Uncategorized – Page 2 – UF in Vietnam Internship

Starting up success and living the dream

The proudest moment in my internship thus far was when I received the opportunity to create a presentation for my firm’s collaboration with a French start up company. I have been continuously working on this project for the entirety of my internship, developing and proposing various background research guides. The process was very overwhelming, especially considering my lack of legal knowledge regarding the legal procedures in Vietnam. Throughout the process my work received continuous negative critiques. I began to work outside of working hours to truly impress my bosses and make a positive imprint for PLF Law Firm. After four eight-page rough drafts of the presentation, relentless hours of research, and four draft presentations, I finally received the honor to attend and assist in the presentation at the startup company. I truly believe the greatest satisfaction from the project came from the knowledge I gained regarding the legality of market entry in Vietnam, international taxation, holding companies, etc. After both of my bosses presented the presentation at the aforesaid company, both pulled me aside complimenting my attention to detail to the presentation and the hard work I put into a project that was considered “extra-work”.

I would say one of my biggest professional accomplishments thus far at my internship is receiving a consensus regarding my performance ability. I would like to acknowledge the positive feedback I receive from my bosses and my coworkers for putting in diligent effort, not just at work, but to getting to know and communicate with my coworkers. Thus, my biggest accomplishment is learning how to properly perform and socialize in an international working environment.

I look at life very different after living in Ho Chi Minh City. I have begun to see my personal outlook on life with a purely open mind. During my experience here in Ho Chi Minh City, I have come into contact with an eclectic variety of different people from different backgrounds, but all of which I have learned from in one way or another. Before this experience in Ho Chi Minh City I wanted to work in diplomacy, and my dream has been solidified. The power of a human connection relieves political barriers and solidifies humanity. Through daily interaction with the Vietnamese people I have rediscovered the value of that human connection.

Establishing good company

I have come to learn that Vietnamese Legal Industry is very complex to say the least. Though, few cases go to trial, the legal industry thrives off of various legal services, such as company establishment, legal consultation, trademarks, intellectual property rights, etc. I have learned a great deal about the legal processes here in Vietnam, specifically the process of company establishment. There exists a critical distinction in the company establishment process between foreign capital invested companies and Vietnamese capital invested companies. For instance, foreign invested companies must receive both a Investment Registration Certificate as well as an Enterprise Registration Certificate. Foreign invested companies are also far more surveillance than Vietnamese invested companies. Furthermore, it is nearly impossible to establish a “branch” company here in Vietnam, with the exception of a few financial service companies( i.e. PWC, Deloitte), because one needs approval from the Department of Industry and Trade for a branch certificate which is almost always denied.

PLF’s strengths would be the qualified, hard working staff members, its dedication to detail & to its product, as well as the positive and supportive working environment. PLF’s weaknesses are its lack of English fluency across all staff members, its need for more office space, and its lack of partners in Hong Kong & Singapore. Some foreseen opportunities for PLF are its shift towards an internationalized client base, though PLF already has focused primarily on international clients, with the recent addition of a foreign associate PLF is providing legal services to more higher profile clients. I believe that the expansion of foreign staff by a couple members, the improvement of English proficiency amongst staff members by means of providing a free couple week course, and the improvement of the firm’s media presence (website, social media, etc.) would open a variety of doors for the law firm. Some threats that PLF may encounter in the future is the threat of too much power in the hands of one man, because the internationalization of the company is heavily weighted on the one foreign attorney, giving him a great deal of power, but also a great deal of pressure, which does not always result in a positive outcome. Furthermore, another threat that PLF faces is losing the race to internationalizing their firm. Many similar tiered law firms are making the same shift in the industry, but time is money and the firms that successfully make the shift first will end up with the higher profile clients.

An amazing moment I have had in HCMC is living a moment and knowing that someday it will be a memory. I was just eating at a lovely restaurant, Pizza 4Ps, with a group of my friends, and I just thought to myself one day i will soon look back and remember this very time, this split second, this conversation, this dinner. I will remember laughing about the jokes one made and everyone sharing their food with one another. Most of all I will remember the great friendships I established here in HCMC.

