[shp0ngle]

Everyone steals in Vietnam.

Every time the communists change positions in the politburo, the new communist in charge arrests the previous one for corruption. And so it goes.

(Nguyen Xuan Phuc, the one who was hailed for zero covid previously, was later arrested for... stealing covid funds. Oh wow, who knew)

There is 0 trust between actual people for the party. People just shut up because the economy is doing fine and people have jobs.

[wubrr]

I mean, if they're all corrupt, I don't really feel bad for them going after each other either.

[monero-xmr]

My friend worked in Vietnam and Laos for several years. Every company had to hire a communist party member on staff who rarely showed up. When they did they would demand everyone go drinking, paid for by the company.

[Saigonautica]

I own a company in Vietnam. I do not do this, and was never asked to do this.

To the best of my knowledge, neither have any of my other colleagues that own businesses.

[refurb]

I'm guessing because you don't have to.

A friend's fintech company in Vietnam (it's one that you know) was pretty much told to make room in the C-suite for a very well connected family member to the Northern power brokers. I agree there is no requirement to have a Communist Party member join the company, but someone with connections? Sure.

It matters whether it's a local versus foreign company. If it's run by Vietnamese (or Viet Kieu) or run by foreigners. It mostly depends on how much money is involved, as a small local business is small potatoes, but when you're talking about the companies raising $100M USD in a round, it starts to matter a lot.

And my friend's company wasn't exactly opposed to it, since it's a symbiotic relationship. Have a problem with getting a license? Having "that guy" call his uncle who sits on the regulatory body can expedite it. Of course, you have to share in the wealth so sweetheart investment deals get offered in return.

He told me you can't make it big (think the equivalent of Stripe in the US) without those connections because if you don't, your competitor will and suddenly you'll find that permit you were told would take 3 months has been "delayed".

Anyone who tries to get government approval for things like licenses, etc knows it's a painful process even for the routine stuff. Now image trying to do something "different". The usual response is "you can't do that". The system is pretty much set up to require a back channel to the people in the government who can make or break a company.

[monero-xmr]

Yes, it’s amazing how naive HN is when it comes to these things. This place is super useful for technical knowledge but insanely useless when it comes to situations where lived experience differs from “official” ways the world (is supposed to) work.

[ceejayoz]

The pushback you're receiving is likely due to saying "every company".

The post above says something more along the lines of "large, prosperous, specifically targeted companies".

[alephnerd]

> you can't make it big (think the equivalent of Stripe in the US)

Hehe. We might be 2nd or 3rd degree connects. Are they that fintech HQed near the crescent mall?

> The system is pretty much set up to require a back channel to the people in the government who can make or break a company

Exactly. Welcome to "emerging markets"

> when you're talking about the companies raising $100M USD in a round, it starts to matter a lot

Lower rounds too. Big reason I got spooked by the VN scene. It's exactly the same kinda shit you'd deal with in China, India, or Indonesia, but way less RoI.

Kinda sad honestly, there is a lot of talent, but leadership and policymakers there don't have the breadth needed to make the next Thailand or Malaysia (despite having the right fundamentals).

If they can attract the successful 2nd and 3rd gen Viet Kieus in the US, Canada, and Australia (the Harvard, UCLA, UNSW, UToronto grads) at the policy level, I think there is a lot of potential.

[monero-xmr]

He worked at a few large companies with offices, and this is what he told me. Maybe you need to be big and legacy with a physical footprint. But this is what he told me. He has a lot of very interesting anecdotes. For example in Laos if you impregnate a woman as a foreigner, you have to marry her, under penalty of death. So his girlfriends were always trying to mess with his condoms, try to get him to have unprotected sex, and various oddities. So he claimed

[olddustytrail]

It seems your friend is prone to tall tales and you are incredibly gullible.

No connection to your username at all...

[ceejayoz]

This particular one appears to be at least partially accurate - forced marriage on penalty of death sounds like a significant exaggeration.

https://travel.state.gov/content/travel/en/international-tra...

Under "Local Laws & Special Circumstances":

> Relationships with Lao citizens: Lao law prohibits cohabitation or sexual contact between foreign citizens and Lao nationals except when the two parties have been married in accordance with Lao Family Law. Any foreigner who cohabitates with or enters into a sexual relationship with a Lao national risks being interrogated, detained, arrested, or fined. Foreigners are not permitted to invite Lao nationals of the opposite sex to their hotel rooms, and police may raid hotel rooms without notice or consent. Foreigners, including U.S. citizens of Lao descent, are not allowed to stay in the homes of Lao nationals, even family, without the prior consent of the village chief and local police.

[shp0ngle]

your friend should stop seeing "girlfriends".

[lostemptations5]

Yeah these are complete fabrications.

[monero-xmr]

I don’t think so

[ceejayoz]

We have those in the West, they're just called "team building exercises".

[spxneo]

From what I've seen in south korea recently, that is pretty chill if all they want to do is go to KTV and drink.

Samsung was forced to hire a bunch of "socialist leaning/political victims" who wants to nationalize the company and turn it into their piggy bank (this will most likely happen after recent election results)

[kneel]

Communist parties sound like fun

[NoGravitas]

Ain't no party like a Communist party. The Communists have the music.

[alephnerd]

You're yelling at the sky. All these HNers don't even know about To Lam's whole Saltbae scandal and how he still remains on top, let alone all the other grafts and political insider shit that happens.