Foreign Entrepreneurs Attracted to Vietnam’s Growth Possibilities
In addition to the country's economic potential, many foreign business owners say their love for Vietnam is what keeps them here “paying it forward” by improving the country’s national brand and human resource training.
Rafael Masters, a British national and recent graduate, arrived in Vietnam 14 years ago with the intention of exploring the world and immersing himself in diverse cultures.
To fund his travel, he intended to work as an English teacher.
“While initially planning to teach in Vietnam for only a year with the intention of returning home, I unexpectedly found myself developing a deep appreciation for the culture, the country, and the rewarding experience of teaching.”
“It is truly an exhilarating experience to witness children of various age groups being provided with educational resources, and witnessing their growth and development as they utilize these tools,” remarked the speaker.
Rafael Masters, founder of Vulcan Augmetics, a start-up that makes electronic prosthetics for the disabled. Photo: Binh Minh / Tuoi Tre
Some of Masters’ first students in Vietnam have successfully pursued careers as doctors, engineers, and biochemists, and are currently employed in various countries across the globe.
Witnessing their achievements served as a catalyst for his decision to establish Vulcan Augmetics, a pioneering startup specializing in the production of cutting-edge electronic prosthetic arms for individuals with disabilities.
In 2017, Rafael established Vulcan Augmetics. The subsequent year, his company obtained official licensure and joined forces with Trinh Khanh Ha, a dedicated individual committed to enhancing the quality of life for individuals with disabilities in Vietnam.
Vinnie Lauria is a foreign business owner who has chosen to establish his presence in Vietnam due to his deep appreciation for the country.
He embarked on his association with Vietnam over a decade ago, when he and his newlywed wife embarked on a 13-month honeymoon traversing the Asian continent.
“I had not initially intended to establish a venture fund and relocate to Vietnam. However, my time here has been incredibly rewarding and has resulted in a profound shift in perspective.”
“We were able to immerse ourselves in the scenic beauty of the plains, embark on a memorable journey to the northern region via bus, and engage in invigorating hikes. The majority of our trip was focused on embracing the rich cultural heritage, indulging in delightful culinary encounters, and establishing meaningful connections with the warm-hearted Vietnamese community,” he shared.
During Lauria’s travels, he had the opportunity to meet his current business partner, Jeffrey Paine.
Golden Gate Ventures was established in Singapore by the founders with a decision to settle in Southeast Asia.
“When I recognized a business opportunity arising in Singapore, I immediately took action and made my way there. Similarly, I now sense the same level of excitement and potential when I contemplate the Vietnamese market,” expressed Lauria.
Vinnie Lauria and his 9X generation staffs at the Golden Gate Ventures office in Ho Chi Minh City. Photo: Binh Minh / Tuoi Tre
In 2019, Lauria established a Golden Gate Ventures fund in Vietnam. However, the outbreak of the COVID-19 pandemic disrupted his initiatives.
Instead of commuting between Singapore and Vietnam, he made the decision to relocate his family permanently to Vietnam.
Inspired by his visit to Vietnam, Korean-American businessman Charles Lee took the initiative to establish his company in the Southeast Asian nation, mirroring the footsteps of successful entrepreneurs Masters and Lauria.
Lee is the esteemed founder of CoderSchool, a prestigious educational institution specializing in the instruction of coding, artificial intelligence, and machine learning. Headquartered in Ho Chi Minh City, CoderSchool is at the forefront of providing advanced technological education.
In 2015, following his departure from a startup in Silicon Valley, Lee identified the importance of directing his attention towards the future of technology on a global scale.
He was drawn to Vietnam, a country renowned for its rapid and extensive adoption of Internet and technology, which greatly appealed to him.
Upon his arrival in Vietnam in 2015, Lee embarked on his first professional endeavor in the country by teaching programming online for a friend’s esteemed company.
During his experience, he gained insight into the strong interest Vietnamese individuals possessed in programming. Simultaneously, he observed a scarcity of resources accessible for them to foster their skills in this domain.
Lee reflected on the initial motivation he received from people to teach programming. Despite conducting online research, he encountered a dearth of institutions providing programming courses.
Since 2015, Lee has established CoderSchool and successfully expanded its programming courses to encompass artificial intelligence and machine learning.
