Vietnam study abroad 2015

On the Friday afternoon of our visit to Hanoi, we visited the Hanoi Stock Exchange (HNX). The fact that Vietnam has a stock exchange – in fact, two of them – might come as a surprise to Americans who still think of Vietnam as a communist, centrally managed economy. As a “socialist market-driven economy,” however, it has several of the manifestations of capitalist economies, including the opportunity to invest in companies at least partially owned by individual investors.

Here we are at the exchange:

Pham Tran Nhu Nga, director of the exchange’s public relations department, (ninth from the right) introduced us to the stock exchange. It was fascinating to hear her talk about the origin of the exchange (2005) and its performance over the past ten years. Over that time, the number of companies on the exchange has grown to 377 (as compared to tens of thousands in the U.S.), and the combined market value of the companies has, not surprisingly, increased and declined over the years. The year 2012 saw a sharp decline in the index due to a financial crisis in Vietnam; it has since recovered most of what it had lost.

After hearing Ms. Pham’s presentation, several students commented on how similar the HNX seems to be to the U.S. exchanges. With the exception of the number of public companies (and therefore the volume of shares traded), the operations and structure of the HNX seem to mirror those of the U.S. exchanges.

Ms. Pham answered our many questions, ranging from “Who invests” to the legal and regulatory environment of the exchange to promotional efforts to educate the Vietnamese public on investing – what it is, how it occurs, why it occurs, and of course the risks and rewards that accompany investing.

After our visit to the Hanoi Exchange, I will be paying closer attention to it. In the West, stock markets serve as a proxy for the health of the economy (although not always accurately, due to human emotion!) It will be interesting to see how the HNX fares over the coming years, and how/whether it, too, serves as a proxy for the Vietnamese economy.

By the way, the other exchange is in Ho Chi Minh City. Maybe next year’s students will visit that exchange as well as the Hanoi exchange.

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Hanoi is the capital of Vietnam and the country’s second largest city. Along with my peers and two faculty/staff, we, as a part of Elon University’s study abroad program, in collaboration with CET Academic Programs, have spent the last five days in one of the most beautiful cities in Vietnam. After just returning from the world famous Halong Bay, it is safe to say that my fellow Elon students and I have been blessed with a once in a lifetime opportunity.

Upon arrival in Vietnam, we had the opportunity to explore the Old Quarter of Hanoi for a couple of hours before taking an actual tour of the central Hanoi area with our Vietnamese guide, Vu. One of the first observations that I made, which has stuck with me throughout the duration of our trip thus far, was the absolute mayhem in the streets of the city. With a population of roughly 6.5 million people, I would argue that the city of Hanoi is populated with more motorbikes than people. When you walk on what would typically be known as a sidewalk, you are immediately struck by the fact that sidewalks are also used for the purpose of a parking garage. There are motorbikes everywhere. From being parked on the sidewalks to cluttering the streets, I have never witnessed such chaos. I am not exaggerating when I say that I fear for my life each and every time that I cross the street in Hanoi. It appears that there is no rule of law. When you walk the streets of the city, you will notice traffic lights; however, a red light does not necessarily mean that motorists are going to stop. You are forced to keep your head on a swivel if you don’t want to be road kill. The Vietnamese traveling via motorbike, although it may appear extremely unsafe and extremely chaotic, are quite talented, to say the least, at dodging bodies and other motorists. I can say with ease that I will and would never ride a motorbike in the city of Hanoi. From the looks of things, without practice and familiarity with the city, it is a sure deathtrap to be riding a motorbike in Hanoi. The craziest part is that the Vietnamese appear so accustomed to what looks to be madness. Just a part of the everyday life here in the city I guess. For example, as we were walking taking in all that is around us, from the street vendors to the stray dogs, and from the thousands of motorists to the hundreds of shops, we saw two city workers walk out into the street (right in the middle of all of the mayhem). One of the Vietnamese men was carrying a bamboo ladder while the other was carrying a small traffic sign. The one worker placed the sign in the middle of the road while the other set up the ladder to be able to reach the electrical wires hanging in the middle of the intersection (see pictures attached). Without even thinking, the one man held the ladder while the other began to climb in order to take care of the problem with the wires. It was amazing the lack of fear that these two men had standing in the middle of an extremely busy intersection while taking care of the electrical problem. It was a sight to see that’s for sure.

