in the US.
Our dream was very simple: How to make Vietnam strong and prosperous? Only education can change Vietnam in a positive way. And where to go for the best education? That is going to the US.
Therefore, we concluded: If we want to contribute to changing Vietnam in the most effective and feasible way, it is to send as many elites of Vietnam to study abroad in the US as possible.
And so we established the company. On the day the company was established with a registered capital of 80 million VND, I came home to show off to my father-in-law. He turned and admired the business registration certificate for a long time and softly asked: “You like the number 80 because it’s a lucky number, right? That’s why you set the capital as 80 million, isn’t it?”
I honestly said: “To be honest with you, dad, that is all the money we had.” My father-in-law lamented: “Poor thing, why didn’t you tell me? I would have given you 20 million more so it would round up to 100 million, wouldn’t that be nice? I thought you just liked the number 80.”
There, we established the company from that capital along with that dream. With 80 million VND and the dream of participating in changing a nation’s destiny. Truly innocent, wasn’t it, ladies and gentlemen? And even now, I remain just as naive.
ACHIEVEMENTS ATTAINED OVER THE PAST 20 YEARS
Attending today are the very first shareholders of EQuest, the first people who contributed money and effort to the company, such as Ms. Ngoc, Ms. Nga, Ms. Thoa, Mr. Tuan Hiep, and Mr. Vinh.
Our journey, starting in 2003 from the innocent and naive dream of a group of PhD students in the US together with their teachers and friends, has blossomed into EQuest, one of the most dynamic private educational groups in Vietnam.
With over 150,000 pupils and students studying at K-12 schools, using educational technology, and attending colleges and universities, we have not only built an educational group, but we have truly initiated a journey toward educational excellence.
From our establishment with 3 employees in 2003, today, as I stand before you here, EQuest has reached the milestone of 5,000 employees by the end of 2023. We have shared knowledge with hundreds of thousands of students, created jobs for thousands of staff members, and contributed hundreds of billions of VND to the state budget.
EQuest is the first educational organization in Vietnam to achieve Cognia accreditation, the world’s largest accrediting body, and is also an educational organization compliant with ESG standards. EQuest is also an educational organization invested in by KKR, one of the largest investment funds in the world.
THE MEANING OF THE NAME EQUEST AND THE FORMULA FOR DEVELOPMENT
The name EQuest stands for “Education Quest”: symbolizing an unending long march of learning.
The slogan “The Quest for Excellence – Vươn tới sự hoàn thiện” reflects our genetic DNA regarding an obsession to be as good as possible and uncompromising with mediocrity.
And when expressing EQuest playfully in Vietnamese, EQUEST means “Em QUyết, Em Sẽ Thắng” (I am Determined, I Will Win), showing resilience – a fierce determination to overcome all difficulties to succeed.
Throughout our development process, we focus on applying the most modern teaching methods, leveraging technology to reduce costs, scaling effectively, and recruiting the best managers and teachers to join our team.
ON EQUEST’S VALUES
And there is one thing we have always been proud of: Very few people depart from EQuest claiming that we were not decent.
There is a saying: “it is much harder to be kind than be clever” (actually, this is a saying from the family of Jeff Bezos, one of the wealthiest people in the world).
We choose the path of decency in our development journey. EQuest has always remained steadfast with the ethical principle: “growth with decency.”
We grow fast and decisively, yet act humanely toward one another. We always prioritize the interests of our students, teachers, and staff in every action and thought.
When conflicts arise, we always seek dialogue to resolve issues before pursuing legal avenues.
In difficult times, we do not hesitate to slow down growth in order to harmonize the interests of stakeholders.
Those are EQuest’s core behavioral principles.
EXPRESSIONS OF GRATITUDE
When watching a company grow strong, outsiders often praise and celebrate the leadership team, especially an individual founder or chairman/chairwoman.
In truth, however, the success of an organization or an individual has never come from a single brilliant person. That success comes from a combination of business acumen, relentless effort, continuous trial and error, and a very, very large portion coming from luck.
For us, the co-founders of EQuest, our greatest luck is having many good associates, good employees, good partners, good friends, and good families. On this momentous day, the 20th anniversary ceremony of EQuest’s founding, I am filled with gratitude:
Grateful to 5,000 employees, those present and not present here: our journey was shaped by the tireless dedication of the entire EQuest team. Among them are thousands of dedicated teachers, those who inspire and enlighten students every day;
Grateful to hardworking colleagues who relentlessly steer EQuest toward global standards in accreditation, management, technology, governance, and compliance;
The commitment of all of you is key to building a strong and stable EQuest in the long term.
