Today was filled with sight visits. Even though it wasn’t the most exciting day of the trip, the companies were interesting, and this really is the most valuable part of study abroad.
The first site we visited was Vietnam Singapore industrial park. The park makes profits off of developing and leasing out land to various companies. They provide a “one-stop shop” for the industries they house. Some of their benefits include on-site customs as well as a management board which includes representatives from the government. Looking at the breakup of the firm, Singapore owns 51% of the shares while Vietnam holds 49%. All the industrial parks are located in Vietnam due to the small size of Singapore. Even though VSIP offers many pros to the companies they house, they also suffer from a few cons. The location of the industrial parks causes a long commute to Ho Chi Minh City. VISP was looking to expand to a location closer to the city, but there isn’t land large enough to make expansion possible.
After a lunch break in the local mall, we headed to II-VI. II-VI is a leading producer of engineered materials. Some of their products include photo-opicts, thermoelectric products, and precision optics. This large range of products causes II-VI to reach into multiple markets. One of the major challenges that II-VI has experienced in the past is retaining its employees after the TET season. To combat this, they offer raises after staying for a long period of time and even pay for the trip back home after the holiday. This change in business strategy has caused employee turnover to drop to 2 percent. Even with the bonuses, this strategy has reduced costs because the cost of the time training new workers is so much more. Like many of the other companies we have visited, the main reason why II-VI has expanded into Vietnam is because of the cheap labor. By reducing their costs below that of their competitors, they’re able to block them out of the lower markets. Vietnam does not offer any college courses in optoelectronics, so the workers often come in with no knowledge but are trained up through the system. The only main knowledge that they seek out is with chemical engineers.
Tonight I tired street food for the first time, and it was absolutely delicious! I have to be honest idk what I ate but it was good (let’s hope I don’t get sick), so I won’t question it. And somehow I made it through all dinner, sitting in a dark corner, with not even one cockroach attack (even though I continually checked my surrounding every 10 seconds… I’ve been scared for life).
Like usual it’s time to close with a bike. Idk what it is with Vietnamese and trees but there was ANOTHER guy holding onto a sapling!!! And because of the second tree spotting in 2 days, I could not resist posting it! I’m kinda hoping that I can keep the streak going and see another tree buyer tomorrow.