Category: Richard

As my time in Vietnam is coming to a close, I begin to reminisce over the memories I have made. Working at Impact Vietnam as an intern has been an eye-opening experience, and I believe I now have a better understanding of the career path I want to pursue. At Impact Vietnam, I believe my strong work ethic has reflected in my performance as I have often times stayed late in the office to finish my assignments. I also believe that I have been very flexible, as I have taken initiatives to learn relevant skills even outside of the office. There have been many times when I’ve had to juggle multiple assignments with various priority levels over the course of the summer, where I have had to handle unexpected occurrences and directional shifts with several deals. This being said, I believe that I have room for growth in my ability to present my assignments to supervisors or associates, as sometimes I feel like I could improve my articulation skills.

My experience in Vietnam has influenced my development on a wide variety of aspects. This experience has developed my communication, teamwork, punctuality, meticulous, and flexibility skills through the various learning experiences Vietnam has provided. I am grateful to have had the opportunity to travel to Vietnam and intern at a local firm as a freshmen, because not only did I learn more about the industry than I would have as an analyst in the U.S., but I have also been exposed to a drastically different corporate culture. Being exposed to a different corporate culture will be beneficial in the long run as I may have to know how to communicate with people from other countries to do business. On another note, this experience has given me the opportunity to reflect on what my personal values and aspirations are, and now I have a better understanding of what I would like to pursue. When I return to the university in August, I will be expanding my academic studies outside of the business schools to study and pursue other interests that have been previously overlooked.

My key takeaway from my experience in Vietnam is to be open to learning as much as possible, no matter how different or unusual it may be. Time and time again, the most interesting memories I have are those in which I have learned or experienced something so different that I wouldn’t have been exposed to if I remained on a traditional path. There’s a beauty in the unexpected, and the most exciting moments are those in which you have no expectations.

As I am approaching the end of my internship experience with Impact Vietnam in Ho Chi Minh City, I am realizing how quickly time has passed. Very soon I will be back in the United States and will be looking back to the memories I made in this marvelous country halfway across the world. My most gratifying moments in interning with Impact Vietnam have been the times where I was encouraged to think creatively and formulate something from my own inspiration. My most recent assignment has been to create an investment pitch deck for a five-star luxury resort on the tourist destination island of Phu Quoc. This assignment has been exceptionally exciting for me as I have been exploring the resort in depth, and it seems like a location I would like to spend my vacation. Using this excitement, my creativity has flourished in design and has encouraged me to make the pitch decks more appealing, while maintaining high levels of pertinent information. 

My biggest professional accomplishments in my internship experience have little to do with physical outputs. I feel like my biggest professional accomplishment in the internship has been my own self development. In working in an investment bank in Vietnam you are immersed in the business hungry environment fueling the nation’s economic growth, and because of it you are given more access to work on assignments than you wouldn’t have as an entry level investment banking role in the United States. With my experience at Impact Vietnam I have developed a greater perspective on business, and now realize that there are so many opportunities available overseas than I even knew existed. Business in foreign countries is exciting and the amount of experience you can gather from an eight-week program is a good start, but there is still so much more to learn.

As a result of living and working in Ho Chi Minh City for seven weeks I have developed a richer viewpoint on life. After coming to Vietnam, I feel like I could travel anywhere in the world and make it feel like home, because I have realized that the United States is great but not as unique as I once thought. In terms of civilian life, over the course of the program I have traveled to multiple countries in Asia and have realized that individual interactions and societies in general don’t feel so different. Besides the language barrier, people still like to have fun, socialize, be involved in groups, pursue things they want, and simply be happy. The fundamentals are all the same, and because of it I feel like I have developed a broader perspective on life and will use this enlightenment to be open to learn and experience whatever life will throw my way.   