Regardless of the mayhem that one witnesses upon walking the streets of Hanoi, the city itself is incredible. It is a place like no other and a place that I cannot compare to anywhere else that I have traveled. The Vietnamese people are so accustomed to their everyday life, as would be expected, but the lack of regard for safety throws me for a loop each and every time I step out of the hotel. We will see what else Vietnam has in store for my fellow peers and I as we travel to our next destination, Hoi An in central Vietnam.

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Having travelled a lot growing up, I have never been too worried about being able to adapt to the culture of a new country. That being said, I can easily say that Vietnam is the most “different” country that I have ever visited. This is my first taste of this side of the world and it is clear to see that they have a completely different way of living. Their fundamental human rights would make most people in the western hemisphere cringe. The moment that struck me the most thus far occurred on our walk back from the Hanoi Stock Exchange at 4pm about 2 blocks from our hotel. Since being here, it is clear to see that the side of the street is a place for many vendors to set up shop and make a living. It is the norm and many of us have either bought some street food or maybe even a souvenir from a street vendor. It was therefore very shocking to see every vendor scatter as police made their way through the streets of Hanoi. The authorities over loudspeaker demanded that all vendors disperse and stop partaking in illegal activity. It was absurd to see that people’s daily lives and jobs were actually not allowed but that they continued to do it despite that. After observing the street more closely it was evident that the vendors had a clear plan to avoid the law enforcement. It was also clear to see that while the law enforcement were telling them to move that it was not a strictly enforced law (as most laws seem to be in Vietnam). The government could easily clean up the streets by sending the police around twice a day but choose to send them way less often. My questions is why? Luckily our Program Coordinator explained it perfectly by saying that Vietnam is behind the western hemisphere by about 20 years and that it is very hard for the older generations to adapt to the new way of living. Therefore the authorities realize that it is their way of living and are taking remedial action to get this “problem” fixed. They want people to realize that it is not right that others are paying rent and you are invading their space but that it is impossible for them to expect everyone to go jobless in a day. It was really a shocking experience and something unlike anything I had seen before. It was an experience that really showed the character of a lot of the Vietnamese people I had encountered and the struggle of people to find jobs in the current economy. I appreciate that while the government wants to do everything in its power to better Vietnam economically and socially, they realize that it is a process and will take some time to get everyone on board. It was definitely an eye opener and I cannot wait to see what else this study abroad program has in store for me.

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Our first week in Vietnam has certainly opened my eyes to a completely different world than I have ever experienced, or thought I would experience in my lifetime. Although I have been out of the United States before, the people, landscapes, culture, and food here are truly unique. Our experience so far has also been very unique in the sense that our 3 destinations have been polar opposites in terms of the physical landscapes. The bustling and crowded city of Hanoi lies in stark contrast to the peaceful mountainous region, which lies in stark contrast to the stunningly beautiful, moderately commercialized Halong Bay.
The only constant throughout our travels have been the vivacious, hard working, Vietnamese people. Since the moment I arrived in Vietnam, the sheer will to make a living that can be seen no matter where you go here has truly amazed me. In Hanoi, you cant walk more than ten feet without someone offering to sell you a lighter or shine your shoes and they are truly relentless in there attempt to make a sale. These men and women in Hanoi work around the countless families who have set up shop in store fronts and mobile stations in which you can find nearly anything, from food to stereos. In the mountainous regions we passed dozens of merchants that would be lucky to see five customers a day, yet they patiently waited for there opportunity to make a sale. In Halong Bay, I stepped out of the shower this morning and found an elderly woman on a small boat attempting to sell me water through the window of my room. Many of these Vietnamese people had one major thing in common. They appeared to be genuinely happy, and simply enjoying their life and the fact that they had an opportunity to make a living. Throughout Vietnam, these merchants can most often be seen smiling, enjoying the company of friends and family, eagerly awaiting the opportunity to make a sale, or even just practice their English in conversation.
What struck me most about this is that I feel a lot of the times, I find myself asking the wrong questions. Questions such as, why isn’t Hanoi more modern? Why do a lot of the Vietnamese people settle for barely getting by? Why aren’t they taking advantageous of potential tourists through commercialization and modernization? What I have come to realize is that maybe the Vietnamese people don’t feel the need to change right away. Many of them are happy just like they are, whether that be selling goods or services on the street or leading tourist expeditions. It has made me truly realize that material goods and money are undeniably not the only way to achieve happiness. When you walk down the streets of Hanoi, you see the Vietnamese people enjoying each other’s company, laughing and talking with emotion and happiness. When you walk down Wall Street in New York City, where many of the people have an infinite amount of money relative to the Vietnamese, you see emotionless faces, people that appear to be more stressed out than happy about life. If you had asked me which of these groups of people is better off two weeks ago, I would have certainly said the latter, however, Vietnam has altered my mindset, and now I am honestly not sure.