Allow me to sincerely express deep gratitude to the following representatives of the EQuest collective:
Associates who loyally stood by the company during EQuest’s most difficult times;
Thank you to the associates who were willing to sign their names to borrow money for the company during critical moments;
Thank you to colleagues who always trusted and remained devotedly attached to EQuest for so many years;
Thank you to colleagues who constantly strive to demonstrate excellence in academics and in work.
It is precisely you who have created the miracles of this journey “towards excellence.”
Regarding our former colleagues, you have been, are, and will forever be a part of EQuest’s journey.
We do not forget that EQuest’s publications became much more beautiful and professional when we had you on the design and marketing team of that time. The successful fundraising from the TAEL fund also began with the impression of a Viet My College, under the leadership team at that time, which was small but so tidy and clean that one could “eat off the floor” (as the director of the TAEL fund said when visiting Viet My College in Ho Chi Minh City).
I would like to express my sincere gratitude to our shareholders for their fierce trust and boundless patience toward EQuest; the co-founders and individual shareholders who over the past 20 years have demonstrated belief in our vision.
Even over many past years, you did not receive dividend distributions but reserved them for development instead. Your sacrifice is the foundation for our development.
Thank you to friends and partners who have always trusted and supported EQuest, financial and legal consulting firms, and friends in journalism and media. Whenever EQuest needed help, you always helped very sincerely, offered great advice, and provided consulting services at very reasonable costs!
You were ready to assist in introducing EQuest when needed; enthusiastically spent effort protecting EQuest for a few days during crises. You always gave us sensible advice on dealing with state authorities, partners, and media. Those acts of kindness, EQuest will never forget.
A special thank you to institutional investors, TAEL and KKR. Without the strong backing of major funds, EQuest’s development journey to today’s stature would be unimaginable. Thank you TAEL and KKR, for becoming partners walking alongside us on our shared journey.
I would like to thank the Board of Directors, represented here by members such as Mr. Quoc Khanh and Ms. Dam Thuy. In good times as well as hard times, you have always enthusiastically supported us, sparing no effort when taking part in matters large and small, from student admissions to meeting government officials, resolving conflicts, participating as advisors, and serving as our mentors. Your wise guidance has been a source of energy that empowers the executive board and gives us much greater peace of mind.
I send a special thank you to my family, the sturdiest bedrock of my life. When I chose the entrepreneurial path instead of an academic career or joining an international organization, despite having spent many years investing in and providing for my education, my family received my decision with support and trust (I always hope that my family’s investment in me up to now has not been a loss).
Please grant me 1 minute to thank my father privately: Dear Dad, with your life experience, you warned me about the challenges ahead when doing business, and you also decided to commit yourself to becoming the first legal representative and the “silent CEO” of EQuest after you had retired. You provided me with a safety net when I was still very young with limited business knowledge. You helped me with your experience as a mentor along with immense tolerance toward my decisions that were often very foolish and childish. I thank you very much, Dad.
EQUEST’S VISION FOR THE NEXT 20 YEARS
So what will the next 10–20 years of EQuest look like?
We want to become a leading educational organization in Vietnam that walks hand in hand with the state to bring a positive impact to millions of students in Vietnam.
We must build an institution and organization that is built to last (in the words of Jim Collins) and does not depend on any single individual.
We will become an organization governed according to the world’s best and most appropriate practices, operated by outstanding personnel who proficiently apply technology and artificial intelligence.
And we will generate massive and superior value for our employees and shareholders.
To achieve these things, we must cling tightly to our core values: a commitment to lifelong learning, the relentless pursuit of excellence, a culture of action, and dedicated devotion to creating a large-scale positive impact on society.
These values are EQuest’s strength and the compass guiding us to success and uniting us during difficult times.
And on our journey toward growth and contributing to society, we will always develop with growth with decency, humility, and gratitude.
Entering the new year 2024, I wish you all and your loved ones health, happiness, and prosperity.
Happy 20th Anniversary of EQuest’s founding.
Thank you.
Nguyen Quoc Toan
