Category: Kimberly

As my internship with Emerhub concludes, I can reflect on this summer to highlight my accomplishments and determine the areas where I have room for improvement. My research skills have contributed to my success as an employee at Emerhub this summer. Because I entered the workplace with absolutely zero knowledge about Vietnamese taxes or accounting standards, I was required to conduct extensive background research before beginning each new project. Additionally, many of my assignments involved answering client questions; my ability to understand complicated topics and condense them in a way that is easily understood made this possible. However, I still need practice with writing complex formulas in Microsoft Excel, for example, a formula that calculates PIT based on employee income bracket, residency, and number of hours worked. Writing these formulas, for me, is a meticulous, time-consuming process based mostly on trial and error; I calculate the expected answer and then create different formulas that I think might be correct until one of them match. I’m hopeful, though, that as I continue to become more familiar with Excel and with taxes and payroll, that creating these formulas will become an easier and more regimented procedure.

Living in Ho Chi Minh City this summer has offered me a completely unique internship experience. From networking with global business owners to organizing a workshop for the sales team, Emerhub has me provided constant opportunities for personal and professional growth. The skills I have gained during this internship will benefit me, no matter which career path I choose. Familiarizing myself with various tax systems will be a useful tool in future classes and adapting to different standards of accounting has helped me improved my flexibility in the workplace. I am still unsure of what career path I will take, but I know that my summer at Emerhub will help to prepare me for anything.

I would 100% recommend this experience to anyone looking to study or work abroad; Vietnam is an amazing country with a culture that is completely different from anywhere I have ever been. Honestly, I wish I had more time here because there is so much of the country that I haven’t been able to explore. If you ever make it to Vietnam, keep an open mind; eat all the weird foods and ride on the back of a motorbike! Living in the US, we take so many basic necessities for granted, we don’t even realize how privileged we are. And while I am excited to go home and be able to drink tap water, live the AC on all day, and sleep with a top sheet, I am leaving Vietnam with a new perspective of luxury. I feel ready to go home, but I am sad to be leaving this beautiful country and the amazing people I have met on this trip. We will all have to go out for Pho when we get back to Gainesville!

For me, this week at Emerhub has been crazy busy. I have had more to do in the last 5 days than I have had in probably the last 2 weeks. While my previous assignments have been heavily research based, this week, I was finally able to use my newly acquired knowledge of Vietnamese taxes and accounting. I was asked to organize itemized expenses from a client and compile and expense report for each of the company’s employees, I input all of the sales invoices from the past quarter into the database for a sports nutrition company, and I was created a formula to calculate employer tax contributions that will be added to company website. For the first time at Emerhub, I feel like I am being treated as an employee rather than an intern; I am super grateful to have earned the professional respect of my coworkers and supervisors.

For the last few weeks, most of my assignments have revolved around helping coworkers answer questions from clients about taxes: how much employers are expected to contribute, whether a company is eligible for corporate tax incentives, how to qualify for VAT exemptions, etc. I spent a considerable amount of time researching corporate taxes and incentives for the IT and software industry to help a client receive lower rates – most tech companies, and all software/hardware production companies, can apply for CIT and VAT exemptions. Apparently, my extensive research about tax incentives in the software industry led me to become the most knowledgeable employee about this specific subject. As a result, all other inquiries from the company were directed to me, including the revision of legal contracts. The ability to confidently respond to concerns and quell confusion made me like a valuable team member and an asset to the company. I was super excited and proud to feel like a necessary part of the company making actual contributions that would affect our clients.

Before coming to Ho Chi Minh City, I probably would have told you that I am the most “go with the flow” person that I know. However, now, I can tell you with 100% certainty that that is an incorrect statement. At home, where I am completely familiar with my surroundings, I am generally happy to do what makes everyone else happy, and I rarely question or object to a group consensus. However, being thrust into a completely unknown environment has taught me that I prefer to approach life’s unknowns with a clear game plan. I prefer to create an itinerary for our weekend trips before we leave and will always question the details of plans before blindly agreeing. This experience has emboldened me; I am more comfortable than ever with expressing my opinions to friends or providing feedback to coworkers without feeling like I am overstepping or disrespecting anybody. Living in HCMC has allowed me to become more independent and boosted my confidence, both which are imperative for personal and professional success. After all, only dead fish go with the flow!

