Every year, a wave of foreign investment funds enters Vietnam armed with the same pitch deck, painting an attractive macroeconomic picture of a young population and a rapidly expanding middle class. They are often drawn to startups that fit the “right” mold—companies led by charismatic young founders who can effortlessly deliver polished presentations in English at major conferences.

But according to Giovanni Zangani, Founder & Managing Partner of Maestro Equity Partners, these macro narratives and polished appearances are sometimes more useful for raising money than for making money.

In his view, the real treasure of Vietnam’s economy lies in the exact opposite direction: seemingly unglamorous businesses that generate remarkably strong and consistent cash flows.

👉 Listen to the full Episode 390 of the Vietnam Innovators Podcast (English edition) on the Vietnam Innovators Digest YouTube channel, Vietcetera Podcast, Spotify, or Apple Podcasts