Vietnam ranks third in Southeast Asia in startup investment attraction

By VNA   April 30, 2024 | 02:32 am PT
Vietnam ranks third in Southeast Asia in startup investment attraction
Startup company Inflow showcased their production network solutions for the fashion industry at an event. Photo courtesy of the company
Vietnam maintained its third position in the number of investment deals and regained the third place in terms of total investment in startups in Southeast Asia.

In 2023, Vietnamese startups received a total investment capital of $529 million.

Singapore led in both the number of deals and total investment capital for startups, followed by Indonesia, according to the 2024 Technology and Innovation Investment Report released at the Vietnam Innovation Forum 2024 on April 26 by the National Innovation Centre (NIC) and Do Ventures Investment Fund under the sponsorship of the Ministry of Planning and Investment.

This report also said that in 2023, Vietnamese startups' total investment capital of $529 million dropped by 17% compared to the previous year.

In 2023, nearly 100 funds poured capital into Vietnamese startups, of which the most active investors came from Singapore, followed by Vietnamese investors.

Of which, the healthcare sector received the highest investment, skyrocketing 391% over the previous year. The education sector also received a high amount of capital, up 107% year on year.

Speaking at the forum, Deputy Minister of Planning and Investment Tran Duy Dong said Vietnam will accompany startups, corporations, organisations and experts to develop science and technology, promote innovation, contributing to the country's economic growth.

Vietnam has moved up two places in the Global Innovation Index (GII) in 2023, ranking 46th out of 132 countries and territories, according to a GII report released by the World Intellectual Property Organisation (WIPO).

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