Emerhub is a unique company because it offers services in multiple industries. For example, Emerhub provides market research services, legal services, and accounting services for its clients; it is not confined to just one corner of the market. However, as an accounting intern, I have, primarily, dealt with the accounting industry. This internship has taught me a lot about personal income taxes (PIT) both in Vietnam and in the United States. In both countries, citizens are taxed on a progressive scale based on income, but while Vietnamese taxes range between 5% and 35%, American taxes are slightly higher, between 10% and 37%. However, social security taxes in Vietnam are more than double what they are in the United States. In the US, both the employer and the employee pay 7.65% (15.3% total) while in Vietnam the employer pays 21.5% and the employee pays 10.5% (32% total).

As a company, Emerhub excels at providing individualized services to its clients. In fact, most new clients at Emerhub are referred by previous clients, indicating high levels of customer satisfaction. Also, Emerhub regularly updates its blog with informational guidelines and tools, to help clients understand the requirements of relocating or opening a business in Vietnam. However, Emerhub’s lack social media of a strong social media presence is a weakness of the company.  While other market entry firms use their social media outlets to connect with clients, announce new partnerships, and chare customer successes, Emerhub only posts about new business regulations and the like. This style of post, while informative and helpful for current clients, will not necessarily attract new business. As a multi-national company, all emerging markets serve as potential expansion opportunities for Emerhub (whose name means emerging market hub). In fact, Emerhub is already planning on opening branches in Pakistan, Bangladesh, and Myanmar.  As a market entry consulting firm, Emerhub’s business model relies on foreign investments and businesses. Operating in a communist country could be pose a threat to the success of their company, because if the Vietnamese government were to ever revert to its more isolationist policies, Emerhub would be forced to close. Emerhub’s success is directly linked to the openness of the country where it is located.

The most amazing moment I have had on this trip didn’t occur in Ho Chi Minh City. Last weekend, a group of us travelled to Kuala Lumpur, and visited an elephant sanctuary there. We were able to swim in the river with a baby elephant and to help bathe it. Turns out that bathing an elephant mostly involves splashing water at your friends. It was so much fun! The locals were super encouraging, and the elephant was playful and cooperative. If you ever have the chance to visit an elephant sanctuary, I would 100% recommend it. It was an incredible experience.

Because accounting standards differ between the United States and Vietnam, the most challenging part of my internship is determining is assignments that I’ve completed are correct. Whenever I am given a task, no matter how simple or repetitive they seem, I must begin by conducting general research on the topic to confirm that the method I would use in the United States is still appropriate in Vietnam. Often, a coworker will pull me aside when I am assigned a project and explain the process in explicit detail. Working in compliance with VAS is often frustrating because I feel like I should know how to record journal entries or calculate income tax on my own, and yet I continue to rely on the other members of my accounting team for help. However, I know that this experience is a fantastic learning opportunity and is teaching me a lot, and the more comfortable I become with the accounting software in Vietnam, the easier my assignments will become.

The best part of my internship is that Kadri allows me to accompany her on “field trips” to various events to observe other companies and meet business professionals in Ho Chi Minh City. So far, I have attended a presentation about retaining millennial employees hosted by the Hungarian Consulate and a tour of the Swarovski factory. Walking through the floor of the Swarovski factory was especially interesting because we were able to witness the production of jewelry at every stage; every crystal is placed by hand into the molds for bracelets, rings, and earrings. I had expected the factory to use much more automation, as opposed to manual processes. Going on these field trips also allows me to connect with other business professionals and expatriates in Vietnam, providing me with many networking opportunities.

