With a father in the military and a teaching mother, Nguyen Hoa Binh seemed destined for a career in the public sector. But this 25-year-old from Ha Tay Province, north of Hanoi, chose instead to create his own Internet start-up, PeaceSoft.
The company specializes in e-business, setting up Internet portals for businesses and administrations.
Vietnam this month received the green light to join the WTO and now attracts technology giants such as Intel and Microsoft.
And the country's youth tends to worship Bill Gates as its new idol, rather than Ho Chi Minh, the father of modern Vietnam.
"While most people still prefer a secure and stable life in a big company, there are more and more young Vietnamese people like me," Nguyen said.
"Born after the war, in a Vietnam finally opening its doors, we are fascinated with information and communication technology [ICT] and are ready to take risks and start our own company," he said.
Two thirds of Vietnam's 83 million population are under 30 and "they are Internet-savvy," said Henry Nguyen, managing partner at IDG Venture Vietnam, a US-backed investment fund specializing in the ICT sector.
The number of Internet users has increased from just 500,000 in 2000 to more than 14 million, while the number of mobile phone subscribers has risen from 789,000 to 13.5 million.
This growth is among the strongest in the Asia-Pacific region, according to a study by investment bank Rothschild. And it is far from over.
If the economy keeps growing at between 7 percent and 8 percent a year, Rothschild believes the ICT market could expand at 20 percent.
"The IT sector in Vietnam is still in its early stages, so there are a lot of opportunities for small companies to get started and thrive," said Nguyen Minh Hieu, 26, from Hanoi.
After two years at university in Sydney, this son of a civil servant last April set up DreamViet, a comparative shopping Web site.
Last month, he noted with envy how US giant Intel, along with Texas Pacific Group, invested US$36.5 million in Vietnam's leading ICT company, FPT.
This new breed of entrepreneurs gets its backing from the more adventurous investment funds rather than the traditional banking sector, which is still nervous from decades of bad loans.
"It is nearly impossible for those young people to get a bank loan. They have a job during daytime and work on their project at night," said Henry Nguyen, who gets between 50 and 60 requests for investment monthly.
"There is no secure online payment gateway system," said Nguyen Hoa Binh, whose site ChoDienTu.vn ("electronic market") sells everything from cosmetics to motorbikes.
"So payments are done by cash on delivery, ATM-based bank transfer and, more recently, by text message," he said.
IDG already has 10 companies in its portfolio, including Peace-Soft, DreamViet and VinaGame, which in just a few months has become the market leader in online gaming.
For the moment, these Internet adventurers remain pioneers. The sector suffers from a completely outdated education system and an imperfect legal system.
"You always need a license and then another one," said Phan Cong Thanh, a 29-year-old German of Vietnamese origin and boss of Mobile Solution Services, which sells advertising for cellphones, ringtones and screen savers.
"And the legal framework doesn't always say yes or no, so start-up companies have to just cross their fingers," he said.
In the near future, analysts say, giants such as Google and Yahoo are going to take a second look at the country.
"Of course, there is a risk for local SMEs [small and medium enterprises] to be swallowed up. But they have the advantage of having young staff and being the first ones in the market. They understand the needs of local customers," Phan said.
To snaffle a piece of the cake, some want to follow the example of Bill Gates. Last April, the boss of Microsoft was welcomed as a hero by thousands of students.
"He is a person who followed his guts. He is a model for many young people," Nguyen Minh Hieu said.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source