The view that Vietnam is gradually becoming a cradle for innovative startups was recently shared by a seasoned venture capitalist on Bloomberg.
In an interview with Bloomberg recently, Mr. Binh Tran – co-founder of Ascend Ventures Vietnam, said the fledgling field of entrepreneurship in Vietnam are on the rise. Vietnam is also gradually becoming a technology center of the area next.
Evidence for this statement, the expert said, venture capital poured into startups in Vietnam had reached $ 2.1 billion in the past year. This is great if growth figures consider only US $ 48 million in 2017.
|Mr. Binh Tran – co-founder of Ascend Vietnam Ventures in an interview with Bloomberg.|
As someone who moved to do business in Vietnam from San Francisco (USA) in 2020, Mr. Binh said that the startup sector in Vietnam is attracting top venture capitalists in Silicon Valley.
The proof is that famous venture capital funds in San Francisco such as Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc have all poured capital into innovative Vietnamese enterprises.
According to this expert, the startup field in Vietnam is witnessing a remarkable growth. “This has turned Vietnam into an important startup hub in Asia,” said Mr. Binh.
Currently, this businessman’s 500 Global Vietnam venture capital fund has invested in about 70 companies in fields such as e-commerce, financial technology (Fintech) and healthcare in Vietnam.
|The amount invested in the tech startup Vietnam show good growth in recent years.|
The above statement is not without foundation because according to the e-Conomy report published by Google, Temasek and Bain & Company, the total value of Vietnam’s Internet economy in 2021 is expected to reach 21 billion USD, up 31% .
According to experts, this increase is mainly due to the growth of up to 53% in the e-commerce industry, despite the shrinking online travel market.
Forecasts by Google, Temasek and Bain & Company show that, by 2025, the entire Internet economy in Vietnam will be worth $57 billion. The compound annual growth rate (CAGR) is 29%.
There is one other important information relating to the economy of Vietnam. Accordingly, transactions innovative investment in Vietnam has soared in the first half of 2021, exceeding the annual investments of recent years.
Vietnam is an attractive innovation hub with more business incubators, development programs and research labs than most other countries in the region. Despite the volatile market, global capital is still flowing into Vietnam thanks to solid growth drivers and a burgeoning digital ecosystem.
In the context of the complicated development of the Covid-19 epidemic, the financial source of investment for creative startups in Vietnam has increased unprecedentedly. The investment segments that are most interested in are e-commerce, financial technology, health technology and educational technology.
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