Food in Vietnam is different than what I had expected; many Vietnamese do not like spices on their food, so I have found myself eating lots of plain white rice and noodle soup. Usually, the dish is served with a bowl of hot peppers or chili sauce on the side to add some heat, but there are rarely any seasonings in the dish. However, my favorite meal that I discovered in Ho Chi Minh City is Tteok-bokki (Tokbokki), which, ironically, is a traditional Korean dish of stir-fried rice cakes. The rice cakes are about the size of a piece of penne pasta and are usually cooked in a spicy red sauce that has the of a duck sauce or a glaze. Usually there is some sort of meat and vegetable mixed in as well. It is completely amazing and everyone should try it!

During the past four weeks at Emerhub, I worked on numerous assignments, including calculating payroll, recording sales invoices and bank statements, and comparing prices of accounting services among competing firms. However, the most significant project I have worked on this summer is creating a guide to basic accounting and tax principles for owners of small business in Vietnam. I spent the last two weeks researching employment taxes and compliance requirements in Vietnam and designed a PowerPoint, which I presented to the sales team yesterday. Now, I am working on consolidating the information into a one-page template that can be sent to clients who have questions about business related expenses in Vietnam. 

I especially enjoy working on this project because it allows me to make significant and valuable contributions to the company. At previous accounting internships, my roles consisted of simple yet tedious tasks, primarily data entry; and while data entry and the use of accounting software will always be a part of all accounting internships, my supervisor at Emerhub helps break up the monotony of my day by assigning me additional research projects.

My coworkers in the accounting department are amazing resources and learning tools, teaching me tons about the Vietnamese Accounting Standard (VAS) and tax system, how it differs from the United States. For instance, stockholders’ equity is not a part of balance sheet in Vietnam. Instead, a statement of equity is created separately and filed as Notes with the other annual audited financial statements. Although I am less familiar with the VAS than my coworkers, I speak better English than nearly everyone in the office, as English is a second language for all the local Vietnamese employees. For a company that works primarily with foreign, non-Vietnamese clients and conducts all business in English, my language skills are an asset. I am frequently asked to help draft emails and to help answer questions from clients.

This experience has been so amazing and so informative for me. All I really knew about Vietnamese culture when I flew to Ho Chi Minh City is that the locals are more reserved than people in the USA and that they eat lots of noodle soup. Everything that has happened to me here has been a learning experience. I could talk about how traffic laws in Vietnam exist but aren’t enforced, so it is acceptable for a scooter to drive backwards on the sidewalk to avoid going on a one-way street. I could describe how the food here isn’t really cooked with any seasonings, but everything is served with hot peppers and chili-sauce on the side. Or I could write that the business dress code in Vietnam tends to me more relaxed than it is in the States because most people cannot afford to buy a proper suit. But for me, this trip has been about becoming more independent and growing as a business professional. I learned that I am capable of organizing and booking weekend trips in foreign countries, bargaining with locals at the marketplace, creating meaningful professional relationships with my coworkers in a short period of time. I am extremely grateful to have this opportunity, and I wouldn’t trade it for the world. 

My supervisor, Ms. Kadri Lahi, is the country manager at Emerhub – Vietnam. She meets with clients looking to open a business in Vietnam and helps to organize the relocation and expansion of their businesses. Kadri is Estonian but attended law school in England; she speaks better English than any of the other employees, so most of my verbal communications in the office are with her. Kadri was recently placed in charge of Emerhub’s plans to expand the company to Pakistan, Bangladesh, and Myanmar, and many of her daily responsibilities revolve around growing the company.

The accounting department here is ridiculously small; there are only 3 employees, including myself. The head of the department took maternity leave shortly before I began working at Emerhub, so the interim head is relatively new to his position. Additionally, the one other employee in the accounting department and I both began working on the same day, last week. The entire accounting department is brand new, but we are all learning the ropes of our jobs together.  

