2“ In Vietnam, , Money is like lying on the street ”

source ： Hit the net （ID：China-Venture） author ： Liu Yan autumn

“Growth！Growth！Growth！”

01 “ Spatiotemporal folding ”

Kelvin Decided to bypass Vietnam . I met him in a sinking square on West Dawang road , the artrips The co-founder showed me “ works ”. The suitcase in front of me is round , Painted Coral Orange , Box body 、 The wheels and zipper heads are engraved with flower patterns —— It is obviously aimed at young women , To be exact , Aiming at “25 Years old white-collar female in first tier cities ”.Kelvin He has worked in well-known investment institutions and investment banks for a long time , Now start a business with friends , do DTC project , Getting user insight is the basic skill .

But one year , New consumption has changed dramatically . The company has just started , The epidemic is coming again .“ Expensive traffic , Strict epidemic prevention and control , People's attendance has decreased , There is not much growth in China this year .” He foretold .

such , It is natural to go overseas . Last month, ,Kelvin It focuses on Southeast Asia , The benefits there are obvious ： near , Logistics costs are low , Flow also “ It's not expensive ”. His colleagues who had gone to Vietnam also encouraged him to go there ——TikTok This year, we will focus on Southeast Asia , The infrastructure of e-commerce is almost perfect .

but Kelvin After studying, I decided ,“ Don't be Vietnam first ”. Price is a constraint . This suitcase in front of me , Pricing at 600 To 700 Yuan between ,Kelvin Think , Most countries in Southeast Asia probably can't sell it .“ Except Singapore , The consumption level in Southeast Asia is roughly the same as that in the second and third tier cities in China , The conclusion of our research is , Pricing at 200 Yuan will sell better , But this is obviously not our track ”. The focus of the moment , He put it in the United States, Japan and South Korea .

“ In Vietnam, , Money is like lying on the street ”, This is a chat with an investor , The exact words I heard . In the eyes of the capital who has gone to Vietnam , This is a consensus. . An example is CDH , They targeted Vietnam ten years ago , And found the Austrian Thomas Lanyi, At that time , This person has worked in Vietnam 6 year , His wife is Vietnamese , The child was also born in Vietnam , As CDH “ Vietnam Nantong ”,Thomas Led two investments there ： Telecom retailers Mobile World And chain restaurants Golden Gate Group, And quit recently . among , The return of the former may exceed 6 times .

In Vietnam, , CDH's investment has not received much attention before , Now the project exits , Case study 、 Opportunities are also emerging .Thomas Tell me , Put it today , Vietnam still has many similar opportunities . In the past , This organization spent a lot of time on the consumer side , Now , Similar projects in Vietnam have begun “ result ”. Specific similarities ？ One side , Consumers have similar preferences 、 taste , On the other hand , The development process of the enterprise is similar , Online and offline distribution channels are also similar , It's just that the development stage is a little behind ,“5 To 10 Years! ”.

Vietnam , Some people are still watching after careful evaluation , Others are full of hope . This difference makes me confused , And try to find an explanation .

02 “ Time machine theory ” Can you explain ？

Most people have heard of son Zhengyi's time machine theory —— Take advantage of the gap between countries at different stages of development , Develop a business in a first mover country , When it comes to maturity , And then bring its experience to late developing countries , Copy its pattern .

At first glance , CDH's case is exactly the practice of this theory . But the fact is much more complicated than the law , Even Thomas Tell me, too , The difference between Vietnam and China is five years , Or ten years ？ It depends on the plate .

stay Damien Where? , I heard another answer , be called “ Spatiotemporal folding ”.

Damien It is an investor who has long paid attention to Southeast Asia , He felt , Time machine theory has passed the window period , What appeared in China in different periods will appear in Vietnam at present .

“ Information is flat ”, He said ,“ You think Vietnam is ten years behind China , But ten years ago , There is no such thing in China 4G The Internet , Smart phones are not popular , Today in Vietnam , The facilities are basically perfect , Now some things in China have sprouted .”

