Business

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.
Vietnam an attractive spot for startups: Bloomberg ảnh 1In 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.

Vietnam an attractive spot for startups: Bloomberg ảnh 2The 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./.

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