Money, education, superstition… the underside of Asia

Plagued by wars, colonization, poverty, and double-digit annual inflation, Asia and Asians in general have a rather specific way of managing and making money. This article will reveal some truths that are little known to Europeans, but known to all Asians.

Money

During your various trips to Asia, you’ve surely noticed a difference between displayed prices and the country’s average salary. Fortunately, we don’t live solely on our salary! Foreigners have no idea of the wealth that can be tucked away in every closet. One of Vietnam’s most publicized billionaires is known for having, when he was little, burned $100 bills without batting an eye for fun. His nickname is “Cuong Dollar.” Money flows freely among the richest, probably even more than in Europe, but it’s simply not publicized! I imagine few foreign journalists have access to that circle.

For senior executives, it’s not uncommon to have two or even three jobs at the same time, even if they don’t have rent to pay (they often live with their parents, three generations under one roof). Children are entrusted to grandparents so parents can work in the evening. The second job is often translation. Vietnamese people are very gifted at languages; you find many reaching genius levels, for example a girl who scored the maximum on the TOEFL iBT at 18 because she knows the English/Vietnamese dictionary by heart.

Since the social media boom and food poisoning-related issues, the second job can be making and delivering homemade meals.

Import

Another riskier but more profitable type of job is importing foreign products: from food to cosmetics to medicines. I say riskier because success depends heavily on the dollar exchange rate and your relationship with customs.

Have you never wondered why the saleswomen at Sephora are so stingy with samples? They don’t just keep them for themselves; there’s a real business going on behind the scenes. Asia is a big market for samples and minis of all kinds. Yes, even your little 1ml sample will find buyers in Asia. The minis can also come from mini sets; they’ll be separated and sold one by one. This applies to perfumes as well as creams and lipsticks.

So, in Asia, you can buy half a cream (it costs too much, so the saleswoman divides it into several pots). But only expensive branded creams, of course; nobody has time to do that for little €10 creams.

The thermal sprays sold here in non-official shops come from the titanic work of Asian “assistants” abroad. They go from pharmacy to pharmacy, buy 2 to 3 sprays at a time, and once their collection is well-stocked, they send the whole lot at once to Asia, where the same spray will be sold for three times as much. The labs have figured this trick out and now deliberately limit their production. Thus, top sellers like Avene thermal water, Uriage, Caudalie… and La Roche-Posay Duo+… are often out of stock in French pharmacies. Why Duo+? Because Asians have a lot of acne problems, hehe.

Real estate projects are also a source of income, irregular but significant. Many plots pass from one owner to another, and they count on speculation or the construction of a new road nearby to profit. Those lucky enough to have a single-story house in town can build additional floors to rent out. Sometimes, several people pitch in money to build a rental house. Those with a good location (i.e., a house facing the street) but no money to renovate make deals with shop tenants. In exchange for XX months of free rent, tenants commit to doing work on the whole house. At the end of the lease, owners can rent out the ground floor at a better price without spending a dime on renovations.

Money

So back to managing savings in Asia. With double-digit inflation, bank interest rates are also very attractive: 15% per year for local currency, but only 1% for foreign currencies and gold. Oh yes, with the same bank account, you can open a specific space to store dollars, euros, and even gold.

You don’t just show up with your little gold ring, no. Gold is bought in bars and sold at the daily rate per gram. During the communist period, house prices were set by the number of gold bars because it was the only relatively stable “currency.” That’s how I saw my grandmother buy her house. It’s super well made; the bars are stored in a special pouch. They have hallmarks on them, as well as the gold purity and weight. Bars come in various, well-defined sizes. For a change, bars now come in statue form and even as Winnie the Pooh.

So it’s not uncommon for families to keep storing gold in their closets – or to rush to jewelry stores to buy bars when the gold price rises a bit too much. That’s why burglaries continue to happen in residences, and are becoming more and more violent, because burglars know that in addition to electronics, they can always find a large amount of gold and dollars.

It’s not uncommon to see solid gold statues in rich people’s homes. It’s tacky, but boy do they love decorating their houses with it! Foreigners who aren’t familiar with Asian culture will never see the ton of money hidden behind an ugly wooden table, or an alcoholic solution claimed to heal wounds. The former comes from a tree that naturally grew into a table shape, with an added natural scent because that tree was attacked by particularly fragrant fungi. The latter is the yellowish liquid extracted from the bile of a wild bear, mixed with alcohol to treat injuries.

Wealthy retirees rely on the interest generated by their savings to supplement their meager pensions. By stashing a pile of money as thick as three bricks in the bank, they receive enough each month to live comfortably. Don’t forget, the rate is 15% annually.

