Southeast Asia Trip: Observations from Malaysia and Vietnam

Recently, I had the fortune of spending ten days in Southeast Asia, visiting Malaysia and Vietnam in succession. This journey left a deep impression on me, and here are some of my observations and feelings.

Malaysia has a pleasant climate, especially in Penang, where temperatures range between 26-30 degrees, which feels like paradise compared to the 40-degree heat at home. I went to Penang with a few friends to attend a Web3-related event. As one of the states with the highest proportion of Chinese Malaysians, communicating in Mandarin here is almost effortless. Not only is it relaxing and comfortable, but there are also numerous delicious foods to try. Some restaurants in the old town have excellent reputations and are worth a visit.

Penang is rising in the Web3 field, with some emerging companies setting up offices and hosting various events here. The development momentum here has attracted the attention of many Web3 practitioners, with many traveling from afar in hopes of gaining inspiration and opportunities. The government of Penang has also shown support for the Web3 industry, providing a good environment for entrepreneurs.

In addition to Web3, Penang is also quite famous in the gambling and funding sector. It is said that the world's largest football betting server center is located here. Local residents seem to be more accepting of some high-risk investment models.

During the few days in Malaysia, the only inconvenience was the limited use of credit cards from some major domestic banks, whether it was UnionPay or Visa/Master cards. Additionally, the efficiency of customs at the airport was low, requiring patience to wait.

I then arrived in Ho Chi Minh City, Vietnam. The changes here compared to a few years ago are impressive:

1. Coffee culture is thriving, and exquisitely decorated coffee shops are popping up everywhere. Young people enjoy taking photos and gathering here. Personally, I really like the egg coffee here; it’s worth a try.

2. Although infrastructure construction is progressing slowly, it is still continuously improving. The newly constructed roads are now open for use, but the subway project is not progressing as well as hoped.

3. The Vietnamese economy rebounded rapidly after the pandemic, with GDP growth reaching 8% in 2022. However, the growth rate slowed to 3% in the first quarter of 2023, and the unemployment rate rose, which is closely related to the global economic situation. Nevertheless, Vietnam is still regarded as a potential candidate for receiving manufacturing transfers in the next 5-10 years.

4. Politically, Vietnam has recently experienced some turmoil. Frequent personnel changes at high levels have affected the business sector, causing some large projects to come to a standstill.

5. The efficiency of the public sector still needs to be improved. It took me four days to complete a simple transaction at the bank, which is quite frustrating. However, the bank staff are generally very friendly, which somewhat alleviates the annoyance of waiting.

My understanding of the Web3 industry in Vietnam is limited. From what I know, the government has strict regulations in this field, and the market is filled with high-risk projects. Some successful teams, after standing out in the last cycle, chose to expand their businesses to the international market.

Overall, this trip to Southeast Asia gave me a deeper understanding of the current situations in Malaysia and Vietnam. Both countries are seeking development and breakthroughs in their respective fields, showcasing different opportunities and challenges.