For example, blockchain . Many people may not know , Blockchain games that are popular all over the world Axie Infinity By Vietnamese developers Sky Mavis To launch the , The company is 4 The latest round of financing was obtained in August ,1.5 Billion dollars .

Damien Daily office in Shenzhen , As you know , This is already a key cross-border town , It's domestic VC Look at the nearest window in Southeast Asia . in my opinion , He did come up with a more accurate concept , It does not include extensible methods . It is necessary to see the state , Further identification is the opportunity .

To be specific , although artrips Bypassed Vietnam , but Kelvin Think , There are still many consumer goods worth going , For example, basic necessities of clothing, food, housing and transportation . He told me , Cosmetics are over there “ especially popular ”, There is a facial mask that costs oneortwo cents , It costs oneortwo yuan ,“ It can be sold in a local day 10 Thousands of copies ”.

For this land of opportunity flowing with milk and honey , The proposition is getting clearer ：

What are the opportunities in China “ Fold ” To Vietnam ？

03 A name , A piece of data

One consensus is that , The Southeast Asian market is still on the rise , People expect the magnificent story to be staged at a certain moment .

“ Last few months , Not just Vietnam , The whole Southeast Asian market is becoming more and more popular , More and more investors who watch the sea turn to Southeast Asia .”Damien Tell me .

The news I learned is , from 2020 From the second half of , Including Southeast Asia 、 India 、 Emerging markets, including Latin America, are hot , But at home VC That wave of investment was not a success , One of the main reasons for the boom is the release of water from the United States , A large number of American funds have poured into emerging markets . Wait until there is domestic perception of this , Dollar investors have retreated , It was the Chinese who took over , The reason is not difficult to understand , Under the complex Sino US Relations , Many dollar funds can only focus on relatively neutral Southeast Asia .

“2020 Years ago , In the Southeast Asian market A The general financing limit of the company is 500 Wan to 1000 Between ten thousand dollars , because 2021 Annual heat , some A It's normal for the shipping company to raise $30 million or $40 million at once .”Damien According to .

Southeast Asia fever , Nothing unusual , This hot land carrying the dream of Chinese enterprises going to sea is not only started by investors today 、 Especially Chinese investors favor .2019 Year of 《 Southeast Asia Technology Venture Capital Development Report 》 Show , In the past three and a half years , Southeast Asia science and technology project won 262.95 Us $100 million financing , among , Chinese capital is the largest source of funds , Domestic investment institutions have invested in Southeast Asia in total 132.11 Billion dollars , Accounting for 46.8%.

The geomantic wheel turns , Today it's Vietnam's turn , It is becoming a more eye-catching pearl on the crown .

In the first half of the year , There are two messages that ignite Vietnam's popularity ： A person's name , A piece of data .

That name is Li Ka Shing .

4 At the beginning of , The Vietnamese media 《The Saigon Times》 Reports said , Li Ka Shing's flagship real estate Changshi group and Japan's Eurex group , He met with the mayor of Ho Chi Minh City, Vietnam, pan Wenmai , Jointly discuss the investment in Ho Chi Minh City . Zhaoguoxiong, President of Changshi group, said , Position Ho Chi Minh City as a strategic center of Finance and Technology , Promise to introduce high-end real estate projects , Residential coverage 、 The office 、 commercial centre 、 Entertainment, etc .

“ The news that Li Ka Shing went to Vietnam this time is so high-profile , The logic behind it can be dug deep ”, With more than ten years of business experience in Southeast Asia Eric Tell me .

He thinks that , Li Ka Shing's investment in real estate means , Vietnam will have a large number of middle class , Consumption will be transformed and upgraded , In this sense , You can even repeat the Chinese story .“ Consortiums in Hong Kong and Singapore are keen to buy all kinds of things in Southeast Asia , He （ Li Jiacheng ） The logic of may be the direction of Vietnam's macroeconomic development .”

That data , It's about trade .