The marriage of business and and its people

One of the most challenging aspects of my internship is the lack of communication between me and some of my co-workers or my supervisors at some times. I wouldn’t say this is necessarily a severe challenge, but many times there have been small miscommunications, thus I have found myself asking a myriad of questions when I receive a new assignment. Another challenging aspect to my internship is the level of prestige I feel in the workplace environment. I am surrounded by seventeen lawyers and the other legal intern is also in law school, thus working on legal briefs, service proposals, and doing research is sometimes an intimidating task for someone who has very minimalistic legal background. Though it can be difficult to understand a task or lack knowledge on a legal subject, I have realized that this position is far more of an opportunity than anything else. Every day I learn so much more about Vietnamese Law, International Law, Foreign Investment Law, Holding Companies, etc. This internship has given me some insight on a career I wish to pursue in the future and that alone leaves me grateful for my placement.

On the other hand, some unique and admirable characteristics of my internship are the workplace environment and personal relationships. I’m so excited for this weekend, because I have the opportunity to attend my supervisor’s wedding. The entire company is going to the wedding in my boss’s home town, near the Mekong River Delta. I believe that this experience will be very culturally enriching as well as personally significant. My goal when I entered my workplace was to not only perform to my best capabilities at my internship, but also to strive to build relationships with my co-workers. The kind gesture of my supervisor inviting me to her wedding touches me deeply. To be present in such an important day in one’s life demonstrates that I have created a bond with my supervisor Workwise, this week I have been finishing up one of my big projects with the other intern. Last week we went to a networking event in order to get to know the startup companies we were presenting to. At the networking event I also got to meet a variety of experts in various fields: hospitality, technology, reality, etc..

My favorite food dish I have tried here in Saigon is either the Katzu from this restaurant in the Japanese region of Saigon called Fujiro or it is food from the restaurant Ciao Bella, their food is decadent. I enjoy Vietnamese food, but I don’t think I’ve had a dish that genuinely stood out in comparison with some other foods of international cuisine. Though, I have become beyond obsessed with Boba Tea. Boba Tea is by far one of my favorite beverages I’ve had in my life. I normally order the Lychee Oolong Tea, the Peach Green Tea, or the Mango Green Tea. Another thing that I really enjoy is street food, for lunch we usually get something along the lines of street food, and it’s 9 times out of 10 something to do with noodles and soup or rice and soup. I have yet to have a meal in Saigon without a carbohydrate.

The End of One Journey Is Simply The Beginning Of Another

One of my strengths during the internship experience has been patience. While I experienced various obstacles at the start of the internship, such as not having a physical supervisor, I remained patient knowing that inevitable adjustments would come with working in a country across the globe. I was able to exhibit patience when waiting for feedback and answers to questions from my supervisors, initiating new subtasks for myself in the meantime. Another one of my strengths during the internship has been my time management. I was lucky enough to work out an agreement that enabled me to work for two different firms at once, one remotely and the other in-person; however, this opportunity came with double the normal responsibility. I was able to efficiently manage my time by working on assignments for the in-person company at my desk and working on task for the remote company either while waiting for feedback from the supervisor from the in-person company or after getting home from work. One area I have room for growth is my ability to work cooperatively with others. Since the nature of my work was largely independent, I did not receive a chance to work with others collaboratively towards the same assignment goals. While it required me to take on more responsibility, I know that working with others is irreplaceable. Another area of improvement for me is professional communication. Since the nature of my work was remote, most of my communication was through email and Skype, but I lacked enough in-person communication. As a result, I believe I still have room to grow my professional speaking skills to reach my goals more efficiently.