Daily life at the office is interesting for me. In the United State, business culture seems to revolve around team meetings, cooperation, and communication; the environment in Vietnam is much more individualistic. Everyone is working on their own assignments, and the office is completely silent – save for the rumbling of the AC unit. Office communications are nearly exclusively done via Workhub, a social media platform owned by Facebook but designed for businesses. If I ever need help understanding an assignment or have questions about my research, I am expected to message my coworkers, rather than ask them directly. Honestly, though, this platform is quite helpful for me; my conversations with my coworkers frequently end in misunderstandings and confused smiles.

Many of my projects, so far, have been research based. I have extensively studied the system of employment taxes in Vietnam; if you ever need to calculate the personal income taxes of Vietnamese employees, I’m your girl. I have been asked to set up methods for calculating payroll in Excel and to record invoices using Vietnamese accounting software, but generally, my tasks vary from day to day. This morning, I finished creating a presentation that will be used to train salespeople about basic tax and accounting principles in Vietnam. Sometime in the next week or so, I will lead a workshop where I explain the rudiments of employment taxes, in the hopes that the sales team will be able to internalize the information and be able to explain it to clients over the phone. Overall, I am learning a lot here not only about accounting and taxes in an international market, but also about Vietnamese culture and social queues.

In more exciting news, I rode a scooter for the first time this week! Before coming to Vietnam, I was warned, extensively, about the dangers of riding scooters through the busting streets of Ho Chi Minh City. However, on Grab (the Vietnamese Uber), ordering a scooter is nearly a fifth of the price of ordering a car. Scooters are also able to weave around traffic, drastically shortening commute time. Riding a scooter in Vietnam is thrilling; the traffic is chaotic, and the streets are crowded, and you get to be right in the thick of it. Riding a scooter in Saigon was the first time I didn’t feel like a tourist. And after I was able to relax into the ride, releasing my anxieties about falling off the bike, I decided that travelling by scooter was the most exciting and efficient way to get around. So, Mom and Dad, if you’re reading this, please consider the merits of buying me a scooter to drive back in Gainesville, please and thanks!

This summer, I am fortunate enough to work as an intern for Emerhub – Vietnam. Emerhub is a market entry consulting firm that works to reduce barriers to entry for foreign companies and investors looking to expand to Southeast Asia. Emerhub conducts market research on behalf of a company, obtains the legal documents necessary for the company to begin operating in Vietnam, assists employers in finding a local workforce and acquiring work permits, and manages the company’s accounting system after the move is complete. Emerhub helps its clients streamline their entry into South East Asia with tailored market entry services, allowing them to easily and efficiently break into a brand-new market without shifting the focus away from their business.

The first week of working at Emerhub has gone much better than I could have ever anticipated. Accounting is a pretty international subject; the basic fundamental rules and calculations are relatively standardized, with only slight variations in the tax code and compliance standards between each country. Therefore, I am able to complete assignments without much difficulty, and my colleagues and supervisor have made me feel as though my contributions are meaningful and productive. I am learning all about Vietnamese employment taxes and how to manipulate payroll to minimize personal income taxes. I even had the opportunity to attend a networking event at a chic rooftop bar, where I met a vibrant and sophisticated Italian woman who teaches European companies how to protect intellectual property when doing business in Vietnam.

In total, Emerhub has about 100 employees in 4 locations (Jakarta, Bali, Vietnam, Philippines), but the branch in Ho Chi Minh City is quite small, with only 12 full-time employees. Our office is essentially just one room – maybe about 200 square feet – with a glass wall sectioning off a small area to serve as an office and a conference room. The accounting team is comprised of 3 individuals, 2 of which (myself and another accountant) both started work at Emerhub on Monday. However, Emerhub is growing rapidly. On Wednesday I accompanied the country manager to view properties to potentially accommodate a larger office space, and Emerhub is working to expand to Myanmar, Bangladesh, and Pakistan.

