Vietnam set to become Asia startup hub
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Vietnam could be Asia’s next startup hub after local companies saw a 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 said.
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.
Questions & Answers
Q.What evidence supports the claim that Vietnam is becoming a startup hub?
What evidence supports the claim that Vietnam is becoming a startup hub?
Venture funding for startups in Vietnam increased significantly, from $48 million in 2017 to $2.1 billion last year. This surge represents over a 40-fold increase in five years, attracting top-tier Silicon Valley venture capitalists to the region.
Q.Which venture capital firms are investing in Vietnam?
Which venture capital firms are investing in Vietnam?
The sector is attracting prominent Silicon Valley venture capitalists. These include Goodwater Capital LLC, Accel Partners LP, and Altos Ventures Management Inc, as mentioned by Binh Tran of Ascend Vietnam Ventures.
Q.What is Vietnam's economic outlook according to industry reports?
What is Vietnam's economic outlook according to industry reports?
Vietnam is predicted to have the second-largest digital economy in Southeast Asia by 2030. This forecast comes from a report jointly produced by Google, Temasek Holdings Pte, and Bain & Co, highlighting its regional importance.