Vietnam is one of the fastest-growing economies in the world. But its currency, the Dong, devalues 3-5% per year to support its export-oriented growth. When the price of gold rises, Vietnamese people queue for hours to buy more. Vietnam is fourth in global crypto adoption, with volumes around $200 billion, and the government just banned global exchanges from operating in the country. What&#x27;s going on here? In this episode, we head to Ho Chi Minh City, Vietnam, to explore this gap between the headlines and the realities on the ground. In this episode of Money Trails, presented by the Stellar Development Foundation, we’re joined by Khoa Do from AlphaTrue and Basal Pay. 00:00 - Why is everyone here queuing for gold? 00:50 - Welcome to Ho Chi Minh City 01:38 - My freelancer asked to be paid in stablecoins 03:00 - Buying gold in Vietnam 03:50 - Vietnam&#x27;s history of inflation 04:58 - Vietnam&#x27;s economy today 06:40 - Why is crypto adoption so high? 08:35 - Vietnam&#x27;s crypto regulation 09:46 - Vietnam&#x27;s gold monopoly 10:26 - New use cases for stablecoins in Vietnam Our Links - 🎥 YouTube - ⁠https://youtube.com/@thefliphq⁠ 🐦 Twitter - ⁠https://twitter.com/thefliphq⁠ 👥 LinkedIn - ⁠https://www.linkedin.com/company/thefliphq/ ⁠📸 Instagram - ⁠https://instagram.com/thefliphq⁠ 💻 Website - ⁠https://theflip.africa

What Vietnam’s Gold Shops Taught Me About Money

The Flip

Gold Hitting All Time The price of gold has soared to a new record. Risen above $5,000 an hour. In most places in the world, when the price of gold goes up, people sell. Here, the cue to buy more. Vietnam is one of the fastest growing economies in the world. Samsung builds around half its frontier. It's a massive economic success story. Vietnam also has the fourth highest crypto adoption in the world, but this year, the government banned global crypto exchanges. So what's going on here?

I wanted to know, what does this gold mine and Vietnam's crypto adoption have to do with the country's economic growth story? This gap between the headline numbers and the reality on the ground is what I wanted to explore. So I'm here in Ho Chi Minh City to get to the bottom of what's really happening. Ho Chi Minh City, but still Saigon for most locals. I love the dynamism and the energy of fast-growing cities in the global south. And here is no exception.

It's the economic engine of one of the fastest growing countries on earth, a place that lifted 40 million people out of poverty in two decades. From war-torn to a global manufacturing hub inside a single lifetime. The city is home to 10 million people and 8 million motorbikes, big buildings and small chairs, delicious street food and strong coffee. And genuinely, one of the hardest places I have ever tried to cross a street.

My interest in Vietnam started when I hired a freelancer for a project. They asked if they could be paid in stablecoins. So while I'm here in Vietnam, we met up so I could ask him why.

What Vietnam’s Gold Shops Taught Me About Money

Read the full transcript

The candid version is on a podcast,
not the earnings call.

What Vietnam’s Gold Shops Taught Me About Money

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.