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For foreign entrepreneurs like Masters, Vinnie, and Charles, their fondness for Vietnam extends beyond the economic opportunities and potential that the country offers.
They are all driven by long-term visions and have high ambitions for Vietnam to establish a prominent presence in the global business community.
Vulcan Augmetics is a dedicated organization focused on improving the lives of individuals with disabilities in Vietnam. Under the leadership of Masters and his exceptional team, we are committed to creating meaningful value and enhancing accessibility for all.
According to Masters, there are an estimated seven to thirteen million individuals in Vietnam who have been disabled due to accidents in the workplace and their daily lives.
When a family has a member who is unable to care for themselves, it not only affects the individual’s well-being but also impacts the ability of one or more other family members to participate in the workforce. The responsibility of caring for a disabled family member can limit employment opportunities and create financial hardships for the family.
“Our findings demonstrate that this phenomenon significantly affects their financial sustainability,” he elaborated.
Charles Lee chose to live permanently in Vietnam with his wife and a Poodle named Chuon Chuon (Dragonfly). Photo: Courtesy of Charles Lee
Vulcan Augmetics has made a profound impact on its beneficiaries, to the extent that many have joined the company as employees or served as brand representatives.
Furthermore, our company prioritizes the production of products that are proudly made in Vietnam.
“The prosthetic arm we manufacture is proudly made in Vietnam, with the exception of the circuit board which is sourced from China. Our dedicated team of Vietnamese professionals handles the entire production process, from designing to incorporating advanced technology. This commitment to local expertise is something we take great pride in,” shared Masters.
Masters, in addition to broadening his clientele through strategic partnerships with businesses in Singapore, Malaysia, and India, is primarily focused on leveraging Vulcan Augmetics to enhance Vietnam’s international standing.
Vulcan is a Vietnamese company based in Vietnam, proudly utilizing products made by local Vietnamese people. While it was initially founded by a foreigner, the company remains deeply rooted in the Vietnamese market.
“As Vulcan products continue to expand globally, it is important for me to cultivate and strengthen the brand image of Vietnamese engineers, who serve as the driving force behind all of our technology and innovation,”
– [Insert Name]
According to Masters, Vietnam is home to ambitious farmers with a desire to fly, who are known to construct helicopters right in their own fields.
“These assets serve as the foundation for building a reputable brand and nurturing a new generation of Vietnamese engineers capable of designing valuable medical equipment products for the benefit of our community and, eventually, the global market,” he elaborated.
Additionally, Lee has expressed his vision for Vietnam as cultivating a highly skilled generation of programmers who can contribute to prominent multinational corporations globally.
“The key to Silicon Valley’s success lies in the ongoing contributions of its former employees to the global technology landscape and to any organizations they join. It is my sincere wish that one day, the talents from Vietnam’s burgeoning technology industry also become an integral part of the country’s human resources, further fueling its growth and success.”
The success of any endeavor in Vietnam is heavily dependent on the contribution and involvement of the Vietnamese people. They play a vital role in driving progress and achieving positive outcomes. Their expertise, resilience, and cultural understanding make them an invaluable asset in achieving success. The commitment and dedication of Vietnamese individuals are crucial for overcoming challenges and reaching the desired outcomes. Thus, recognizing the significance of Vietnamese people and their contributions is essential for attaining success in any venture in Vietnam.
Both Lauria and Lee were impressed by the Vietnamese people’s growing desire to learn and invest in education.
According to Lee, the remarkable aspect of Vietnam is the steadfast commitment of its people towards learning and personal growth, even amidst the challenges posed by the COVID-19 pandemic. Despite the upheaval caused by the global health crisis, individuals actively inquired about our courses, demonstrating their determination to enhance their knowledge and skills. This served as a great source of motivation for us to expand our online teaching programs. Lee further highlighted the diverse range of students we attract, including professionals from marketing, finance, and art backgrounds.
According to his explanation, the Vietnamese people and market demonstrate a tendency towards openness, acceptance, and a willingness to embrace new ideas rather than rejecting them based on tradition. This environment proves conducive to the emergence of startup concepts.
According to Masters, Vietnamese individuals demonstrate a relentless pursuit of exceptional achievements.
“In Vietnam, we are confident in the ability of our team to deliver exceptional results. One of our employees is currently pursuing a PhD in machine learning and robotics at Princeton University. As a Vietnamese individual, he possesses remarkable intelligence and expertise. We eagerly anticipate his completion of his studies and look forward to welcoming him back to Vulcan,” he remarked.
