Job Discussion Forums

[Jbhughes]

The way I read the post was more along the lines of the general populace, rather than accusing posters on Dave's, but I'm sure sigmoid will clarify.

With regards to random cutting and pasting, I for one really enjoy sigmoid's (and other's) news articles and find them a useful resource in the face of what is essentially non-information from other sources (state, TV, VNese themselves).

I agree that we probably do know next to nowt about these sort of topics, but I think these articles provide us with some insight (possibly limited at times).

Keep 'em comin' sigmoid!

I wonder what would be considered a safe bet for savings at the moment. I have all my eggs in one basket with VCB, but feel safe in that most of it is in foreign currency and the remainder should be allowed to be changed into foreign currency in the event of having to do a runner (who knows what will actually happen at the time). Further, VCB is a state-run bank (correct me if I'm wrong) and therefore would be one of the first banks to receive bail-out wonga (or should that be donga, ho ho).

You can't sell VN gold in other countries (even if you could, what would be the point, it costs far more here than elsewhere). So changing money into gold would seem to be more for those who are here for the long-term and would want to try to weather out any financial storms.

Any thoughts?

[Mattingly]

[Mattingly]

[kurtz]

I felt Sigmoid was referring to the general lack of response from the gallery, let's hope he clarifies what he meant.

If I was truly worried, I'd be getting out ASAP. Maybe it's true, I haven't been paying enough attention but the bucks keep dribbling in and new classes keep starting. I'm an HSBC boy, not much interest but one hopes it's a safe bank to store funds in Vietnam.

[LettersAthruZ]

[deadlift]

[Rabbit81]

Here is an article on lending and having collateral from the borrower. But the collateral does not exist. Here is a site called "Dongtalk."

Someone mentioned that we know the "tip of the iceber." I believe this is true. What little we do know, is pretty bad. I am getting out of VND also and buying USD and starting a USD bank account. Better safe than sorry.

[Riding One]

I am posting this article because enrollment is slowing now and this Winter & Tet will be very slow in Hanoi, IMO.

[mark_in_saigon]

This was a very interesting report. There are some truths to be seen in it. However, what strikes me about it is that it attempts to analyze all nations worldwide, and so attempts to score each nation with metrics that do not consider the unique circumstances of that nation. While it is very admirable they have done this and put it online for all to see, I think it only tells part of the story, and likely misses some of the most important details. Take a look at the list of �problematic factors for doing business� that respondents could rank. I think if not studying each nation�s particular problems, this list can fail to address what may be most important for that nation.

Here is the list for VN:

The most problematic factors for doing business

Inflation..................................................................................16.7
Access to financing.............................................................15.8
Policy instability ...................................................................11.8
Foreign currency regulations ..............................................9.8
Inadequate supply of infrastructure...................................7.8
Inadequately educated workforce .....................................7.4
Tax regulations .......................................................................6.8
Corruption................................................................................5.7
Poor work ethic in national labor force.............................4.8
Inefficient government bureaucracy..................................4.2
Government instability/coups..............................................3.6
Tax rates ..................................................................................3.6
Restrictive labor regulations................................................1.8
Crime and theft.......................................................................0.3
Poor public health..................................................................0.0

Now, for VN, somewhere on this list should be something like: over concentration of businesses in certain industries due to various mistakes of govt, businesses or individuals. Some of my big examples here would be coffee houses, karaoke, and apparel stores. I am sure there are other examples. I have not studied this economy enough to have the definitive list here.

Then, a related problem could be: over concentration in a particular sector of an industry. My big example here is housing. They have way overbuilt housing. But, that MIGHT be untrue, IF they had built housing that was suitable for the average citizen. You may be able to combine this mistake into one point, but they are really two points, somewhat related.

Of course, if you agree that we have way too many of some things (like these aforementioned businesses and high end housing), then you could also conclude that much of the wealth, land, labor, and effort is being sucked out of the economy for these things that are not generating benefit for the nation. In my mind, that result is the real problem, not sure how I would word that in a survey, or expect respondents to be sophisticated enough to see the problem through to that level anyway. So on the surface, it is too much competition. At a deeper level it is the wealth of the nation is tied up in karaoke bars and high end housing that sits empty.

Another example is the infrastructure problem. I think the transportation infrastructure deserves its own line. With reference to that, yeah, it is inadequate, but is the real problem that we are just putting too many empty taxis and cars cycling around on it? Could be a big part of the problem. In the west, we can wait 10 minutes for a taxi. In HCMC, we can flag one down every 7 seconds. Is that also the over concentration thing?

Now, look at Poor work ethic. Okay, I won�t dispute that a lot of folks just sit around doing nothing. I wonder why no question on poor management practices leading to inefficiencies in business generally (which is a partner of poor work ethic).

You start scratching around on this kind of thing, you see it is just a piece of the puzzle. The problems are getting more complicated, not less, and I am not convinced things are getting better. They are planting 21st century technologies and processes on a culture, business community and population that is not able to deal with them. The philosophy which the government and economy is based on is so foreign to what the system is now trying to become, perhaps it was inevitable that it would end up somewhere like where we are now.

[biliana]

Okay, now we've identified Vietnam's problems, what are we going to do about it?

Count me in, if any of you have got a solution.

[LettersAthruZ]

As Mark listed above:

The most problematic factors for doing business

Corruption................................................................................5.7
Poor work ethic in national labor force.............................4.8
Inefficient government bureaucracy..................................4.2

I'm just stunned that these three weren't higher up on the list!

[mark_in_saigon]

It is one hell of an attempt, you have to applaud the writers, and I am sure there is some truth in it. However, without knowing what their methods were for collecting data, looking at the results I would guess:

1 - they had to use generic questions that did not consider the particular situation of each nation. That was my main point on my previous post. How anyone can discuss VN's problems without considering this over concentration of wealth in certain industries that then mostly sit unused is beyond me.

2- talking about these things with the average respondent is not very enlightening. Discussing important events or concepts with most of these folks leads one to conclude they have really missed the boat on reality. If you want to have a meaningful conversation, talk about Facebook or cellphones, they know about those subjects. Business concepts? History? Uhhhhhhhhhhhhh.

3 - Even if they DID understand business concepts (and surely some of them understand at least some aspects of business and economics), how comfortable are they going to be telling what they believe to be the truth? Maybe in a western nation a respondent could be counted on to speak his mind to some stranger asking questions. Over here? I have my doubts.

[biliana]

Sorry Mark, I do agree with most of what you post.

However when you write :

[mark_in_saigon]

[biliana]