Francis Yang on Living in Vietnam and Observing an Emerging Market

In the opening, Yang previews his observations on life and investment in Vietnam, including visiting investors’ first impressions of Ho Chi Minh City.

Zhang Xiaojun begins a series on living and starting businesses around the world with Francis Yang, who moved to Vietnam. Yang studied in Australia, practiced law in Hong Kong and worked in strategic investment in Shanghai; at the time of the interview he led Vietnam market work at EY.

Yang greets listeners in Vietnamese and describes learning the language. He says accents vary by region and some Sino-Vietnamese words in southern speech sound similar to Cantonese.

He compares Hanoi, the political center, with Ho Chi Minh City, the economic center. He then lived near the center of Ho Chi Minh City and attended evening Vietnamese classes at a university near both home and work.

Yang traces his path: he went to Australia in 2003, lived in Perth, studied in Melbourne and qualified as a lawyer in Sydney. He then practiced in Hong Kong and joined Fosun’s overseas strategic investment team in Shanghai.

From 2017 he examined markets including Thailand, the Philippines, Singapore, Indonesia and Vietnam. Vietnam stood out to him, partly because he felt cultural similarities made this emerging market easier to understand.

He compares some differences in regional tastes and speech with the north–south contrasts he knows in China, presenting them as personal impressions.

He says he wanted to take part in a fast-growing society and felt he had missed a decade of rapid change in China after leaving. He hoped to experience another period of growth in Vietnam, a personal expectation rather than a guarantee.

Before his first trip to Ho Chi Minh City he held stereotypes about Vietnam. Its modern districts, foreign businesses and restaurants differed greatly from what he had imagined.

He compares districts on either side of the Saigon River, the airports and new developments with Shanghai, and recalls the variety of city life. He bought an apartment in 2018 and spent more than six months in Vietnam in 2019, traveling between Hanoi, Ho Chi Minh City and Shanghai.

He says the apartment had more than doubled in price by the interview and explains his view through growth, urbanization and migration. That is one personal experience and a historical estimate, not a current price or investment return.

Asked about outsiders’ impressions, Yang reflects on war, foreign relations and the period after joining the World Trade Organization. He considers the decade before the interview a period of rapid growth; the historical account and figures are his own summary.

He sees growing Chinese media attention to Vietnam, while investors had been watching Southeast Asia earlier. He recalls a visiting executive who skipped a breakfast meeting to view a property before leaving Ho Chi Minh City.

He recalls that his first business trip included only a short stay in Ho Chi Minh City; the next year he returned to view property. Repeated visits gradually gave him a more concrete understanding of the place.

Zhang asks whether Vietnam will become the next “factory of the world.” Yang thinks its population and market size limit the possibility of replicating China’s full industrial base, and that it may instead develop selected strengths.

He compares Korea’s electronics, automotive and shipbuilding industries, arguing that progress depends on industry choices and the international environment. He is unsure whether Vietnam will become a developed country but was optimistic about income growth at the time.

On regional politics, Yang believes Vietnam must find room to maneuver among larger powers and is unlikely to reshape the whole region on its own. He organizes his explanation of growth around timing, geography and people.

Under people, he emphasizes education, engineering talent, a young population and women’s participation in work. His explanations of culture, gender and history are personal observations and speculation, not descriptions of every Vietnamese person.

Yang places particular emphasis on education and engineering talent and mentions software outsourcing. The rankings and scale he cites are from the interview and are not independently verified there.

Asked about women’s employment, he says he has not studied the reasons and speculates that the history of war may be relevant. His comments on family roles are also his own conjectures.

He mentions music and popular culture among young people, and feels Vietnam has developed its own features while absorbing influences from elsewhere.

On geography, he notes that northern Vietnam is close to Chinese supply chains: components can be shipped to local factories for assembly and then exported through ports. He sees both proximity and the coastline as advantages for manufacturing.

On timing, he argues that trade tensions, foreign investment policies and trade agreements affected companies’ decisions. This was his assessment of conditions at the interview; particular policies and trade rules change.

Asked whether Vietnam competes with China, he emphasizes supply-chain links: some components are imported from China, assembled in Vietnam and sold into other markets. He sees relocation as part of a longer shift in industrial specialization.

For financial investors he considers Vietnam a relatively small market, so some focus on more populous markets. Strategic investors may think differently when an existing business and its technology can meet local demand.

He recalls bringing managers and technical staff from several Fosun subsidiaries to meet Vietnamese teams. Some business problems resembled an earlier stage in China, though he also cautions that resemblance does not mean the markets are identical.

Asked what he would do if he could return to an earlier stage of development, he first mentions buying property, then contrasts narrow street houses with apartments. His account of land and foreign ownership reflects his understanding at the time; eligibility and rights require checking under the applicable law.

Yang also sees opportunities in manufacturing suppliers and industrial upgrading. But companies may face inspections, costs and administrative procedures, so growth alone is not enough to assess a market.

Alongside investment, he mentions enjoying life and opportunities in manufacturing. He warns that setting up and operating a business also involves approvals, tax, environmental matters and other practical issues.

Before discussing business conditions, he shares his sense of safety in Vietnam compared with some places he has visited. These are limited personal experiences, not a comprehensive assessment of risk.

Yang believes the government welcomes foreign investment while businesses also need to understand local approvals and relationships. His description reflects his experience and is no substitute for advice on applicable law and compliance.

He describes a brand considering hundreds of stores in Vietnam. A local contact thought a Chinese expansion plan could not simply be copied: the size of the consumer market and infrastructure also mattered.