Coming just out of my freshmen year of college, I believe that this internship in Vietnam has been a valuable and illuminating experience for my professional development. While taking classes at the university have introduced me to business concept and theory, this internship illustrated those concepts being applied in real-life and demonstrated how businesses operate from the inside. More importantly, while I understand the important nature of the work given to me during this experience, working on assignments and networking with others has helped me realize that it is worth exploring areas of business beyond finance. I believe that I had pigeon-holed myself into one set path without experiencing the work with a real company. Furthermore, I feel comfortable exploring new areas, such as the application of engineering to business, knowing that I gained a myriad of transferable skills.

One main key takeaway from this experience is the importance of being a life-long learner, a message expressed by multiple leaders within the companies. I have realized that any work environment can be unpredictable, and you must be a fast learner to acquire the skills necessary to pivot yourself and complete tasks beyond your comfort zone. Not only does this open you up to more opportunities, but it also makes you more flexible and valuable. The other main takeaway from this experience is the importance of communicating with others. Regardless of your personal talent, speaking with others will enable to discover new things beyond your scope of knowledge and approach tasks or opportunities in a more efficient manner. Additionally, communicating with others makes the work more engaging and leads to better end products overall.

What Makes Me Proud

Without a doubt, my most proud moment of the internship occurred when I submitted the final copy of my first assignment after four rounds of editing. My task was to research and create a PowerPoint presentation about an emerging area of investment interest, and my supervisor provided me a template for me to follow. After conducting a full week of research, I created my first draft following the organizational structure of the given template but implementing my personal design style that I learned through the Gator Student Investment Fund. My supervisor’s feedback humbled me because although he approved of my unique design, he expressed that my presentation still did not completely address the main questions that needed to be answered. Over the series of the next three editing cycles, I often found myself stuck because my supervisor wanted me to cover more information than was shown in the template. After spending a whole month perfecting my submission, I was able to transform my initial 20-slide presentation mirroring the template to a radically more-thorough and engaging 50-slide presentation that balanced view between the holistic and specific aspects of the emerging industry.

One of my biggest professional accomplishments of this internship was learning how to qualitatively and quantitatively evaluate a company whose financial information is not public, unlike the SEC-filed companies that I have previously evaluated. Within venture capital, this accomplishment is useful because its entire business model relies on the ability to identify and analyze the potential of companies within new market segments. On the other hand, the accomplishment has been useful within Vietnam’s securities industry because companies attempt to invest into equities that they believe may be overlooked but have strong growth and return potential. Within the scope of Mirae Asset Securities Vietnam, investors are very likely to ask for investment consultation and refer to the equity research reports generated by the company’s analysts.

An important way that living and working in HCMC has changed the way I look at life is by training me to seek the beauty within the chaos. The transition to living in Asia over the past two months has undoubtedly been challenging, and I’ve adapted largely by seeking the implicit order within the starkly different aspects of society here. For example, the daily morning traffic to work in HCMC may seem chaotic at first glance, but over time I have realized that the HCMC population has an implicit understanding of the way things work, including the excessive honking and crossing streets. Within the context of my internship, I have had to deal with the transition from one company to another and the remote nature of work that would normally require direct supervision in the US. Regardless of my initial frustration, with patience I have been able to empathize with the “Asian” office culture and accept more responsibility without being able to frequently ask questions.

Finding Hidden Treasure and Opportunity

I have had the opportunity to learn about the venture capital industry and its role specifically within Vietnam. For example, I realized that venture capital firms in Vietnam concentrate their investment largely into tech companies in order to mirror the successes of the western world. Nonetheless, the industry is becoming more open to new segments that have potential technological applications. As a result, my assignments revolve around exploring new possible new segments, such as FinTech and Healthcare Tech. Another thing I’ve learned about the venture capital industry in Vietnam is the importance of seeking opportunities from the government’s agenda. For example, the government’s promotion of a cashless society caused my company’s interest in FinTech companies.