2022 First quarter of 2009 , Vietnam GDP Realization 921.75 Billion dollars , Year-on-year growth 5.03%, Higher than that of China in the same period （4.8%）、 Singapore （3.4%） Economic growth . More surprising than the economic growth is the import and export trade . among , Vietnam 3 Month on year export growth 14.8%, reach 340.6 Billion dollars , Far more than Shenzhen in the same period （189 Billion dollars ）. At that time , On the public opinion field “ Will Vietnam replace China as the next World Factory ” The discussion heated up .

Vietnam is also becoming the most attractive hot spot for venture capital . According to the 《2021 Southeast Asia Digital Economy Report 》,2021 Trading activity in Vietnam surged in the first half of the year , It has exceeded the annual investment in recent years .

A large PE The reference data provided by the institution to me is ： Vietnam's venture capital market has been very active for many years , Only in 2021 Years have 21 Billion dollars invested in Vietnam's start-ups .

04 Why Vietnam ？

The more accurate question is , Is Vietnam's position in the Southeast Asian plate improving rapidly ？

“ Yes , They are the fastest growing economy in Southeast Asia , The speed of catching up is very fast .”Thomas Gave me a definite answer .

“ Catch up with ” The word "Vietnam" explains the situation of Vietnam .

2020 In a report on Southeast Asian countries , The three countries with the highest investment activity are ： Singapore 、 Indonesia and Malaysia . It goes without saying that Singapore has a good business environment ; Indonesia has the largest population and economy in Southeast Asia , At the same time, the volume and increment of digital economy are the largest , So that there is a “ Those who get Indonesia get Southeast Asia ” That's what I'm saying ; Malaysia , Published by the world bank 《 Report on the best business environment in the world 》 In the middle 12 position , In Southeast Asia, it is second only to Singapore .

What are the advantages of Vietnam coming from behind ？ There are probably the following dimensions worth analyzing ：

Geographically speaking , Vietnam is located at the southeast end of Indochina Peninsula in Southeast Asia , Surrounded by the sea on three sides , The terrain is long and narrow , North and Guangxi, China 、 Yunnan borders on , West and Laos 、 Cambodia borders . This is a country with relatively rich products and resources ： Because it's near the sea , Vietnam has no shortage of Fisheries , At the same time, it is located in the zone where the plate is more active , Vietnam is not short of mineral resources such as rare metals and oil , It also sits on two plains, the Red River Delta and the Mekong Delta , There is also no shortage of arable land .

From a macroeconomic perspective , Population size is a very important indicator . By 2021 end of the year , The population of Vietnam has reached 9820 ten thousand , The average age is 32.9 year .

The population size is second only to Indonesia and the Philippines among Southeast Asian countries , In addition, Vietnam is also one of the countries with the youngest population structure in the world , It means , Vietnam has a large enough consumer market .

In terms of political and economic development , Vietnam is a follower of the Chinese model . from 1986 Year begins , Vietnam implements reform and opening up , Copying “ China's development model ” Fast forward on the road . As a typical export-oriented economy , Labour 、 The cost of land elements is low , The tax incentives for attracting investment and the relatively stable exchange rate have provided good conditions for the transfer of industries to Vietnam . A labor pay survey in Vietnam shows , By 2021 By the end of year , The labor compensation in Vietnam's basic production industry is only 1500 Yuan to 2000 Floating between RMB .

In terms of economic performance , Vietnam has maintained a high economic growth rate for many years . Issued by the Asian Development Bank 《2022 Asia Development Outlook Report 》 expect ,2022 Vietnam GDP Growth of 6.5%, expect 2023 The economic growth rate of Vietnam can reach 6.7%.

“ Vietnamese are diligent ”, More than one interviewee emphasized this point to me .

“ I'm not an expert in Southeast Asia , But from my personal experience , Indeed, not all people in Southeast Asian countries have the same level of willingness to fight , By contrast , Vietnamese are more adventurous , More ambitious in the pursuit of personal wealth .”Thomas Tell me .

