Dogs

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First, to follow up on yesterday’s post, Vietnamese stocks rose a bit today (+0.72%), partially bouncing back after the decline yesterday. Of course, the index is still down 1%. It seems like everyone is mostly shrugging off Trump’s implied threat, but I am a bit wary about that. A semi-government official said that there is no chance that Vietnam will face tariffs. That is a foolhardy statement in my book.

Second, congrats to the students who finished their high school exams this week. It sounds grueling and cruel.

DIFFERENCE BETWEEN SALARIES OF TERTIARY EDUCATION GRADUATES AND SECONDARY EDUCATION GRADUATES (COLLEGE VS HIGH SCHOOL). SOURCE: 2002 OR 2003 OECD DATA TAKEN FROM THIS PAPER

DIFFERENCE BETWEEN SALARIES OF TERTIARY EDUCATION GRADUATES AND SECONDARY EDUCATION GRADUATES (COLLEGE VS HIGH SCHOOL). SOURCE: 2002 OR 2003 OECD DATA TAKEN FROM THIS PAPER

I went through the American system. We had exams, but they weren’t pressure cookers like in other countries.

But in Vietnam, these exams determine who goes to college and what and where they study. The difference between going to college and not is a big deal financially:

In 2018 an average worker earned a salary of VND4.6 million ($197.5) a month while those with a university degree got VND7.9 million ($339.2), a nearly 65 percent jump, according to the General Statistics Office.

The salary difference between those with a university degree and those without is also significant in developed countries. Vietnam is at the high end of that. The US is similar, with college grads making 72% more. The UK is right in line with Vietnam, but the difference in places like New Zealand are much lower.

SOURCE: 2002 OR 2003 OECD DATA TAKEN FROM THIS PAPER

SOURCE: 2002 OR 2003 OECD DATA TAKEN FROM THIS PAPER

In addition, employment rates are very different. for high school grads versus those that have a university degree. The difference in big OECD countries (for which there is more data) is around 10 percentage points (see chart on left). Average unemployment rates are also different - 6% for non-college grads, 3.9% for those with a degree.

The only concern is that over time, as we have seen in many Arab countries, college graduation rates rise, but the skills these students learn are limited (a nicer way to say non-existent), and then going to college actually increases your chance of being unemployed. In Egypt, “the unemployment rate increased with each level of educational attainment.”

Given the growing economy in Vietnam, this seems unlikely as long as the country continues to move up the skills ladder. And as long as colleges continue to teach real skills. The focus on standardized exams (like the exams students just took) may need to change to a focus on critical thinking and collaboration.

Third, and finally, some people waste time reading reviews of movies. Some by looking up hypothetical illnesses. Some with crosswords. I do all of those things, but today it is all about dogs in Vietnam.

  • Here is a heartwarming but ultimately depressing story about a homeless man taking care of dogs.

  • And a video about an “ugly dog.” His owner takes extraordinary care of him.

  • A reunion of a blind dog and a mute shoeshiner!

  • A dog that took care of his owner.

  • And if you would rather eat them, Vietnam is your country. Five million dogs are eaten in Vietnam, according to some estimates.

Have a great weekend!