Beauty queen’s hard work pays off million-dollar debt

Duong, 41, said she made many mistakes running her businesses four years ago.

Her cashflow froze in 2019 when her export business didn’t go as planned, and she borrowed over her head to cover the losses.

At the same time, a Nha Trang-based beauty parlor of hers also went under.

She lost control of several debts at the same time, the majority of which were owed to banks, but some were owed to personal acquaintances and others to various financial companies

Nguyen Tran Hai Duong, 41. Photo courtesy of Duong

Duong didn’t consider the VND 100 billion debt a problem because she believed in her business, her customers, and her products. She was confident she’d be able to pay it all back quickly. She ignored the gossip and ignored her nickname: “Mrs Vietnam who refuses to pay her debt.” She focused on working to earn money.

“I sent my partners my plans, so they could trust me. I stayed at my listed address instead of moving out, and I promised anyone who asked that I would pay the debts even if I had to work till I die,” Duong told NgoiSao in an interview on Thursday.

“I know a lot of people who have much higher debts than I had. My VND 100 billion was almost nothing compared to them.”

Duong said that not selling off her collateral in time made repaying some of her debts take longer than it should have.

She sold her 650-square-meter house in District 1, which she had bought with friends, and other real estate properties. She sold her car collection as well, and now has only one left. Additionally, she sold off over 70% of her designer clothes and accessories collections at cheap prices as well. She adjusted her spending habits and has been focused solely on working instead of shopping, dolling up, and going to fancy events.

“After two years of working day and night, I overcame the problem. I think I lived bravely,” she said.

Duong and her South Korean husband at an event on April 18, 2023. Photo courtesy of Duong

The 41-year-old Mrs Vietnam USA is now living in a four-story house in District 7, Ho Chi Minh City with her mother, her husband Kim Duk Ho, and her two children.

She is running her own business and at the same working as a Chief Sales Officer for two companies under a South Korean corporation.

She said she’s grateful for her South Korean husband, who introduced her to the two jobs, and has helped her both financially and mentally. When she was in debt, he was the one who met with Korean partners on her behalf so she could focus on working and earning money.

“We have a lot of mutual understanding as both of us had experiences working in the business field. We talk to each other a lot about how to raise our children. We cover our own personal expenses instead of sharing,” Duong said.

“My husband takes care of the family expenses. My former husband and I get along well, and he sends me childcare expenses to me every month. Both of my husbands are responsible men. I’m satisfied with my current situation, and don’t dream of anything else.”

Nguyen Tran Hai Duong was born in 1982 in Khanh Hoa. She won the Mrs Vietnam USA contest in 2016. She used to work in the entertainment industry and owned the copyrights of Miss Supranational and Mister Supranational in Vietnam. After falling into debt in 2019, she retired from the industry.