About the trend of this struggle , Display in 《 overflow ： The future history of made in China 》 It was concluded in ： Vietnam through historical narration , It has created a nation with a strong sense of self-esteem and independence . Strong national capacity , With the huge population of Vietnam 、 Young population structure 、 Excellent population quality , And the strong orientation of Confucian civilization to enter the WTO , All urge Vietnam to grasp the opportunity better than other Southeast Asian countries when the opportunity comes .

One investor offered me PE Perspective —— Vietnam has a lower entry threshold , Is one of the easier markets to do business .

In his opinion , Southeast Asia certainly has many more attractive markets , For example, Indonesia and the Philippines , But many of these economies are concentrated in the hands of several families or a few industry consortiums , It is a big obstacle for independent third-party investment institutions ,“ Vietnam is relatively better .”

If from VC More concerned about the digital economy , Vietnam has been at the forefront of the world in some segments .

For example, mobile payment . according to Statista released 《 Digital market outlook 》, The proportion of mobile payment users in Vietnam is about 29.1%, Second only to China and South Korea .《2021 Southeast Asia Digital Economy Report 》 More prediction ,2025 year , Vietnam's Internet economic growth rate will rank first in Southeast Asian countries .

Because of work ,Eric Often travel in Southeast Asian countries , He obviously felt that the networks in Malaysia and Vietnam were better , stay 4G Better coverage and network stability .

“ The network construction of Vietnamese operators is very similar to that of China , They learn from suppliers like Huawei or ZTE , Then do the solution by yourself , Therefore, the flexibility of infrastructure construction is higher . On the other hand , Although Indonesia has a larger population than Vietnam , The volume of digital economy is larger , But users ARPU The value is relatively low , Vietnam's ability to pay for games and e-commerce is much higher than Indonesia .”

Eric Think , Taken together , Vietnam is the best Internet business environment in Southeast Asia .

Considering the advantages of Vietnam , I was in TikTok Friends who have worked Cynthia Even sighed at me , Now it seems ,TikTok Vietnam was not chosen as the first stop in Southeast Asia , It's a “ Wrong decision ”.

05 Copy , Copy , Copy

Herry Worked in Ho Chi Minh City , He described to me the local people “ A typical day ”—— In the morning 10 Point to company , Eat breakfast , Soon it was time for lunch , Go and have some rice noodles or pepper 、 Cover rice with sour juice . Have coffee in the afternoon , Or drink tea ,6 Leave work on time , Usually take the subway or bus , Get home in half an hour , Clean up , Then go to a bar or roadside stall to drink with friends , Drink to 9、10 spot , get home , Play two games before going to bed .

After the Chinese people passed , The working atmosphere changed .“ Chinese bosses will definitely not leave work so early , Vietnamese also followed suit . One night , One came to pick me up Uber The driver found that there were so many orders to pick up in the city center , Confused and asked me , Why do you spell like this ？”

“996” Chinese companies go to Vietnam , It not only leads the overtime culture , More important impact , Is the mode output .

“ Beyond all doubt , It's copying ,”Herry I don't think Vietnam's Internet economy has too many local characteristics .“ Even real estate , The Vietnamese market is too small , It's easy to be fried . If you have spare money , You can invest in infrastructure companies there , According to China's head, Internet enterprises should go down , Buy shares of Vietnamese companies .” He suggested .

Talking about the hot industries in Vietnam , since 2016 Since then , E-commerce and financial technology have always been the most concerned .2021 year , The investment scale of these two lines accounts for% of the total capital 70%.

Let's talk about e-commerce first . This year, , The biggest variable of e-commerce in Vietnam is TikTok. Live broadcast with goods, an original business model created by the Chinese , It is changing the pattern of e-commerce in Vietnam .

TikTok Belong to those who come from behind ,2019 Vietnam only joined in , But from the latest data ,TikTok Has surpassed the pioneers YouTube and Instagram. Vietnamese research institutions Decision Lab data display , At the beginning, only about 8% Vietnam user selection TikTok, But in the 2021 Fourth quarter of 2007 , This figure has risen to 33%,TikTok Become the preferred platform for short videos .

