Vietnam emerges as attractive destination for startups

A record high of 1.35 billion USD was poured into Vietnamese startups last year, making the country among the most attractive destinations for startups in the region.

Fields drawing the highest amount of capital include fintech, game, education, health care and e-commerce, according to the National Agency for Technology Entrepreneurship and Commercialisation Development under the Ministry of Science and Technology.

A record high of 1.35 billion USD was poured into Vietnamese startups last year.

To date, Vietnam has been home to about 3,800 startups, with two unicorns -tech giant VNG Corporation and VNLife Corporation, along with 11 others each valued at more than 100 million USD such as Momo e-wallet and Tiki online marketplace.

Of note, Tiki received 258 million USD in funding, VNLife 250 million USD, Sky Mavis 152 million USD and Momo 100 million USD.

Some startups like Loship, Citics and Sky Mavis successfully called for investment twice in the year, motivating others amid the pandemic.

The Vietnamese market is favoured by 208 venture capital firms, of them nearly 40 are domestic ones.

Major firms are VSV Capital - Vietnam Silicon Valley, Mekong Capital, 500 Start-up Vietnam, Vietnam Investment Group, IDG Ventures Vietnam, Nextrans, Do Ventures and Genesia Ventures.

Chief Executive Officer of Do Ventures Le Hoang Uyen Vy said Vietnam is posting positive economic achievements and boasting a population of nearly 100 million, with a young and fast-growing middle class population.

In addition, the country has nearly 70 million Internet users and mobile phone subscribers hit 70 percent of the population, which are favourable for the country in attracting venture capital.

CEO of HSBC Vietnam Tim Evans said Vietnam has emerged as a startup hub and nearly caught up with other regional countries like Indonesia and Singapore.

Boasting a young population, high Internet penetration and smartphone users rates, together with support from the Government, Vietnam is likely to uphold its position as an attractive destination for both investors and tech companies in the coming time, he added.

Building bridge for women’s startups

(BGO)-With various methods such as supporting the members access to incentive loans and joining hands with enterprises to promote the products, the Women’s Union at all levels in the northern province of Bac Giang has helped many women to enhance their capacity, creativity and build successful economic development models.

 

ADB Ventures offers Vietnamese startups US$ 1 million for 2021-2023

The ADB Ventures - Supporting Impact Startups, a joint project between Vietnam National Innovation Centre (NIC) and the Asian Development Bank (ADB), has been launched, offering US$ 1 million for Vietnam between 2021 and 2023.

 

Online learning startup raises $1.5 mln

Marathon, an after-school learning startup established this year, has raised $1.5 million in pre-seed funding from several funds and angel investors, including Singapore’s Forge Ventures.

 

Social e-commerce startup bags $1 mln seed funding from global investors

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.

 

Venture funds commit $815 mln to Vietnamese startups

Vietnamese startups earned pledges of $815 million over the next five years from 33 foreign and domestic venture funds.

 

Source: NDO/VNA