Vietnam set to become Asia startup hub

Vietnam could be Asia’s next startup hub after local companies saw funding surge over 40 times in the last five years, a venture capitalist said.

Venture funding for startups in Vietnam reached $2.1 billion last year, up from just $48 million in 2017, Binh Tran, co-founder of Ascend Vietnam Ventures, told Bloomberg Television.

Entrepreneurs speak at a startup event in December 2020.

The sector is now attracting top tier Silicon Valley venture capitalists, including Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc, he added.

"Vietnam saw a tremendous amount of maturity and growth early on, which will help it become a very important hub for the region," he said.

The country is forecast to have the second-largest digital economy in Southeast Asia by 2030, according to a report by Google, Temasek Holdings Pte and Bain & Co.

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Four technology-based Vietnamese startups have made it to the Forbes Asia 100 to Watch list of most notable companies across the Asia-Pacific.

 

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Social e-commerce startup Mio has raised $1 million in seed funding co-led by two venture capital firms, Indonesia’s Venturra Discovery and Singapore’s Golden Gate Ventures.

 

Source: VnExpress