Cynthia Tell me ,2019 year ,TikTok Recruit a Vietnamese who has read books in China to operate , This person knows Vietnam , And can fully communicate with the Chinese , Vietnam market “ It was soon done ”.

It is worth mentioning that , stay Z Generation user groups ,TikTok Penetration rate from 2020 In the first quarter of 13% Rise to 2021 In the fourth quarter of 50%. This is related to TikTok About your strategy , It aims at young people in an absolute sense ——16 To 20 A man of years old .

Herry The observed , Popular in the local area are Chinese and American hit dramas and Korean music 、 dance , Besides , Some things that are popular online are also beginning to be popular .

It means , Those we call “ Petty bourgeoisie sentiment ” Things of , It is emerging in the lives of young people in Vietnam . such as , Like to punch in , Show life on social media , Under a limited budget , Make life more interesting . Behind this , Vietnam has entered the stage of a middle-income country , according to IMF 2022 Annual data display , Per capita in Vietnam GDP by 4120 dollar , Basically meet the requirements set by the world bank “ Upper middle income countries ” The lower limit of .

It's natural to develop e-commerce in the right direction .2021 year 2 month ,TikTok go online TikTok Shop, The first stop landed in Indonesia , This year, 4 month ,TikTok Online Vietnam 、 Thailand 、 Cross border business in Malaysia and the Philippines .TikTok The person in charge of cross-border business of e-commerce has made it clear ,TikTok stay 2022 In, we will focus on the Southeast Asian market .

This is not the first time that Chinese companies have stirred Vietnam . Before that , The main e-commerce platforms in Vietnam include Shopee、Lazada、Tiki and Sendo, The Chinese capital behind them is Tencent 、 Ali and Jingdong .

Shopee It is the largest e-commerce platform in Southeast Asia , Its parent company is a game and e-commerce company headquartered in Singapore SEA（ Donghai group ）, Tencent is the largest shareholder besides founder Li Xiaodong , holding 18.7%.

2016 year ,Shopee Enter Vietnam , Same year , Ali made an appointment with 10 Bought another Southeast Asian e-commerce company for us $100 million Lazada.Tiki It is a local e-commerce in Vietnam, which is made from books , Jd.com has invested many times Tiki, And in 2019 The year became Tiki The largest shareholder of , Tencent shares VNG It is Tiki Another major shareholder of .

Vietnam e-commerce , At present, the leader is Shopee.

Shoppee Back to Singapore , It has natural advantages in local understanding and resource links , Play more localized , At the same time, the capital behind it is also powerful ——SEA It is a giant with a market value of 100 billion dollars . But the market is still changing .2022 From the year onwards ,Lazada Experienced organizational adjustment and Alibaba capital increase , This is interpreted by the industry as Lazada Its strategic position in Alibaba has improved . as for TikTok, It brings more variables .

and Shopee、Lazada The difference is ,TikTok It is the core entrance of emotional e-commerce based on content and traffic ,Herry Judge , This business can be done in Vietnam .“ Vietnam's Internet celebrity is flexible , If we can rely on China's supply chain , Bring more cheap consumer goods to local consumers , This is sure to happen .”

But he estimated , The live broadcast may be limited .“ China's live broadcast is an overflow of overcapacity , In Vietnam, , I don't think there will be serious overcapacity in the supply chain , that , The flow of live broadcast with goods will not be as big as China .”

from VC From the perspective of , There are still huge opportunities for e-commerce in Southeast Asia .

Damien Tell me , The penetration rate of e-commerce in Southeast Asia is 5% about , Compared with China, it is close to 30% The permeability of , also 5 Times the space , Besides, , Offline retail in Southeast Asia lags behind ,“ The penetration of e-commerce may be higher than that of China ”.