Being six weeks into my internship with Impact Vietnam I have been exposed to more than I could have ever anticipated. Before this experience I have spent my entire freshmen year of college diving head-first into finance and investment banking as a career, where I have become involved in several clubs and organizations to establish a solid foundation for a successful future. Although I consider those experiences valuable in preparation of an investment banking career, I have come to learn so much more in the last six weeks than I could have ever gathered from the organizations I have become a part of. I have become knowledgeable of various sectors and industries while developing my analytical, communication, and presentation skills altogether. Investment banking in Vietnam works very simply – strike as many deals as possible. With the amount of growth Vietnam is experiencing, there is so much room for boutique investment banks to secure a comfortable percentage of market share. Unlike in the United States where clients sign investment mandates to work exclusively with a bank to act as their intermediary, in Vietnam the traditionally exclusive privilege is granted to several investment banks all competing to close the deal. Because of this, investment banks are forced to accept as many deals as possible with the understanding that several of them won’t be successful. There may be situations when an investment bank has prepared all the information necessary to facilitate a transaction and the deal is simply no longer available because another bank has managed to close the deal first. Although this may be frustrating at times, it makes it even more gratifying when a deal that my coworker and I have been leading comes to fruition.

As I become more involved in the industry, I have been able to recognize in which ways Impact Vietnam stands out from competitors. Our self-proclaimed most important aspect when approaching investment deals is having a thoroughly developed understanding of our clients and investors. Because banks cannot rely solely on mandates to work exclusively with clients, an abundance of importance is placed on establishing a trusting interpersonal connection with clients that stretches far past balance sheets and revenues. The same efforts are enacted when dealing with investors, as the value of trust can outweigh uncertainly. Because of our unique approach, at Impact Vietnam we find ourselves with several prospective clients and interested investors than we have enough employees to manage. One of our greatest weaknesses is that we simply don’t have enough people to manage the number of deals we’re facilitating, and it results in a slowdown in output as the priorities of deals are constantly shifting. Currently Impact Vietnam is aiming to expand its reach to investors from the United States and being a largely untapped market, the opportunity for growth can establish Impact Vietnam as a leading investment bank in Vietnam. Although it’s a large opportunity, the risk can be daunting for a boutique firm. The amount of regulation on the U.S. banking sector may be hinder the realization of anticipated opportunities.

Last weekend I decided to visit the Betexco Financial Tower in Ho Chi Minh City. The tower is one of the largest skyscrapers in the city and was developed as a symbol and inspiration for Vietnam’s economic growth. The tower’s design was inspired by a closed lotus, symbolizing the modernization and global relevance of the nation and that there is so much room for growth. Upon arrival to the ground floor you can take an elevator to the Skydeck, where you can admire the beautiful city of Ho Chi Minh from a bird’s eye view. On the Skydeck you can also enjoy an elegant dinner at the dining lounge, or an expresso from the café while embracing the vastness of the energizing city.

In my time working at Impact Vietnam, I have accomplished several tasks but certainly not without adversity. Impact Vietnam specializes in providing investment advisory and financial services to private companies, and because of this gathering information about them provides a new set of challenges as opposed to public companies. When a company is listed public, the company has a responsibility to release periodic public reports and information about the company for their investors. Although, since Impact Vietnam works primarily with private companies, the information available is often times very limited or simply unavailable. A large portion of my responsibilities at Impact Vietnam revolve around preparing investment presentations and financial models for prospective investors, so when the only method of gathering information is directly from the client, it makes the process significantly more challenging. Several times I find myself unable to complete a presentation because I simply don’t have sufficient information, and thus resulting in inefficiencies as I wait for the client to respond to my information inquiries. Although it is inconvenient, I consider it a part of the process in doing investment advisory in Vietnam and find that the end result is a tailored presentation that answers all the questions that I have gathered throughout the process.

My experience with Impact Vietnam has been very exciting for several different reasons. One of which is the amount of responsibility I have in the investment advisory process. I’m very grateful to be working with a smaller firm because I believe that in doing so, I’m given so much more autonomy with my work than I would have had otherwise. It has also surprised me to learn how much trust my team has in me, and because of it I feel motivated to continually improve my output as I see how much value it brings to the firm. Another benefit I’ve experienced in working with Impact Vietnam is the absence of hierarchical boundaries. Before coming to Vietnam, I was warned that there might be a strong presence of hierarchy within the workplace and to expect to have little influence on internal processes. To my surprise, as an intern I’m treated as a full-time analyst and included in team meetings, client meetings, and in client facility visits. I’m also encouraged to share my perspective and provide feedback on the way the firm operates. The amount of respect my team has in me is a pleasant surprise that I would never have expected to come from an internship.  

