In February 2025, a cohort of ESSEC Business School’s Master in Strategy & Management of International Business (SMIB) students embarked on a transformative study trip to Ho Chi Minh City, Vietnam. From February 24–28, the group engaged in intensive company visits, cultural immersions, and valuable networking experiences that provided firsthand insights into Vietnam’s dynamic business landscape.

Itinerary

Day 1: VinaCapital
Day 2: Terao Consulting | Lazada Logistics
Day 3: Marou Chocolate | Pullman Hotel
Day 4: Mekong Capital | Noi Studio
Day 5: Medtronic | Networking Event With ESSEC Alumni


Day 1: Kickoff & VinaCapital – Betting on Vietnam’s Growth


The trip began with a team-building activity—go-karting at City Park. The competition set the tone for the week’s energy and camaraderie.

At VinaCapital

The first company visit took place at VinaCapital, where CEO Brook Taylor—who has spent over 27 years in Vietnam—shared his unique perspective on the country’s economic transformation. VinaCapital’s multidisciplinary asset management approach stood out: rather than specializing in a single asset class, the firm focuses on Vietnam as an investment destination, managing on-shore and off-shore funds, mutual funds, and ETFs for a diverse client base.

A standout insight was how VinaCapital’s active management and stock-picking strategies have delivered returns far outpacing the market average. Mr. Taylor emphasized that Vietnam’s economic trajectory mirrors the East Asian Development Model, with rapid urbanization and a booming consumer sector. His historical perspective and multidisciplinary strategy illuminated why Vietnam is considered “Asia’s Rising Star”—and why VinaCapital bets on the country itself, not just its industries.


Day 2: Terao Consulting & Lazada Logistics – Engineering Sustainability and Logistics Innovation


At Terao Consulting

At Terao Consulting, Gaspard Lemoine-Scelles (Director of Business Development) introduced students to the firm’s work in carbon footprint reduction and energy efficiency for buildings and factories. Terao’s principles—mitigation and adaptation—guide their consulting efforts across luxury, industrial, hospitality, and real estate sectors.

A unique takeaway was how Terao’s Asian headquarters in Shanghai and Ho Chi Minh City reflect the region’s surge in foreign direct investment, especially after the 2020 supply chain disruptions in China. The appetite for sustainability consulting is strongest among foreign companies, while local firms are still in earlier stages of industrialization. Terao’s boutique approach leverages energy expertise, climate data modeling, and tailored engineering solutions, helping clients navigate rising energy costs and capitalize on government incentives for green buildings.

At Lazada Logistics

At Lazada Logistics, students met with Quang (Chief Logistics Officer) and Khalid (VP of Engineering), who shared how the company evolved from a Rocket Internet startup to a logistics powerhouse. Today, Lazada serves not only its own platform but also external e-commerce players across Asia. Its operations rest on three pillars: cross-border, e-commerce, and last-mile delivery.

A key insight was the sector’s shift from bulk to itemized deliveries, driven by e-commerce trends. On peak sales days like 10.10 or 11.11, Lazada’s capacity expands tenfold, supported by rapid deployment of temporary staff.

Interestingly, the company also serves competitors (such as Taobao or TikTok Shop), thereby strengthening its market position. Khalid’s philosophical approach—discussing “recursivity” and the “illusion of complexity”—demonstrated how humanities perspectives can shape data-driven logistics, optimizing cost, capacity, and lead time in an open system.


Day 3: Marou Chocolate & Pullman Hotel – Local Artisanship and Sustainable Luxury


At Marou Chocolate

COO Stéphanie Aubriot welcomed students to Marou Chocolate, Vietnam’s first bean-to-bar artisanal chocolate brand. The company sources cocoa from over 300 local farmers, supports cooperatives, and ensures quality across its value chain. A strategic pivot from B2B (hotels and retailers) to B2C was prompted by growing demand for immersive consumer experiences, leading to the launch of cafés and custom recipes.

Today, Marou operates 15 shops, 8 airport kiosks, and exports to over 16 countries—growth made possible by strong backing from Mekong Capital and a hands-on operations team. Aubriot emphasized the importance of frequent store visits and close relationships with farmers and staff to maintain product quality and innovation, especially in the face of volatile cocoa prices.

At Pullman Hotel

The management team at Pullman Hotel presented their ambitious sustainability agenda: eliminating single-use plastics by 2025 and prioritizing local, organic sourcing for their restaurants. These initiatives not only elevate the guest experience but also support local producers and reduce the hotel’s carbon footprint. The hotel’s responsible hospitality model is evident across sourcing, operations, and waste management.


Day 4: Mekong Capital & Noi Studio - From Private Equity to Purposeful Design


At Mekong Capital

At Mekong Capital, Partner Chad Ovel shared insights into their distinctive private equity approach. Rather than focusing solely on financial engineering, the firm’s “Vision Driven Investing” (VDI) model emphasizes organizational transformation. Mekong invests in companies that have reached break-even and are ready to accelerate growth.

Drawing on his experience as a former CEO, Mr. Ovel stressed that the best solutions typically emerge from within the investee organization. Data analytics play a major role, supporting the development of 15 core perspectives that guide investment decisions. The VDI methodology has driven long-term growth across Mekong’s portfolio and is setting new standards for private equity in emerging markets.

At Noi Studio

At Noi Studio, students met moss artisan Trang Vivian, whose botanical art blends natural materials with human creativity. Each project is uniquely designed to suit client briefs, and experimentation lies at the heart of the studio’s process. The visit highlighted the value of craftsmanship and innovation in business, as well as the market potential of blending tradition with modern aesthetics.


Day 5: Medtronic & Alumni Networking Event - Advancing Healthcare and Celebrating Connections


At Medtronic

At Medtronic, Senior Business Manager Thomas Sander and Sales & Marketing Director Mayank Tripathi walked us through their strategy for expanding healthcare access in Vietnam. Medtronic is a leader in minimally invasive therapies for non-communicable diseases, robotic-assisted surgery, and cardiac innovations like the mini-pacemaker and TAVI.

A highlight was seeing the mini-pacemaker firsthand—an example of Medtronic’s commitment to less invasive, more accessible treatments. The company also invests in training local healthcare professionals and introducing advanced technologies to rural areas, addressing Vietnam’s aging population and rising chronic disease burden.

Alumni Rooftop Networking with ESSEC’s Best

The week concluded with a vibrant rooftop alumni networking event. Students connected with ESSEC alumni from SMIB, EMBA, MIF, and MBA programs, representing industries ranging from hospitality and luxury to MedTech and consulting. The Ho Chi Minh City skyline provided an inspiring backdrop for exchanging career insights and forging new connections.


The SMIB Study Trip: A Journey of Learning and Leadership


More than just a study tour, the Vietnam trip was a masterclass in leadership, entrepreneurship, and regional business transformation. Students departed with broadened perspectives, lasting friendships, and memories that will resonate throughout their professional journeys.


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