After exiting 2 startups in the US, he launches another one – this time in Vietnam

Founder and CEO of Propzy, John Le / Photo credit: Propzy

Moving to Vietnam almost a decade ago was a shock to the system for John Le, founder of real estate platform Propzy and a serial entrepreneur with two exits under his belt. Though of Vietnamese descent, he was born and raised in California, and the developing Vietnamese infrastructure was simply outside his comfort zone.

“I thought I was walking backwards in time,” says Le, who relocated to Vietnam in 2009 to help Chicago-based TransUnion set up a private consumer credit bureau. And because he was going to be based there for a while, his first order of business was to find a place to live.

And that was how Le encountered firsthand how tedious the process of renting and buying properties was in the country.

Property agents would comb through their local neighborhoods for available apartments by asking residents. “I didn’t even have pictures of the apartments – I would have to go there in person to view them. And if it didn’t fit my requirements, the whole process starts again. It was a very manual process,” he recalls.

It took him five weeks to find a place to rent, and this experience would later prove to be a catalyst for Propzy.

Once an entrepreneur…

Le opted for an early retirement from the consumer credit bureau in 2012, but he stayed on as a board member. He then spent the next two years traveling the world and flew back and forth to Vietnam for meetings.

This was around the time he decided to buy local property.

As a foreigner, Le was able to purchase several high-rise condominium units. Although it was simpler and less risky than buying a pre-owned property, the process was still “very painful,” he says. He felt that the system hadn’t gotten any easier despite Vietnam leapfrogging in terms of development.

That’s why Le wanted to do his part to improve how such transactions were carried out. “I rolled up my sleeves in 2016 and started Propzy.”

Vietnam properties are often sold through word of mouth or listed on classified ad platforms. Information on such listings could be incomplete and the transactions unsafe.

“You would have to do your own due diligence. They aren’t going to curate or quality check all the listings – it’s basically ‘buyer beware.’ You have no idea who the selling party is, whether it’s the direct owner or agents,” Le points out.

There’s also no standardized regulatory system, which often causes confusion among consumers. Ho Chi Minh City, for example, has 24 districts – and each has its own framework.

For example, in some districts, sellers’ legal representatives or agents are allowed to sign documents, including tax submissions. But in others, they’re only allowed to submit and retrieve documents, Le explains.

A seasoned founder

Long way to go