Outside of work, I enjoy venturing around the city and exploring new foods to indulge in. The food in Vietnam has influences from around the world, but what I have enjoyed the most is the Vietnamese Pizza, also known as Banh Trang Nuong. I have explored the busy streets of Ho Chi Minh City to try the best restaurants and street vendors I could find, and no foods have been able to surpass the delicate Vietnamese Pizza. Available nearly on every corner of Ho Chi Minh City, culinary artists put together a mixture of minced pork and pork floss doused in chili sauce and scrambled quail egg, sprinkled with baby shrimps and chopped scallions all on top of rice paper brushed with butter. I will certainly be missing Vietnamese Pizza when I return to the United States in the coming weeks, but until then I will treat myself to the delicious dish.

Now that I’ve completed my third week of interning with Impact Vietnam, I am starting to reflect on my development thus far. The first couple of days can be characterized by the steep learning curve, but since then I have made significant progress. To date, I have been involved in four separate transactions, where I have worked on investment teaser presentations, corporate presentations, and financial modeling. I have also been involved in client meetings, touring facilities, and preparing questionnaires for clients. The first project I have worked on was a corporate presentation, which took the longest time to complete relative to following assignments I have worked on, but this was primarily because of my unfamiliarity with the task presented. The comprehensive presentation gives insight into the company’s operations, position within the industry, financials, and investment catalysts. The purpose of the presentation is to provide relevant information for investors to have a well-established understanding of the investment opportunity. After completing this presentation, my next task was to work on the financial modeling for the transaction.  The financial modeling includes different valuation techniques for the investor to get a better understanding of the investment and have an adequate understanding of the growth opportunity.

After this assignment I was invited to attend a meeting with a new client, where I took notes and gathered questions to ask. Although I took notes, I had a hard time understanding what was going on due to the fact the meeting was conducted solely in Vietnamese. Even though I didn’t speak the language, I took it upon myself to research available information and gather a compilation of questions that have emerged. Afterwards, I felt very grateful to be present in the meeting because I felt like I was able to make a human connection behind the assignments I work on. I felt like I was able to see the purpose of my work and how it plays a role in the facilitation of the equity capital raise. After this meeting, I have worked on the company’s investment teaser presentation, which is essentially a brief overview of key information highlights for prospective investors.

 Since this project, I have been involved in another client meeting, visited a client’s manufacturing facility, and worked on two other investment teasers and corporate presentations. In the next few weeks, I look forward to working with new clients and learning more about the different industries in Vietnam. I’m grateful to be working with Impact Vietnam, where I am responsible for facilitating transactions between clients and investors.  

I feel like the relationship between my supervisor and coworkers creates a productive work environment. I have been invited to lunch with the team several times, where we were able to have intellectual conversations about subjects other than work. I believe that one of the most important factors in a working team is the ability to recognize the uniqueness and independence of every individual. No two employees are the same, and because of it everyone has something to learn from someone else. Whether it be technical or just a different perspective, it is important for a company to create an environment where communication and the sharing of information is encouraged. I feel like the removal of hierarchical barriers at Impact Vietnam allows for the flow of information without the fear of consequences.

One thing that I have learned from working in Ho Chi Minh City is how to be flexible. From my experience thus far, the flexibility and readiness to adapt to changing environments is what I have appreciated the most. In working on different projects, I’ve had to learn to juggle multiple assignments at once and be able to prioritize certain ones at different times. For example, it is a common situation where company A is number one priority and all resources should be spent on completing the task, and then all of a sudden a breakthrough happens and company A is now being put on hold because company B is now number one priority for whatever reason. The ability to be flexible and understand that life is not a clear-cut path, but rather it is in fact messy and full of unexpected surprises is a lifelong skill that I will develop and practice for the rest of my academic, professional, and personal development.

