Ever since the pandemic, I have noticed a strong and persistent uptick in tech persons going back from USA to Vietnam within my network. Upon asking around, the reasons are multifold:
- Many have grown up in Vietnam and want to return to the motherland to be closer to their family
- Lots of US tech companies are OK with remote work
- Cost of living in the USA is many times higher than Vietnam
- They have saved enough money and want to start their own companies, targeting both fast growing SEA and the global market
- A few are burnt out with the pandemic and want to take a break and just chill by the beach
- Local companies have increasingly attractive job offers. Some even pay close to US rate (ie 200K/year)
- Some just want get out of the SV tech bubble (to date, travel, and experience a different culture)
This results in a very competitive, dynamic and cosmopolitan environment, especially in the big cities of Hanoi and Saigon (where I am currently based for the summer).
With a young and ambitious workforce who are highly educated in STEM, a fast growing economy locally and regionally, and a stable government that is very keen in economic growth (especially in the tech sector), it is certain there will be:
- a tremendous knowledge transfer either informally or formally via work or school.
- an influx of capital (from the newly minted SV tech millionaires)
- many US tech companies opening up office in the country to take advantage of low cost/high talent ratio
resulting in a tech boom rivalling that of Indonesia in the next decade.