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Going into Vietnam I had no idea what to expect. The most diverse place I had ever been was Paris and let’s be honest Paris isn’t that much of a wake up call but Vietnam definitely is.

From the moment I stepped off the plane I could tell I wasn’t in America. I was surrounded by strangers all speaking another language and staring at me as if I were a zoo exhibit; it was a bit overwhelming to say the least. I remember lying in my bed feeling confused, anxious and exhausted, thinking what did I just get myself into.

The next morning I went down to breakfast and naively expected there to be my usual breakfast food (oatmeal); I was surely disappointed.  Instead I was presented with chicken fried rice and dumpling soup. Call me crazy but I am not trying to eat rice and soup at 7AM but the vietnamese people don’t see anything wrong with it.

Later that evening we went exploring through Hanoi. The city was beautiful. All the streets were lit up by the local stores and the vietnamese people were sitting on the curbs laughing and eating. It was already such a different culture from what I was used to and I was loving it until reality started to set in.

Everything in Vietnam is so cheap. I bought an hour long, full body massage for 6 US dollars and purchased a full meal for under 5 US dollars. From my perspective I was loving how cheap everything was but once I looked at it through the perspective of the Vietnamese I had an entirely different reaction.

This poor woman had just spent an hour giving me an incredible massage that I probably would have spent 100 dollars on in the U.S and all she got from it was 6 bucks. How was that fair? She’s doing exactly the same amount of work for less than one tenth of what Americans are paid. From there I just started seeing this corruption more and more.

We visited a pottery village and saw men and woman working in awful conditions slaving over a simple bowl making sure every inch of it was perfect. Then, at the end of our tour we found out that bowl that they had probably spent countless hours crafting was only equivalent to 3 US dollars.

These experiences really served as a wake up call to me and reminded me of how lucky I am to have been given an incredible education and to have grown up in a developed and stable environment. After witnessing these miserable conditions my friends and I decided to put ourselves in their shoes. Instead of swiping our credit cards and buying a scarf we decided to make our own. We bought the fabric and were taught with a needle and thread how to make various knots through out the fabric to get our desired design. An hour later we had all completed the special knots in the fabric and were ready to call it quits. Our backs hurt, our fingers were red and sore and we were just kinda over it but our scarfs were not close to being complete so we had to keep going. We were then brought up stairs to a mini factory where deaf and mute workers were all stationed at a sewing machine with the biggest smiles on their faces. In that moment I hated myself. I was sitting their complaining while these disabled workers were so happy and grateful to just have a job and be working. Another hour went by as we crouched over and dipped our fabric into the dye. Finally a short while after, our scarfs were complete. I was in awe. The scarfs came out prettier than we had ever expected and the fact that we created them on our own made them even more beautiful.

After that experience and after taking in everything that I have seen thus far I am so much more appreciative for every piece of clothing and product that I own. To know that someone has spent multiple hours constructing and designing the shirt that I am now wearing is an incredible thing that I will now never take for granted.

Everyone said that Vietnam was going to be an eye opening experience but I never really understood what that meant until now. It is only day 5 and I am already seeing and experiencing things way beyond my expectations. I can not wait to continue to explore Vietnam and discover what other amazing things this country has to offer.

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One thing that has continuously been on my mind throughout our time in Hanoi is the lack of care for quality. On the streets, people drink water they know is polluted and contaminated, cook food without a way to store and preserve the ingredients, yet it doesn’t bother them. It doesn’t quite make sense why Vietnam wants to expedite their development and recognition on a global basis, but they ignore the simple things that go a long way in increasing quality. When traveling out to the temples and tours, it became even more evident that Vietnam simply lacks quality standards across the board. One instance where this was displayed was when I was looking out the window on the bus and saw a rice paddy field or some sort of cultivation area next to a dump with tons of trash on one side, and a graveyard on the other. Not only is that not sanitary, but it diminishes the quality of those agricultural products, which eventually is sold on the street to local citizens. I was shocked because Vietnam is a developing country, but I don’t think space is the issue, so is it that hard to use a piece of property for proper disposal methods where it won’t pollute the water and crops surrounding it? Most developed countries, regardless of their geographical location and climates, are able to have a stable and clean water supply, which increases the quality of their living standards.