In the short time I have been working at Impact Vietnam, I have become more familiar with my coworkers and the day to day operations of the company. My supervisor, Mr. Toan, is the Founder and Managing Director of Impact Vietnam. He is responsible for new business development, operations, strategic partnerships, and implementation. Mr. Toan has had over 15 years of experience in numerous sectors, and prior to founding Impact Vietnam he was the Managing Director of a $15 million-dollar fund. Mr. Toan typically operates from the Hanoi office, but has been in Ho Chi Minh City for two weeks to introduce me to the team. I am working in a team of five members dedicated to the facilitation of investment transactions from private equity investors. The team is composed of Mr. Toan, the Founder and Managing Director; Mr. Ninh, the Manager of the Ho Chi Minh City office; Mr. Tuan, the Investment Analyst; Cole McNally, an Investment Analyst Intern; and myself, an Investment Analyst Intern. Mr. Ninh is responsible for client relationships, deal sourcing, and deal management. Mr. Tuan works on gathering equity research, preparing investment presentations, and preparing financial models of private companies for investors.

Cole and I are involved in sharing the responsibilities of Mr. Tuan, and in addition have participated in client meetings, calls, and facility tours. So far, I have been involved in four different investment deals, where I have prepared investment presentations and began working on the financial modeling for the transactions. Each of the deals are different in their own way, and with each I develop a better understanding of the commercial world and the interconnections of all the components within it. Last week I was given the opportunity to attend two client meets, where I was able to put my work into perspective and establish an intimate connection between the financials of a company and the people within it. In addition to the client meetings, I was invited to tour a new client’s manufacturing facility to gather information for an investment presentation. I’m very grateful for the invitation to accompany my team, and I feel like in attending I was able to develop a better understanding of how to analyze a company and gather information that could sometimes be overlooked.

Outside of work I have been actively exploring new and exciting spots in the Ho Chi Minh City area. On Wednesday, June 14, a couple of friends and I decided to go eat dinner together in a side of town that we’ve often overlooked. After a 15-minute walk down a dark and withered road, to our surprise we stumbled across a vibrantly colored cottage styled house, decorated with flowers and vines in every color weaving together the magnificent lodge. Inside of the beautifully decorated home is a French café littered with flowers hanging from the ceiling, atop the tables, and growing across the walls. Sprinkled between the flowers are unique repurposed items creating a lively artistic ambiance. Located on a baron street surrounded by empty lots and run-down shops, this beautiful café is truly a hidden gem worth visiting.

In the first few moments upon arriving at my internship location, I experienced a corporate culture shock unlike anything I had anticipated. The company that I will be interning for the remaining of the summer is Impact Vietnam, a boutique investment bank specializing in advisory and capital raises in agribusiness, consumer goods, technology, hospitality, healthcare and energy in Vietnam. Impact Vietnam is the bridge between investors seeking entry into the Vietnamese markets and business owners in need of capital and strategic investors. Impact Vietnam’s Ho Chi Minh City office currently has 3 full-time employees in a shared office with IDG Ventures. The firm is currently experiencing astounding growth, partnering with multiple new clients every week. The office is coursing with excitement for the future and fueled to put forth maximum effort and close deals as soon as possible without reducing quality. The purpose of all this is to make a name for themselves as the investment bank for investors looking to enter the Vietnamese market.

Driving down the crowded streets of Ho Chi Minh City in an overpacked bus of interns, and the sounds of scooters buzzing and honking as they overpass our vehicle, filling me with anticipation as we arrive to our destination. Upon arrival to Impact Vietnam’s office, my co-intern and I were introduced to the talented individuals we will be working with for the next six weeks, which fueled me with excitement to have the opportunity to learn from them and their impressive careers. After a brief introduction to the company, my co-intern and I were assigned tasks to complete. My co-intern and I had a moment of confusion as we were unclear about the expectations we were supposed to meet. The first corporate culture shock we exhibited is the prevalence of work autonomy in Vietnam. Our tasks were to complete two information memorandums of current clients that will be presented to investors. Our supervisor mentioned current challenges they’ve had with their information memorandum template and motivated us to use our creativity to produce a new format. Excited by the autonomy we had with the projects, we began working on an information memorandum that resembled the firm’s unique style while also containing an in-depth analysis of the investment presented. After completing the majority of our project, we had our first progress meeting with our supervisor. Our supervisor was very pleased with our work and was impressed by the creativity and in-depth analysis we had provided. Although he was pleased, we were redirected to use the firm’s previous template because the one we had created required too much time and wouldn’t be sustainable for the boutique investment bank. Although it was discouraging at first, I found the situation as an opportunity to adapt quickly and learn more about different approaches a firm can take to close deals with investors. This experience changed my approach from that of meticulously trying to gather as much information as possible, to recognizing the importance of relevant information investors want to be confident with their investment decisions.

