Christian Nguyễn, who speaks 6 languages, said Vietnam offers many opportunities for anyone to try, fail, learn, and start again. Abroad, however, starting over after failure is very difficult.
Christian Nguyễn is General Director of Offpeak, a restaurant search and booking application offering discounts in Malaysia, Singapore, Thailand, and Vietnam. Although he encountered many difficulties when starting the project, through effort and perseverance the French-Vietnamese entrepreneur persuaded multiple investment funds to invest millions of USD. He shares his experience of entrepreneurship and successful foreign fundraising.
– You worked in France for many years, earning thousands of euros a month. Why did you give it all up to return to Vietnam and build your career?
– Vietnam is developing, and there are still many opportunities here. In a developed society, even the ticket to try, before success or failure is considered, is already very expensive.
In a developing economy such as Vietnam, if you broaden your thinking to create services people need, the opportunity is yours. Especially with Saigon’s warm sunshine and plentiful delicious food. The same applies here or elsewhere. So why not Vietnam?
– What business opportunities did you see in Vietnam?
– There are two types of overseas Vietnamese. One is accustomed to foreign cultures and infrastructure and returns to Vietnam feeling uncomfortable because things are unfamiliar.
I belong to the second group, the people who see everything as easy. For example, even in a traffic jam, there is still a way to reach your destination with just a motorbike. Abroad, meanwhile, you have to wait for a bus, take the subway, or walk in freezing weather.
Another thing I enjoy about returning home is the closeness between people. I am emotionally inclined, and closeness in relationships matters a great deal to me. I found that connection in Vietnam.
Vietnam offers many business opportunities for anyone to develop their ideas. Even if an idea is not good, you can try, fail, learn and start again. Abroad, however, once you fail, starting again is very difficult. Those markets are harsh.
– Having lived and worked abroad since childhood, how did you adapt to Vietnam's business environment?
– This is a promising market attracting the attention of many foreign investors. We have more than 90 million people from North to South with high expectations. In technology, user engagement is very high compared with other countries. With an existing foundation, you can develop ideas on it effectively.
My advice is not to look at a product's success abroad and apply it in Vietnam. Every place has a different market, culture and society. However beautiful or good an idea may be, if it is not what the market needs, people have no reason to use it. In that case, reaching the market is very difficult. Breakthrough ideas simply arise from and solve problems in the society where we live.
Vietnam currently offers many opportunities for startups in health, education and clean food, especially food and beverage services.
– Why do you believe the food and beverage (F&B) industry has great potential for Vietnamese startups?
– Every field has a leader. For example, Uber leads ride booking, Booking leads the hotel sector…
In food and beverage (F&B) services, there is still no leader. That is our opportunity. Smart investors understand that if other sectors have leaders, there is no reason this one should not.
Look at society’s problems and find ways to solve them. A product born from the needs of the market right where you live cannot be found or copied anywhere else. In this case, your chances of leading will certainly be very high.
– How can you persuade foreign investors to put millions of USD into a project that has only just begun operating?
– I persistently sent emails and kept communicating to get investors' attention. When they wanted a meeting, I would arrive on time and use every ability I had to persuade them. Foreign-language skills are central to persuading investors. However attractive your project may be, the first thing investors assess is their trust in the person carrying it out.
The idea and the people implementing it are the 2 factors determining whether a startup project attracts investors. Your confidence, way of speaking and the feeling you give investors are very important. A shared language offers a major advantage in helping both parties understand, trust and work with each other. If you cannot fully convey your product's content and meaning from the very outset, it will be hard to persuade them to invest. This is about not only an idea but also a long-term relationship.
– What advice do you have for young people planning to start a business?
– The Vietnamese market already has tremendous potential. In my experience dealing with investors, nobody wants you to expand overseas before you are the outright leader in your own market. First, think about how to succeed in the domestic market.
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Chương trình liên quan tại YUP Education: X-Startup – khóa học khởi nghiệp «Khởi Chánh Nghiệp» · The Journey – lộ trình phát triển doanh nhân
