Happy new year!
I’ve been meaning to post this for a while now and my hope is to write more this year.
Last fall, I took a trip to Vietnam, my first time traveling there. I was really impressed with the people and the country! The energy in Ho Chi Minh was incredible. Construction and buildings are popping up left and right. You can feel the rise of the city and the country as a whole. Being there felt a lot like how I remember feeling when I visited China in 2005. The excitement of fast growth. It’s so hard to believe that this was the same country that the US left in shambles less than 50 years ago. In fact, while the US is suffering from inflation and declining growth, Vietnam’s inflation today is only ~3% and their GDP is expected to grow 6-8% per year in the near term. Remarkable.
We took our Hustle Fund team there because, we have invested in a LOT of startups in Vietnam, almost all of whom we invested in via video conference — even pre-pandemic! In meeting many of our founders for the first time, I was really impressed with the level of passion and hustle. And what so many of them have achieved with their companies in such a short period of time is mindblowing.
Celebrating Eric’s birthday w/ our portfolio founders at CTY Kitchen, which had great food and is owned by one of our founders (check it out in Ho Chi Minh!)
Vietnam reminded me of why we invest in so many companies in emerging markets. My trip reinforced my belief that growth is so much faster in green field markets. Although ⅔ of our startups are still going after the United States market, the myriad of opportunities in emerging markets to build huge companies is so much larger.
A lot of our portfolio companies in Vietnam are on a tear. And, one such company whom we visited was Dat Bike, an electric motor bike company. The founder Son Nguyen, has an amazing story and background. He grew up in a beach town called Da Nang and was able to get scholarships to study computer science in the United States. After graduation, he worked as a software engineer in the US, but he always felt like there was something he could be doing for his home country. He realize that in Vietnam (which has ~100 million people) most people ride motorbikes, but few people ride electric motorbikes. Existing specs for electric motorbikes are too poor (not enough power and not enough distance at the right price). So he decided to start an electric bike company to make Vietnam greener.
Our team visiting Dat Bike and gearing up to ride
But Son didn’t actually know anything about electrical engineering or building a motorbike! So he learned everything he could on YouTube in order to build his first prototype!
Then he also convinced two of his American friends to move from Silicon Valley to Vietnam with him to build this company even though neither had roots in or any connection to Vietnam. He debuted his bike on a Shark Tank-equivalent show in Vietnam from which he was able to find supplier-contacts and future hires for the company. Today, they employ hundreds of people, and they are just getting started. You can see their bikes on the road when you visit Vietnam.
Janel, Jamie, and Chloe gearing up to ride in the streets of Ho Chi Minh
The bike is so smooth and quiet. In part, it’s because they threw all design assumptions out the window and started from first principles in building a new bike for the Vietnamese market from the ground up.
Maybe not the smartest decision to ride an electric motorbike in the rain with flip flops
Founding stories like Son’s — and most of our founders — is why I feel so privileged and lucky to be able to invest in inspiring startups.
Beyond meeting with our portfolio founders and potential investors / co-investors in Vietnam, in true Hustle Fund form – we also got everyone outside hiking during a torrential rain storm to see a totally different perspective of Vietnam.
Part of the Hustle Fund team from a lookout on a mountain completely drenched
I always love traveling with the Hustle Fund team. But, Vietnam was particularly fantastic — the entrepreneurial spirit, the startup community in Ho Chi Minh, the countryside, and the FOOD! I’m excited to see how things have changed in another five years.
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