As my first week in Vietnam comes to a close, it is a perfect opportunity to reflect on my phenomenal experiences. One of my favorite experiences being the Mekong Delta floating market tour. Being on a riverboat traveling down the Delta while merchant boats attach themselves to your hull as they proceed to market their products is an experience unlike any other. A river, which from the outside may appear as an overcrowded channel, is actually an embodiment of the nation’s rich culture. Capitalism at its finest, where buyers and sellers bargain to reach a deal from the side of the boat while competing with the waves to stay afloat. From my experience I witnessed the energy that has led to the country’s rapid growth – perseverance. Everywhere you look, you will find merchants doing anything they can to climb the socioeconomic latter to create a better life for them and their family.

My first impressions of Vietnam have surpassed all expectations I could have ever imagined. In the United States if you ask anyone about Vietnam, the majority of what you hear is about the Vietnam War. In some sense, the United States is stuck in a time warp and has missed decades of economic development in the distant country. Because of the lack of readily available information, my expectations of Vietnam were very low. I have heard of the mystical city that mirrors New York City in terms of population, but I had no idea of what exactly it could look like in Vietnam. Although, upon arriving in Vietnam you are immediately greeted by the noisy streets of Ho Chi Minh City squeezed between narrow buildings and soaring towers ranging as far as the eye can see. Shortly after leaving the crowded airport you will be reminded of the country’s recent rapid growth as you see temples that are hundreds of years old neighboring sky scrapers and shopping malls.

As I begin to settle into my new home, I hope to become familiar with how the locals perceive the nations recent economic growth. Given that there are generations who have lived through the country’s recent development since the Vietnam war, it must be interesting to hear their perspective on the matter. There may be those who are excited for growth, but at the same time there may be those who are fearful of the impact it’ll have on the country’s long and rich history, as change often times comes hand-in-hand with growth. Lastly, I’m excited to see whether the society will retain their rich historical values as the country becomes of global relevance, or if the country’s culture will blend with those of the connected world.

The first week of class was very enlightening in several ways, but one of the most surprising aspects of Vietnamese culture is the overwhelming embrace of capitalism within the Communist nation. Vietnam being a nation where 95% of its citizens support capitalism, according to the Pew Research Center, while only 70% of Americans felt the same way gives a glimpse of insight as to the development the country has undergone since the authoritarian Communist party took control in 1975. The overall economic shift and embrace of capitalism becomes less of a surprise when you look into the young nation’s history. Shortly after the north’s victory in the Vietnam War, the country was invaded by China in 1979 yet their closest ally, the Soviet Union, didn’t come to their aid. Being diplomatically isolated hit Vietnam hard, and after several food shortages and the fall of the Soviet Union, the nation was forced out of a short victory euphoria. With inflation up to 900% and being forced to import food to combat the shortages across the country, the Communist party officially adopted a market economy in the late 1980s. This shift plays a pivotal role in the nation’s development, which gave way to the overall growth of the economy, reinforced a hesitation towards depending on others and created a do-it-yourself attitude.

This attitude permeates through the citizens and, like the United States, has created a breeding ground for small businesses across the country. With foreign investment welcomed, and private business encouraged, the redefined nation begins to resemble the United States in some ways. A society in which citizens feel an innate obligation to work for their prosperity may surprise you to realize that the motivations behind these feelings may differ from those of Americans. The United States being a country with high values of individualism where people tend to look after themselves and their direct family rather than extended family or extended relationship, whereas Vietnam is on the opposite side of the scale and have a high value of collectivism. Where citizens of the United States may enact self-starter behaviors to achieve personal goals and expectations, those of Vietnam may reflect similar behaviors to achieve what’s best for the family and maintain one’s image in society.

In the coming weeks, I’m excited to experience first-hand the differences in values a collective society has versus those of an individualist. I believe the experience will strengthen my lifelong skills in communicating, understanding, and respecting the values and perspectives of others professionally and personally. In addition, I trust that the different perspective on motivation will allow me to reflect on those of my own and grasp an improved understanding of my values from a profoundly contrasting perception.