The only real challenge I have had while working at this company is overcoming the language barrier between myself and many of the employees. Although all business is conducted in English, small talk around the office is always in Vietnamese, creating an exclusive environment that prevents me from forming any social relationships with me coworkers. Occasionally, my coworkers attempt to speak to me at the office, but I frequently misunderstand what they are trying to communicate, so our conversations are now completely limited to online messaging. My first day, for example, I was assigned a project that I completed twice incorrectly because I misinterpreted the instructions. Luckily, Kadri, the country manager is European, and can usually help explain what is expected of me.

Overall, though, I love working at Emerhub in Vietnam. I am very much looking forward to the progression of this internship and am extremely grateful to have this experience.

Before we left for Vietnam, we learned that Vietnamese culture can be compared to a river that flows around a boulder; rather than create a rigid and unwavering strategy to avoid obstacles, solving problems in Vietnam requires fluidity. The Vietnamese value flexibility in their planning and can readily adapt to overcome adversity.

This quality is evident in the floating markets of the Mekong Delta, where locals have developed a lifestyle that allows them to thrive despite the frequent flooding of the Mekong River. The Cai Rang floating market, which we visited on Wednesday, is a major wholesale market where vendors can sell a variety of fruits, vegetables, and meats to more than five hundred tourists each day. Watching residents of Can Tho navigate the murky waters of the Mekong River in rickety wooden boats offered us a unique perspective of Vietnamese culture, brought about by the ability to, quite literally, go with the flow. 

Just as the Mekong Delta region of Vietnam has constructed an economy to accommodate an ever-changing climate, in the last twenty years the national Vietnamese economy has abandoned its isolationist policies to compete in an increasingly globalized world. Considering that Vietnam did not participate in international trade until the 1990s, the country is more receptive to tourists than I had anticipated. The Vietnamese are extremely friendly and are generally able to communicate in English; we have been offered directions and travel tips and frequently been asked to stop and pose for a picture.

As the business hub of Vietnam, Ho Chi Minh City (HCMC) is characterized by skyscrapers and shopping malls, similar to many large cities in the United States. However, the economic disparity between the city center and its outskirts is significant. As you drive further towards the edges of HCMC, tin roofs, chipped paint, and crumbling buildings become commonplace. In the city’s center, buildings can be expected to include air conditioning and indoor plumbing – both of which are luxuries not easily found in the countryside. Hopefully, Vietnam will see a reduction in inequality as it continues to adapt to international markets and grow its economy on a global scale.

An aspect of Vietnamese culture that I found illuminating is the country’s relationship with communism and capitalism and how this relationship affects the population. In the 1980’s the communist government of Vietnam was forced to establish a relatively free market to keep the economy afloat. Today, Vietnam is heavily dependent on Foreign Direct Investment (FDI), international trade, and privately-owned businesses for economic stability, none of which would be possible under a communist economy.

More surprising than the government’s reluctant acceptance of capitalist ideals, however, is the resounding approval of a free market amongst the Vietnamese population. A recent study from the Pew Research Center found that 95% of Vietnamese citizens agreed that a capitalist economy is the best type of economy, compared to only 70% of US citizens. Vietnam has begun incorporating western values into its culture, placing an emphasis on economic success and consumerism. Similar to the United States, business hubs are the most highly populated areas, as young people tend to migrate towards cities in search of opportunities for economic growth and prosperity. Young Vietnamese citizens are calling for even more democratic measures to be implemented, including free elections and reduced government monitoring.

Although both the United States and Vietnam depend on capitalism to achieve economic success, Vietnamese culture is much more collectivist than American culture. Americans prioritize individual accomplishments, encouraging their children to find their own paths. People tend to make decisions in accordance with their own happiness, even if that decision does not necessarily benefit their family or society. However, in Vietnam, children are taught that the family is the centerpiece of society and honoring the family name is of utmost importance. One’s successes and failures are not reflections of the individual, but of the family, and the family’s welfare is always prioritized. The collectivist culture of Vietnam may impact my professional experience in Vietnam because all of my actions would represent the company I work for. Therefore, teamwork is an integral part of all projects, as every assignment impacts every employee of the company.