I witnessed a “Craigslist-style” used car purchase with my cousin. My cousin showed up to the meeting with his stash of cash (660 million VND in 500,000 VND bills). That’s a massive brick—you could knock out a cow with it! We put the money on the table, in a black trash bag. The guy doesn’t count the money; he trusts us. My cousin and I drive off with the car and the paperwork. Deal! I thought I’d only see that in the movies, but money, lots of money, flows around here.

In downtown Hanoi, there’s a strange street where no shop has a sign. The shops are empty, with just 2 or 3 guys sitting around, and a few solid gold statues decorating the place. We’re in the heart of the currency exchange district, where rates are decided on a case-by-case basis, depending on the customer and the amount being exchanged.

Another Western Union-like service, very common among expats, happens on private Facebook groups: someone needs to send money to Hanoi, is there anyone willing to send it the other way? The transaction is done after scheduling a meeting, the parties talk on the phone. Deal! 0 fees, 0 commission. Money can be received in euros, dollars, or VND.

Education

Why are there so many Asian students in developed countries? They don’t always come here for a better education, sadly! It’s more about the difficulty of the university entrance exam in Vietnam, even harder than the competitive entrance exams for France’s Grandes Écoles. Why do I say that? There’s room in foreign universities. In Vietnamese universities, on the other hand, there are far fewer spots than applicants. The competition is fierce! I recall my cousin had a crazy score of 27/30 (3 subjects, 9/10 each), and he only partially succeeded. Instead of being on the list for the free track, he was only admitted to the paid one. Because plenty of others had 30/30 or 29/30.

How is that possible when the exam covers the 3 years of high school curriculum plus an advanced program you can only access through private tutoring after class? Simple! No one has a childhood here. Many of my friends have been hit, yelled at, mistreated… just because they got 8/10 instead of 10/10 like “everyone else.”

With this fear of failing the exam and losing face (yes, everyone knows when a family has a kid taking the exam), everyone arranges a plan B just in case. The worst part is for the boys: if they don’t succeed after 2 attempts, the army awaits them. So what’s this plan B? Studying abroad. It’s expensive, but it has the advantage of not losing face (on the contrary, you can be proud of it) and avoiding that infamous exam.

That’s how Asian parents fund up to 8 years of their offspring’s studies abroad (8 years because some repeat a year, ugh). The favorite countries are the USA and England. France and Europe are chosen by French speakers and the “poorer” ones, as tuition fees are the lowest.

That’s how these princes and princesses land on foreign soil, knowing nothing but studying and studying. For the first time, they have to learn to cook, do the dishes, do their laundry… many cry and want to go home. But how can they? They failed or didn’t take the exam, and their parents would lose face if they returned right away. They only have one choice: stay and try to fit in…

Superstition

Now let’s talk about superstition in Asia, which Europeans mostly associate with a lack of development. Asia is dominated by Buddhism and all kinds of cults, including ancestor worship. As Stéphane rightly pointed out in “The Test Proving the Afterlife,” European culture doesn’t prepare people for the transition of death. It’s on their deathbed, thinking everything was about to end for good, that patients start seeing the lit tunnel and realizing the afterlife exists. 5 minutes to accept and process it is far too short. In Asia, on the other hand, it’s such a widespread and accepted truth that saying “I had to pay a medium to chase away a ghost from my doorstep” or “yesterday your grandfather came back in my dreams, he wanted chicken so I put some on his altar” surprises no one, and you can bring up the topic with anyone.

It doesn’t surprise anyone either when it’s announced that a wedding will only take place in 3 years because a medium said it was better that way… or that A and B can’t get married because their birth dates aren’t compatible.

Without denying it, there are downsides to this, but I find it positive to be so open-minded about other forms of existence. Belief in reincarnation also helps one accept one’s fate (I must have been very wicked in a past life to suffer so much in this one) and to behave well for a better next life.

The texts of a famous book, telling tales of fairies and ghosts, are even taught in school. Not for its superstitious ideas, of course, but for its literary value. Just as one can enjoy studying Dracula in English or Maupassant’s The Horla. Many Asian texts speak of a great book of destiny. Each person has a page, and fate is fully mapped out according to one’s behavior in a previous life. How one behaves can bring minor improvements to one’s current life, but especially to the next one. The very wicked are reincarnated as animals or remain tortured in hell forever.

Moreover, Asian horror films are the best in the world. They rarely feature monsters with a thousand eyes but rather stories of vengeful ghosts. Oh, never ever, oh never ever will I watch them! Korean cinema has surely shown you how scary it can be without Hollywood-style special effects.

Here’s some juicy info about Asia. See you soon!