On the pace of life, he remembers seeing a Grab driver rest and fish after work. He felt some people around him made time for family and leisure, while acknowledging these were scenes from his own experience.

Yang feels some people around him value family time and offers his own explanation involving living conditions and career opportunity costs. Zhang then asks about work and pay.

He compares pay and hiring, describing a wide gap between roles and difficulty finding senior talent. The salary figures he mentions were personal estimates at the time, not current market rates.

For businesses considering Vietnam, he suggests comparing industrial parks and their services, looking beyond Ho Chi Minh City to Hanoi, learning the language, meeting local partners and seeking professional advice.

He particularly warns that superficial familiarity can hide differences. When unfamiliar with the language and institutions, businesses should verify partners and arrangements carefully.

On cultural differences, Yang discusses regional tastes, business customs and urban styles. These comparisons reflect his experience; people and ways of life vary within each region too.

He uses food, roads and approaches to meeting potential business contacts as examples of differences he perceives between Hanoi and Ho Chi Minh City, and urges visitors to notice local practices.

He has observed Chinese businesses in Vietnam across textiles, electronics supply chains, manufacturing and internet services. He thinks growth attracted some companies despite the market’s smaller size.

Yang says safety and cultural familiarity matter to him when choosing where to live. After moving to Vietnam, he felt his own pace slow, though his preferences and experience are personal.

Comparing his long hours as a Hong Kong lawyer with life in Vietnam, he says he gained personal time. On food, he points out that Vietnamese noodle dishes extend far beyond one kind, with regional variations.

On evenings when he went to language class, he often tried different noodles near the university. He also found Cantonese, Japanese, Korean and other food in Ho Chi Minh City, describing his own dining experience.

He also discusses his preference for lighter food and the restaurants he found in Vietnam. His judgments reflect personal taste, not statistics about a country’s diet.

In his free time he visits small galleries, drinks coffee with friends on the street and attends gatherings in their homes and courtyards. Conversations with people from different backgrounds are a part of life he particularly enjoys.

Yang says he values meeting friends, talking and learning about their different experiences as much as any particular activity. He feels those conversations enrich his life.

When discussing regional differences, he and friends also consider history and weather without necessarily reaching a conclusion. He recalls two motorcyclists exchanging a few words and moving on after a collision, while recognizing that people and experiences in the city differ.

Zhang asks why a society with a history of war still feels optimistic to Yang. He offers personal explanations involving generations, local history and living conditions, not a formal research conclusion.

He draws on personal encounters to discuss attitudes toward saving and living in different regions. Such impressions do not apply to every household.

Discussing cross-border marriage, Zhang raises a common stereotype about Vietnamese brides. Yang argues against treating particular cases as universal and mentions migration for work and study.

Zhang asks about his hope to start a family in Vietnam. Yang discusses his preferences for relationships, family and local life, and they talk about outside stereotypes of cross-border marriage.

Yang gives examples of Vietnamese forms of address chosen according to age and relationship, including kinship terms. He likes the sense of closeness they create; these are examples of some usages, not a full account of the language.

He recalls people in Hanoi asking about age and family, which a friend experienced as a form of caring. Feelings about privacy and boundaries differ from person to person.

He feels neighbors he met in Hanoi sometimes showed concern by asking about family, while he experienced different boundaries in Ho Chi Minh City. He also recalls people helping one another when needed.

Explaining his move, he says he wanted to participate in a society optimistic about its future and acknowledges that he brings an outsider’s experience. His comparison of Vietnam with an earlier China is his own interpretation.

On living costs, he considers housing the largest expense and says spending varies with city, accommodation, transport and lifestyle. His figures are historical estimates and need to be recalculated for actual circumstances.

He particularly remembers autumn in Hanoi, the sun in Ho Chi Minh City and the breeze on a motorbike. By comparison, he recalls crowded commutes in Shanghai and work pressure in Hong Kong.

Ho Chi Minh City has a rainy season, but he likes the weather when he goes out in the morning. He especially remembers the breeze while riding on the back of a motorbike.

He describes an unexpected delay on the way to the airport when the driver stopped for fuel. Yang was anxious but caught his flight; the episode illustrated their different attitudes toward time.

He says a polished lifestyle is available in Vietnam, although he prefers everyday life on the street. He also acknowledges that his income and circumstances differ from those of many local people.

On dating, he shares experiences with a former partner and says spending time together need not be expensive. These personal stories cannot establish everyone’s values.

He says motorbikes shape city life and young people’s mobility: some ride to riversides and parks to meet, while shops arrange services around motorbike parking.

He recalls a scene in a book on Vietnam in which motorbikes let young people meet farther from home. He also compares everyday motorbike use in Vietnam with car culture he experienced in the United States.

Speaking of evenings in Saigon, Yang describes the romantic atmosphere he feels there. He also reflects on the different associations the names “Saigon” and “Ho Chi Minh City” evoke for him.

Yang connects the atmosphere he feels in the city with its weather, language and varied historical influences. This is his subjective impression, not a complete history of the city.

In the closing questions, he recommends trying Vietnamese noodles and walking through the old town of Hội An. He mentions Vietnam’s examination history and recommends Christopher Goscha’s book on Vietnam; the episode description corrects the title spoken aloud.

Asked about startup opportunities, he jokes about a hotpot restaurant, then says the choice depends on the entrepreneur’s resources and timing. Zhang closes by inviting listeners to share stories and suggest guests.