Recently, I had the honor of talking to the Xpansion Podcast with Fiona Huang and Justin Taillole about my experiences leading social networking startups in Vietnam – I spent over 7 years there, learning, grinding, and enjoying my time in a rapidly growing 3rd world country.
Listen above and I would love to hear your comments!
Here’s the official Xpansion description for the episode:
Vietnam, the 3rd most populated country (93.95 million) in Southeast Asia. With a population average age of 28.5 years old, young Vietnamese are crazy about social media. Without a doubt, people there are heavy Facebook users. Before Facebook went viral in Asia though, Cyworld had been the social media that gained most tractions in Asia. Originating from Korea, Cyworld was founded in 1997. After acquired by SKTA, a Korean telecom company, Cyworld aggressively expanded to Vietnam, Taiwan, Japan amongst others.
If you are curious about how social media was ran in Vietnam, do not miss out on this episode of Xpansion. We’ve invited Michael Nguyen, the COO of then Cyworld Vietnam. Michael is born and raised in the U.S. by Vietnamese immigrant parents, went back to Vietnam in his mid-twenties and set up Cyworld’s operations. He successfully grew the user base to 4 million. During his stay in Vietnam, he founded Mimo and FriendsPlus. Mimo is a microblogging social network similar to Twitter and later a popular dating app, which Michael successfully exited.
In this episode, Michael shares his story of running social media companies in Vietnam. From his experiences, you will learn:
- The cultural differences between the young professionals of Vietnam and the U.S.
- How social media in Vietnam used to be monetized differently.
- How national-owned telecom companies in Vietnam affects startup survival.
- Why managing government relationships is a big deal in Vietnam.
- What are some challenges Vietnamese startups are facing.