In addition to the country’s economic potential, many foreign business owners express their passion for Vietnam, which motivates them to stay and contribute to improving the country’s national brand and human resource training.
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Rafael Masters arrived in Vietnam 14 years ago, after completing his education. As a British national, he embarked on a journey to explore various countries and immerse himself in different cultures.
In order to fund his journey, his strategy entailed working as an English teacher.
After initially planning to teach for a year and then return home, I found myself captivated by the rich culture, scenic landscapes, and rewarding experience of teaching in Vietnam.
“It is truly thrilling to witness children of all ages receiving educational resources and subsequently flourishing and advancing through their utilization,” expressed the speaker.
Rafael Masters, founder of Vulcan Augmetics, a start-up that makes electronic prosthetics for the disabled. Photo: Binh Minh / Tuoi Tre
Several of Masters’ initial students in Vietnam are now highly accomplished professionals, including doctors, engineers, and biochemists, who are actively working in diverse countries across the globe.
Witnessing their accomplishments served as a source of inspiration for him to establish Vulcan Augmetics, a pioneering startup dedicated to producing cutting-edge electronic prosthetic arms for individuals with disabilities.
Rafael founded Vulcan Augmetics in 2017. In the following year, his company obtained an official license and entered into a partnership with Trinh Khanh Ha. Trinh Khanh Ha is a passionate advocate for improving the quality of life for individuals with disabilities in Vietnam.
Vinnie Lauria, a foreign business owner, has chosen to establish his roots in Vietnam due to his deep affection for the country.
Lauria | Co-Founder of Golden Gate Ventures
Lauria
Lauria is the co-founder of Golden Gate Ventures, a leading venture capital firm based in Singapore.
In his enduring commitment to Vietnam, he embarked on a journey over a decade ago alongside his newlywed wife, embarking on a 13-month voyage throughout Asia as their honeymoon.
I unexpectedly found myself starting a venture fund and relocating to Vietnam due to the amazing experiences I had in this country.
“We had the pleasure of exploring the majestic plains, embarking on a scenic bus ride to the northern regions, and indulging in invigorating hikes. The majority of our journey was centered around immersing ourselves in rich cultural encounters, tantalizing culinary expeditions, and building meaningful connections with the warm-hearted Vietnamese locals,” he enthused.
During Lauria’s travels, he had the opportunity to meet Jeffrey Paine, who is now his business partner.
The founders made the decision to launch Golden Gate Ventures in Singapore and establish their residences in Southeast Asia.
According to Lauria, he swiftly embarked on a journey to Singapore upon recognizing a lucrative business prospect there. Currently, he experiences a similar fervor as he contemplates the Vietnamese market.
Vinnie Lauria and his 9X generation staffs at the Golden Gate Ventures office in Ho Chi Minh City. Photo: Binh Minh / Tuoi Tre
In 2019, Lauria initiated the establishment of a Golden Gate Ventures fund in Vietnam. However, the subsequent occurrence of the COVID-19 pandemic resulted in significant disruptions to his intended course of action.
Instead of commuting between Singapore and Vietnam, he made the decision to relocate his family to Vietnam on a permanent basis.
Similar to Masters and Lauria, a brief trip to Vietnam was the catalyst that inspired successful Korean-American entrepreneur Charles Lee to establish his own company in the flourishing Southeast Asian nation.
Lee is the esteemed founder of CoderSchool, a renowned educational institution located in Ho Chi Minh City. CoderSchool specializes in providing cutting-edge courses on coding, artificial intelligence, and machine learning.
In 2015, Lee made the decision to leave his startup in Silicon Valley in order to shift his attention towards the future of global technology.
He was particularly drawn to Vietnam because of its rapid adoption of Internet and technology, which he finds appealing.
Lee’s first job in Vietnam, after arriving in 2015, was teaching programming online for a company owned by a friend.
During that experience, he gained insights into the Vietnamese populace’s strong enthusiasm for programming, while also recognizing the limited availability of resources to acquire the necessary skills in this domain.
After receiving encouragement from others to teach programming, Lee embarked on a quest to find suitable institutions offering programming courses. Despite extensive research online, he was unable to find any such establishments.