One of the strengths of my company is its reputation as the first venture capital firm in Vietnam, which helps entrepreneurs build trust with IDG Ventures Vietnam easily. Another strength is its role as a smaller branch within the multinational IDG Capital firm, enabling access to high-quality guidance. On the other hand, one weakness is the difficulties in finding talented entrepreneurs. Instead of relying too much on brand recognition to bring entrepreneurs to itself, the company should actively seek out overlooked investment opportunities. One of the external opportunities is the government’s loosening of strict regulatory hurdles that prevented startups from helping achieve common goals. Another opportunity is the increase in foreign investment into Vietnam amidst US-China trade war tensions, giving my company the ability to invest into more startups. On the other hand, one of the threats to my company is slow pace of regulatory reform, which struggles to keep up with innovation and forces my company to wait longer before realizing profit. Another threat to my company is the entrance of newcomers, which may draw attractive investment opportunities away from my company.

An amazing moment in my HCMC life occurred this week when I decided to venture into a hidden French restaurant. Aside from the beautiful aesthetics inside the restaurant that made me feel as if I was eating in France, I was in awe at the hospitality of the chef. He read out, explained, and recommended different food options from his menu found on a chalkboard. Although we each spent only $8 on our meal, he offered to taste his numerous appetizers for free; I tried an amazing spinach soup and gelato. The food that I ordered was arguably the best meal I’ve had in Vietnam, consisting of spaghetti carbonara and Italian specialty cheese. In addition to the fantastic meal, we were able to have an interesting conversation with the chef, who revealed his previous role as a software engineer and his experiences traveling the world. Without a doubt, he made my first time trying French cuisine magnificent, and I will be returning very soon!

Quality matters, not quantity

Without a doubt, the most challenging aspect of my internship has been to stay focused on one assignment for an extended period. To contextualize, my supervisor has told me to work on the same task, a PowerPoint exploring the FinTech industry in Vietnam, for the last month. Although my supervisor gave me a sample report, he encouraged me to improve the design and quality of the presentation. Through multiple edits and submissions, I took a basic 20-slide PowerPoint that mirrored the adequate sample report to a high quality 50-slide presentation that would really “wow” the clients. My experience working on the assignment long-term has been challenging because it contrasted my initial expectation of the work I received and the pressure my friends have been facing from numerous assignments with fast deadlines. Despite the challenge, focusing on this single assignment has provided me the opportunity to learn the value of patience and creating work of high quality, as opposed to rushing through numerous low-quality reports. Additionally, not having the physical presence of my supervisor nor a team has been a great challenge for me. I have found myself lacking motivation to complete assignments because no one is in the office to remind me the importance of my work nor give quick feedback. Nonetheless, the challenge has presented the opportunity to appreciate the uniquely remote nature of my work and the importance of reaching out for help.

The best feature of my internship is the flexible nature of my work. Unlike the teachers in a typical classroom, my supervisor has trusted me with the responsibility of completing my work remotely without him constantly checking on me. I believe that this can be an advantage because it gives me the freedom to work at my own pace to ensure I deliver the highest quality of work. While vague instruction can sometimes be frustrated, especially when my supervisor clarifies them after I have made my submission, I still appreciate the opportunity to deviate from the standard template and seize real ownership of the work I have done.

Aside from work, I have really enjoyed my experience with street food in Saigon. My favorite dish that I’ve discovered in Saigon is Banh Trang Nuong (aka “Vietnamese Pizza), which translates to grilled rice paper. The dish is made right in front of me, so I know the ingredient used by the vendor. To create the dish, the vendor begins by slathering dry rice paper with butter and then setting it atop a coal brazier. Next, the vendor put in minced pork, shredded pork floss, dried baby shrimp, and chopped spring onions. Lastly, the vendor puts in quail egg yolk and chili sauce to bind all the ingredients. In my opinion, the final product has the crunchy texture of a grilled quesadilla. I would recommend this dish as a must-try for anyone that visits Saigon.

The Beauty in Fluidity

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.

Expanding My Horizon

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.

Energizing Growth

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.