Southeast Asia Trip: Insights and Reflections from Malaysia and Vietnam

I recently had the pleasure of spending ten days in Southeast Asia, visiting Malaysia and Vietnam in succession. This trip left a deep impression on me and gave me a more in-depth understanding of these two countries.

Malaysia has a pleasant climate, especially in Penang, where the temperature stays between 26-30 degrees, which is much more comfortable compared to the domestic high temperature of 40 degrees. On this trip, I went with a few friends to participate in a web3-related event. I must say, the competition in the web3 industry is indeed fierce; some friends even arrived in Kuala Lumpur a few days early to work at the office before heading to Penang for the event.

Penang, as one of the states in Malaysia with the highest proportion of Chinese, has almost no barriers to Mandarin communication. Not only is Simplified Chinese used here, but you can also find many people speaking Mandarin on the streets. Compared to Kuala Lumpur, Penang feels more relaxed, with abundant delicious food and a more pleasant environment. Some restaurants in the old areas of the island are particularly worth trying, with unforgettable flavors.

It is worth mentioning that Penang is rapidly developing in the web3 field. The local government has also shown a supportive attitude towards web3 entrepreneurship. It is said that compared to Singapore, the startup costs in Penang are much lower, which undoubtedly provides more opportunities for young entrepreneurs.

However, using domestic bank cards in Malaysia may encounter some issues, so it's advisable to prepare in advance. In addition, the efficiency at the airport is relatively low, so patience is required when going through customs.

Next, let's talk about the trip to Vietnam. The main activities were in Ho Chi Minh City, and here are a few deep impressions I had:

1. Coffee culture is thriving, with exquisitely decorated coffee shops blooming everywhere, and young people enjoy taking photos and checking in here. It is recommended to try the local specialty of egg coffee.

2. Although the infrastructure construction is progressing slowly, it is still continuously improving. The newly opened roads are gradually being put into use, but the subway project seems to be having some difficulties.

3. The Vietnamese economy rebounded rapidly after the pandemic, with a GDP growth of 8% in 2022. However, the growth rate slowed to 3% in the first quarter of 2023, and the unemployment rate increased, which is not unrelated to the impact of the U.S. interest rate hikes. Nevertheless, in the long term, Vietnam is still expected to take on some of the transfer of manufacturing from China.

4. The political situation in Vietnam seems somewhat turbulent, with frequent personnel changes at high levels, which has also had a certain impact on the economy.

5. The efficiency of the public sector still needs to be improved. The process of banking transactions is cumbersome and time-consuming. However, the bank staff are generally very friendly and good-looking.

My understanding of the development of web3 in Vietnam is still not deep enough. From what I initially understand, the government has relatively strict control over this field, and the market is filled with many speculative projects. At the same time, there are also some excellent teams that stood out in the last cycle and chose to enter the international market.

Overall, this trip to Southeast Asia has given me a more comprehensive understanding of Malaysia and Vietnam. Both countries have shown unique charm and potential in terms of economic development and technological innovation, making them worthy of our continued attention.