Zaw established Manaw Thidar, the first company under the Shwe Byain Phyu (SBP) Group in 1996.[4] Co-led by Zaw and his wife, Tin Latt Min, the company provided logistics services to Joint Corporation 6 (JC-6).[4] SBP operates a business partnership with the military-owned Myanma Economic Holdings Limited for mining, logging, fuel imports and distribution.[6][7] Thein Win Zaw's business success has been attributed to his close relationship with the Myanmar Armed Force's senior leadership, including the Myanmar Navy commanders-in-chief Tin Aung San and Soe Thane, acting president Myint Swe, and Thein Aung, the father of Zaw Hein, a general.[8][6]
In 2010, as Myanmar Petroleum Products Enterprise (MPPE) began privatizing state-owned petrol stations, SBP expanded its operations to include retail, owning 29 petrol stations.[4]
Zaw also ventured into the marine products export sector, using his fishery experience to diversify revenue streams.[4] A subsidiary, Eastern Power International, was established in 2002 to manage these operations.[4]
In 2009 Zaw further diversified by establishing Theint Win Htet Manufacturing, specializing in PP plastic bag production, with a daily capacity of 100,000 bags, which are distributed across Myanmar.[4]
For the tax years 2017–2018 and 2018–2019 Zaw was recognized as one of the top taxpayers and was commended by President Win Myint for his tax contributions.[9][10]
In the aftermath of the 2021 Myanmar coup d'état, Singapore-based Investcom Pte Ltd, a joint venture between the Lebanese M1 Investment Group and Myanmar's Shwe Byain Phyu conglomerate, acquired Telenor Myanmar in March 2022.[11] Following the acquisition, concerns about ties to the Myanmar military and data privacy emerged.[5][12] However, in April 2022, the new parent company addressed these concerns, committing to uphold the data privacy policies of its predecessor.[13] ATOM Myanmar was launched in June 2022.[14]