Lee has been at the helm of CoderSchool since 2015, overseeing its growth and diversification into fields such as artificial intelligence and machine learning.
Introducing Vietnam to the World
Foreign entrepreneurs like Masters, Vinnie, and Charles are not only drawn to Vietnam for its economic potential, but also for their deep affection for the country.
These individuals possess long-term visions and demonstrate high ambitions for Vietnam’s ability to make a significant impact in the global business community.
Vulcan Augmetics is dedicated to enhancing the lives of individuals with disabilities in Vietnam. Led by Mr. Masters and his team, our company strives to create meaningful value for this community.
Based on findings by Masters, Vietnam currently has an estimated population of seven to 13 million individuals with disabilities resulting from occupational and everyday accidents.
When a family member is unable to independently care for themselves, it often results in the need for one or two additional family members to take on the role of caregivers, consequently preventing them from pursuing employment opportunities.
“This situation significantly affects their financial viability,” he elaborated.
Charles Lee chose to live permanently in Vietnam with his wife and a Poodle named Chuon Chuon (Dragonfly). Photo: Courtesy of Charles Lee
Vulcan Augmetics has made a profound impact on its clients, to the extent that some of them have joined the company as employees or served as influential brand advocates.
Our company is dedicated to ensuring that all of our products are proudly made in Vietnam. We strive to preserve and promote the local craftsmanship and expertise of our talented Vietnamese artisans. By supporting our business, you are contributing to the growth and development of the Vietnamese economy.
“The production of our prosthetic arm involves the manufacturing of the circuit board in China. However, the rest of the arm, including its design and technology, is proudly made in Vietnam by local individuals. This aspect fills me with immense pride,” emphasized Masters.
In addition to forging partnerships with companies from Singapore, Malaysia, and India, Masters is dedicated to leveraging Vulcan Augmetics to enhance Vietnam’s international standing. His primary objective is to expand his customer base and position Vietnam as a global leader in technological advancements.
Although Vulcan was founded by a foreigner, it is a proudly Vietnamese company based in Vietnam. We prioritize the use of products made by Vietnamese individuals in our operations.
“As Vulcan products continue to expand internationally, our goal is to establish and enhance the brand reputation of Vietnamese engineers who are the driving force behind our technological advancements and innovation,” he stated.
According to Masters, Vietnam is a place where visionary farmers strive to achieve the impossible – building helicopters right in their fields, fueled by their desire to take flight.
“The aforementioned assets serve as the foundation for establishing a strong brand and nurturing a future generation of skilled Vietnamese engineers capable of developing practical medical equipment solutions for the community and beyond,” he elaborated.
Lee stated that his goal for Vietnam is to foster a new generation of skilled programmers who can contribute to global corporations.
Silicon Valley’s success lies in the ability of its former employees to consistently contribute to the global advancement of technology, regardless of the company they join thereafter. It is my earnest desire that Vietnam’s human resources will one day benefit from the talents of the global technology industry as well.”
The success of any endeavor greatly relies on the contribution and involvement of Vietnamese people. Their determination, hard work, and resilience make them an invaluable asset. Vietnamese people are indeed the key to success.
Both Lauria and Lee were impressed by the Vietnamese people’s increasing eagerness to learn and invest in education.
“The resilience and determination of the Vietnamese people amidst the challenges posed by the COVID-19 pandemic has been truly remarkable. Despite the upheavals caused by the global health crisis, individuals in Vietnam have remained committed to their personal growth and education. This is evident from the increased inquiries we received about our courses during this time. Inspired by their unwavering pursuit of knowledge, we were further motivated to develop online teaching programs to cater to their diverse needs. Our students span a wide range of professional fields including marketing, finance, and even art.” – Lee, [designation/role/position]
According to him, the Vietnamese people and its market demonstrate a noteworthy openness, acceptance, and willingness to embrace new ideas, instead of simply rejecting unconventional approaches. This cultural attitude has fostered the growth of startup ideas in the country.
According to Masters et al. (2019), Vietnamese individuals consistently strive to achieve remarkable objectives.
“In Vietnam, we have a highly skilled team that is capable of accomplishing any task. One of our exceptional employees is currently pursuing a PhD in machine learning and robotics at Princeton University. As a brilliant Vietnamese individual, we eagerly anticipate his completion of studies to bring him back to Vulcan,” he explained.
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