Damien Four possible opportunities are summarized ：

1、 New platform ： If China is benchmarked , E-commerce has a large and comprehensive Taobao , Franchise 3C And service-oriented JD , Pinduoduo, which focuses on low prices , Tiktok e-commerce, which focuses on interesting content ; In southeast Asia , Only Shoppee, Other business forms are still in the process .Shopee The benchmark is Taobao , The remaining niche has not yet appeared in Southeast Asia , Not yet , It means high return investment opportunities ;

2、 A new model ： After Taobao matures , New forms of e-commerce will appear , For example, social e-commerce 、 Live E-commerce 、 Content e-commerce and so on , The same is true in Southeast Asia ;

3、 New brand ： After Taobao matures , Taobao brand will appear , E-commerce platforms in Southeast Asia are slowly maturing , Grow “ Perfect diary ”;

4、 E-commerce development , Drive logistics enterprise services 、 Opportunities to pay for new infrastructure such as finance .

Like financial technology , Vietnam has run out VNPay and MoMo Two unicorns . Besides , Vietnam is also one of the most dynamic mobile game markets .2020 year , Vietnam's game market saw year-on-year growth in Downloads 10%, Revenue increased as much as 50%, Mobile game downloads account for% of the total game downloads in Southeast Asia 22%, The second . However, due to government control , The market share of games is mostly occupied by local publishers .

If Southeast Asia has “ Little Tencent ”Sea, Then Vietnam also has “ Little Tencent ”VNG.

The company was founded in 2004 year , Start by playing games , The first online game agent is Kingsoft 《 Swordsman love 》. Reprint Tencent's development path , at present ,VNG Our business has expanded to social 、 E-commerce and payment . Yes “ Vietnam version of wechat ” Mobile communication software Zalo It is VNG Our products .

Capital level , As early as 2011 year , Tencent has become “ Little Tencent in Vietnam ” One of the major shareholders of . last year ,VNG The news of listing came out , Plan to borrow from overseas , Log on to NASDAQ , The outside world predicts that its valuation is 20 to 30 Between us $100 million . If it works ,VNG It will become the first Unicorn listed in the United States in Vietnam .

I went to Vietnam with the logic of copying my own Internet , It's not just Chinese investors .

“ In the end , The same projects are pushed to investors . however , Chinese institutions may see more on some e-commerce trading platforms , And Americans are right SasS And entrepreneurial opportunities to improve financial efficiency are more interested than Chinese , Because they earn more money in their own country .” The investor who looked at the Southeast Asian market told me .

“Growth！Growth！Growth！”

Eric I have been doing Internet in Southeast Asia for more than ten years , Seeing it constructed by public opinion “ Not really hot ” in .

He felt , Vietnam is a “ Not too big , Not too small ” The market of . One side , Limited by economic volume , The ceiling in Vietnam is not high ,“ No matter how fast the growth rate is , It may not catch up with the stock market of developed countries 1/3 perhaps 1/5”, For institutions with projects to invest , There is no need to be in this market “ volume ”. To what extent ？

Eric say , game 、 The gross profit of e-commerce is only 15%. On the other side , A small company , If you can penetrate a market , It's enough to become a unicorn in the industry .

that , For VCs , Is there a real investment opportunity in Vietnam ？

CDH investment provides two cases for analysis .

One is Mobile World. You can understand it as “ Vietnam DiXinTong ”. The company was founded in 2004 year . The data shows ,2013 CDH investment acquired its 19.88% Shares of ;2014 year 7 month ,Mobile World Listed on Ho Chi Minh Exchange . Calculate according to the time point of exit , CDH has gained about 6 Double return .

“ At that time, Vietnam was going through the upgrading stage from functional phones to smart phones . Because the price of smart phones is much higher , It is attractive to generate more revenue by selling more smartphones .Mobile World It was the best company we found in this field at that time . The team knows local consumers , I also have experience in retail business , Can seize the opportunity .”Thomas Tell me .