Another instance where this was very clear was at the actual temples housing the massive Buddha and Confucius statues. The entire place is and can be a major tourist attraction that would bring in significant income, yet there was just a ton of buildings, fields, and fountains under construction, but nowhere near completion. The best way to describe it is a magnificent view and knowledgeable experience of the history and culture of Vietnam plagued with abandoned Catapillar trucks and piles of workers lunch trash. Although it was mildly overcast, I have seen buildings be built in harsh conditions so why aren’t the Vietnamese itching to complete these projects? It is only beneficial to all of them.

The reason I found both of these instances quite astounding was because Vietnam is a developing country with profound potential, as they possess all of the pieces of the puzzle. In an economic sense, people associate high quality with a high marginal benefit, meaning their experience was enhanced because of the quality. I think it’s fair to assume that if the temples had precious green fields with glistening fountains and completed the buildings with an elegance raising the “wow” factor of a tourist, then one can reasonably assume the temples would get more tourists, and income would dramatically increase. If the amount of trash was limited and trash disposal procedures could be restructured to where they don’t overflow and pollute into agricultural fields, then the quality of those crops increase, meaning their “street value” increases, putting more money into vendors pockets. It could also increase the overall appearance of the countryside, yet again increasing the “wow” factor, making it more attractive. I am looking forward to seeing if this is a common thing throughout all of Vietnam or if it is just in Hanoi.

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Throughout this past week I have felt astonished, moved and inspired by the incredible city of Hanoi and it’s surrounding villages. Whether its the time we paid respect to Vietnam’s leader Ho Chi Minh, or visited the economic capital at the Hanoi Stock Exchange, it’s amazing to experience a culture that blends tradition with modernization.

Some of the most eye-opening experiences are the ones that I have found just exploring the streets of Hanoi and observing the daily lives of the natives. Everything that the Vietnamese people do serves a purpose. Whether it’s for trade, or just to support their own family. Every individual has a skill, an interest or a talent that adds value to their community. For example, when we traveled through the weekend local market in Hanoi each vendor offered something unique to keep up with the demand of the people. Colorful arrays of fruits, vegetables and spices lined the streets, while fisherman served the freshest of seafood that would remain swimming up until it was purchased.

However, even if you are not a farmer, every individual has a trade that they can offer to the rest of the community. For example, when we visited a local pottery village we learned how each piece of art was made, painted and designed to be sold to the market. Having the opportunity to see the workers begin a project from beginning to end was incredibly inspiring. The amount of patience, dedication and skill gave me a deeper appreciation for their work and the products that I have in my own home.

A similar experience happened when we visited a local ink dying shop where workers hand sew, dye and create clothing from scratch every day. As we learned how we would make our own scarves, we watched the rows of seamstresses put together shirts, pants, dresses and scarves all by hand. Once the sewing is complete, the shop creates homemade indigo ink that is used to color and design the clothing. Most people can remember making a tie-dye shirt throughout their childhood, but learning how to create this scarf was one of the most difficult arts and crafts projects I have ever participated in. Similar to the pottery village, the project made me realize how much time and effort goes in to the creation of something as simple as a scarf.

However, no matter what the trade, people are proud to share their skills with the rest of the community. Their dedication to quality and their strong traditional ties creates a sense of honor and unity throughout Hanoi that I haven’t seen anywhere else in the world.

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Being in Vietnam has allowed me to gain a strong perspective on the difference in our two cultures. I have never been out of the States before, so I haven’t had the opportunity to be immersed in a completely different culture, other than my own. After only being here for a week, I have seen many different things that have opened my eyes to how different life is here. I was worried that when I got here I was going to be overwhelmed and not enjoy myself. I’ve lived in a “bubble” my whole life and have only been able to judge other lifestyles based off of what I hear or what I see on TV. Now that I am actually here, it has changed my whole outlook. Whether it is the craziness of driving on the roads, eating the delicious, abstract food that Vietnam has to offer, or seeing how happy people are with such little material goods, I have gained a deep appreciation for the little things that are in my life.
Coming into this peculiar country and fearing the unknown forced me to step out of my comfort zone for the first time in my life. This country has already been so good to me, which has allowed me to feel comfortable again and feel at home. When I walk around the streets and see people squatting over little tables and eating with their family/friends, laughing and enjoying life, it made me realize there is much more to happiness than luxury goods and money.
Another moment that caught me off guard was when we were at the mausoleum and all the little Vietnamese children walked by us and waved and said hello. Just that simple gesture of the children saying hello made me feel more welcomed and showed me there is nothing to be scared of in this country. I am very excited to see what else Vietnam has to offer and how it will help me develop as a person.

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