Vietnam an attractive spot for startups: Bloomberg
Bloomberg on February 14 published an article “Silicon Valley talent is helping grow Vietnam’s startup hub”, quoting founders’ opinion that an abundance of inexpensive engineers coupled with a fast-growing economy makes Vietnam an attractive spot for startups.
In 2021, Vietnam drew a record 2.6 billion USD through 233 private deals, up from 700 million USD via 140 deals of the previous year. (Photo: baodautu.vn)
Washington (VNA)♚ – Bloomberg on February 14published an article “Silicon Valley talent is helping grow Vietnam’s startuphub”, quoting founders’ opinion that an abundance of inexpensive engineerscoupled with a fast-growing economy makes Vietnam an attractive spot forstartups.
The article cites a report published in July 2022 by KPMGInternational Ltd and HSBC Holdings Plc which states that the number ofstartups in the country nearly doubled from the beginning of the COVID-19pandemic to mid-2022, Some of the world’s largest investors including SequoiaCapital, Warburg Pincus LLC, and Alibaba Group Holding Ltd are backingstartups offering promising solutions. According to data from Google, Temasek Holdings Pte., andBain & Co, in 2021, Vietnam drew a record 2.6 billion USD through 233private deals, up from 700 million USD via 140 deals of the previous year. According to investment firm Do Ventures, local startups arealso competing against businesses from throughout Southeast Asia. Investment instartups in Vietnam accounts for 13% of the total venture funding flows intothe region after Indonesia and Singapore in 2021.
The Vietnamese Government aims to turn Ho Chi Minh City into a magnet for tech funding and is striving to grow its digital economy which is expected to represent 40% of the southern city’s gross domestic product. (Photo: vneconomy.vn)
Bloomberg’s article also mentions the Vietnamese Governmentaims to turn Ho Chi Minh City into a magnet for tech funding and is striving togrow its digital economy which is expected to represent 40% of the southerncity’s gross domestic product. The city’s authorities thus prioritise attracting foreigninvestment to high-tech projects, while also offering other incentives to lureglobal talent and international firms to establish innovation research centres. Experts said that Ho Chi Minh City has factors to make it thenext Silicon Valley including a heavy math and science educational system, adecades-old software outsourcing industry that’s created an abundance ofinexpensive and talented engineers, and the benefits of Vietnam’s 2021 economicgrowth - one of the fastest across Asia./.
Prime Minister Pham Minh Chinh urged domestic innovative startups to work harder to become “unicorns” of the region and the world while addressing the key ceremony of the National Innovative Entrepreneurship Day 2022 (Techfest Vietnam 2022) in the southern province of Binh Duong on December 3.
As many as 39 investment funds committed to invest 1.5 billion USD for creative startups in Vietnam in 2023 – 2025, lifting the total investment for the field in the period to 5 billion USD, heard the Vietnam Venture Summit 2022 on December 19 in Hanoi.
Lianhe Zaobao newspaper in Hong Kong (China) has run an article analysing Vietnam’s advantages that make the country the third pillar of the "golden triangle of startups" in Southeast Asia, together with Indonesia and Singapore.
Experts are positive about the development of Vietnam’s education technology (Edtech) market in 2023 if local Edtech companies can overcome post-pandemic challenges.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
In 2021, Vietnam drew a record 2.6 billion USD through 233 private deals, up from 700 million USD via 140 deals of the previous year. (Photo: baodautu.vn) 
The Vietnamese Government aims to turn Ho Chi Minh City into a magnet for tech funding and is striving to grow its digital economy which is expected to represent 40% of the southern city’s gross domestic product. (Photo: vneconomy.vn) 
