Vietnam is among the most dynamic startup hubs in the world and well-educated, young entrepreneurs are expected to improve the country’s position on the global startup map.

There are no official statistics on startups in Vietnam, but according to some regional tech sources, as many as 3,000 are operating in the country, making it the third largest startup ecosystem in Asia.

The country jumped 12 places to 47th among 127 economies on the World Intellectual Property Organisation’s 2017 Global Innovation Index, its highest ranking in the past 10 years. In Southeast Asia, it sits behind only Singapore and Malaysia.

This progress is believed to be driven by young entrepreneurs who are tech savvy and well educated.

About 70 percent of the country’s population of more than 90 million is under 35 years old. Thousands of new young innovators, including Vietnamese talents from overseas, are joining the startup community every year.

According to the tech platform ASEAN Post, more than 290 million USD was invested in Vietnamese startups in 2017, double investment levels from the previous year.

Entrepreneurs and investors have bet big on Vietnam’s boom economy, which has risen by an annual average of 6 percent over the past 10 years.