Copy Chinese logic , It is still effective in consumption . A history that has to be mentioned is , cdh 2002 Founded in , Just in time 2006 Per capita in China GDP achieve 2000 The wave of consumption of dollars has upgraded , So I invested in many consumer companies . such as 2008 year , CDH invested in DiXinTong in China .

Another case is Golden Gate Group, Founded on 2005 year . This is the earliest chain restaurant in Vietnam , Have hot pot 、 Barbecue 、 Asia 、 Western style 、 There are five main leisure catering cuisines of self-service . According to the latest news , With the Golden Gate Group cooperation 3 After year , lately , CDH investment and Hezhong group sold its investment in... To investors including Temasek Golden Gate Group Of 32.9% equity .

investment Golden Gate Group, For CDH , And cast Mobile World Logic is similar . CDH has invested in Belle in China 、 MENGNIU 、 Shuanghui , In Vietnam Golden Gate Group Expanding stores everywhere , CDH in 2019 Invested in this company in , Since then, the company has maintained more than 20% The annual growth rate of .

“Growth！Growth！Growth！”  When talking about the most important elements of CDH ,Thomas Call three in a row “ growth ”.

CDH investment Mobile World when , It's less than 100 stores , Now there is 5000 stores , Market capitalization 50 Billion dollars . similarly , investment Golden Gate Group when , This company is under developed 100 Restaurants , Now in Vietnam 40 Provinces have nearly 400 Restaurants .

Does such an opportunity still exist ？

Thomas The answer is yes .

In meeting the needs of life , Vietnam is at the basic level . But higher quality consumer goods have begun to appear .“ Whenever per capita GDP Reaching a new threshold , People will consume new things . Ten years ago , Vietnamese talents began to consume diapers and sanitary napkins on a large scale , Next stage , They began to consume imported products and non necessities .” This is a Thomas Trends seen in Vietnam . People's consumption power is improving , From hypermarkets to modern stores , They began to go on vacation , Go to the cinema , In addition to basic foods such as rice and meat , And enjoy snacks .

From the exit path , It is too late to complete the first US stock IPO, Will it affect investors' confidence in Vietnam ？Thomas Think , Ho Chi Minh or Saigon Exchange —— Vietnam's stock exchange is still the best place for Vietnamese companies to list .

Vietnamese companies want to list outside Vietnam , It is difficult to . One reason is that , In terms of capital control , Vietnam has not established a mechanism similar to China .Mobile World When the investment agreement was initially signed , The partners of the company agreed to accept the investment “ Within two years at most ”, complete IPO.

Damien Also think , The exit channel of the United States has always been open , But it does not mean that it is the only channel . If emerging market exchanges are ” Tradition “ The listed company , At this time, if twoorthree new economy companies are listed locally , It usually gets a high premium because of scarcity . On the other hand , International giants are interested in leading players in these emerging markets , So M & A exit is also very active .

It can be concluded that ： In the Vietnamese market , The most suitable player is a stable financial investor , But this market is not suitable for investors who expect to see companies with a scale of 10 billion . Vietnam is suitable for investment in infrastructure , But unless emerging businesses become global projects , Otherwise, the volume and imagination space are limited .

Of course , There may be some risks in investing in Vietnam . such as , Sometimes it is not clear enough in system and Law , Or there are conflicts between different laws .Thomas Think , This is the biggest problem in Vietnam at this stage , But it is not without solution .“ In a dynamic environment , Policies and market mechanisms will continue to adapt to the environment and change . Experienced investors can also find solutions to any problem .”

If Vietnam does not improve the railway 、 train 、 The current situation of backward infrastructure such as ports , It will also affect its development speed .Thomas When I was young, I came to China , At that time, China's expressways had already been built , And free passage , Just there are not so many cars on the road .

“ Vietnam is the opposite of China , Everyone is eager to have their own car , But there are not enough roads .”

（ According to the requirements of interviewees ,Eric、Herry、Cynthia They are all aliases ; Cao Weiyu 、 Zhang Junwen also contributed to this article ）