Vietnam-based company Abivin wins the 2019 Startup World Cup. (Photo: VNA)

Hanoi (VNA) – Vietnam is becoming one of the hottest startup hubs not only in Asia but also in the world, according to the International Business Times (IBTimes), a world leading provider of business and financial news.

This is validated by local firms’ recent achievements in the sector, including winning a prestigious entrepreneur competition against the rest of the world, the newspaper said.

In the past years, Vietnam has moved from its rural and poverty-stricken past to one of the most dynamic economies in Southeast Asia. In fact, it is one of the fastest growing economies in the continent. Pew Research’s study shows that 94 percent of the respondents believe the next generation of Vietnamese will have better financial stability than their parents.

The newspaper also affirmed Vietnam’s bright economic outlook, which is reflected through the growing number of locals and immigrants that venture into business on its shores. The Southeast Asian country, with a population of 95 million, is seeing a surge in the number of tech companies who are taking advantage of its unique startup culture.

Citing Vietnam-based company Abivin which won the 2019 Startup World Cup as an excellent example of Vietnamese startups, IBT said that the firm’s AI logistics platform beat hundreds of other businesses around the world who pitched their ideas and vied for 1 million USD investment prize.

Abivin, which also won the regional competition in Vietnam, bested 12 other finalists from Canada, USA, Japan, Australia, Finland and more. The regional competition was staged in 40 countries before the finalists were chosen.

IBTimes is a growing digital global news publication that delivers international business news to an audience of 50 million people worldwide every month through its network of digital publishing platforms.

IBTimes provides comprehensive content around the most important business, economic and political stories from around the world, while also adhering to other niche areas that interest global readers. It is produced in 10 country editions in 5 different languages, offering in-depth coverage that is relevant and specific to each global market.-VNA