In part two of his conversation with Sunny Ray, Rick Yvanovich, founder of TRG International, reflects on three decades in Vietnam and what has changed since he arrived in the early 1990s. A Brit who accidentally retired in 1994 and then started a company that is still running at 32 years old, he now lives in Switzerland. He explains why foreign firms should see Vietnam as consistently growing rather than finished, discusses his book Business as Unusual: How to Thrive in the New Renaissance, written during COVID lockdowns, and describes how behavioral assessments at Great People Inside help match people to roles. He also explains why his coaching brand BAUU sits apart from TRG, what makes a good client, how much new work comes from existing customers, and why technology resistance keeps repeating in new forms, from word processors to cloud migration.
A Brit who accidentally retired in 1994 explains Vietnam's rise, why people resist change, and how to build a company that outlives its founder.
What do foreign firms still get wrong about the Vietnam market?
The market keeps changing. In the early 1990s it was frontier territory with few expats and fuzzy rules. Today GDP has grown 6 to 7% for decades, with real structure and intent behind it. But it would be wrong to say it is fully developed or the same as any other country.
Why did you write Business as Unusual, and what is the Renaissance?
I wrote it during COVID because people kept talking about returning to business as usual, and I knew we never would. Companies pivoted or died, but individuals in wiped-out industries like hospitality and airlines needed a map. The book is a lifeline for planning your next move.
What do assessment and hiring data tell you that 30 years of instinct does not?
People are still people. Behavioral assessments ask everyone the same questions, so they give a more consistent answer than interviews, and should be no more than about 30% of a hiring decision. They show where someone fits and where the gaps are, so they can develop themselves.
Why is your own knowledge brand, BAUU, separate from TRG?
TRG implements financial ERP systems, while my coaching knowledge is about people, which a software consultant may not want. Also, as a founder I need to step away so the company can be sustainable without me. If it falls apart when I am gone, I did a bad job.
What does a good client look like?
The ones I enjoy most treat us as a true partner and come to us when they have problems. One client I closed in 1997 is still with us, and we are now discussing process re-engineering and AI, using decades of institutional knowledge some of their own people no longer have.
How much new work comes from reputation and existing clients?
Traditionally about 30% comes from the existing client base, though founders should be careful with my numbers. Clients grow and need more of the same, or they advance technologically and digitally. The rest comes from new customers, in the same or new territories and verticals.
What is genuinely new right now, and what is just repeating itself?
Change is inevitable, yet some people still run around like headless chickens. Resistance to technology is the constant, it just shows up differently. Thirty or forty years ago it was the word processor, and today some people still struggle moving from on-premise to the cloud.
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