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.
A record high of 1.35 billion USD was poured into Vietnamese startups last year (Illustrative photo: VNA)
Hanoi (VNA) - 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.
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 M🐬omo 100 million US🅺D.
Vietnam has nearly 70 million Internet users and mobile phone subscribers hit 70 percent of the population (Photo: baodautu.vn)
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 pen𒅌etration and smartphone users rates, together with support from the Government, Vietnam is likely to uphold its position as an attractive destinatioꦦn for both investors and tech companies in the coming time, he added./.
Four Vietnamese startups in the fields of electric vehicles, energy efficiency, smart agriculture and circular economy will introduce their innovative solutions at the AsiaBerlin Submit 2021.
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 1 million USD for Vietnam between 2021 and 2023.
Funding for financial technology (fintech) startups in ASEAN more than tripled to hit a record of 3.5 billion USD in the first nine months of 2021, according to a report.
Domestic corporations are urged to invest more in Vietnamese startups which has mostly drawn attention from foreign venture capital investors, heard at a talk on investment prospects in the innovative startup market in Ho Chi Minh City.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
A record high of 1.35 billion USD was poured into Vietnamese startups last year (Illustrative photo: VNA)
Vietnam has nearly 70 million Internet users and mobile phone subscribers hit 70 percent of the population (Photo: baodautu.vn)
