Fintech startups' representatives at VSV Capital's Demo Day on Nov. 11, 2024. Photo courtesy of VSV Capital |
Global Market Expansion Program (GMEP), funded by the Korea Institute of Startup and Entrepreneurship Development (KISED) under South Korea's Ministry of SMEs and Startups, aims to help startups expand internationally.
This initiative, now in its second year in Vietnam, marks VSV Capital's seventh consecutive year of partnering with KISED to accelerate global startup ventures from South Korea.
In its 2024 edition, with a special focus on fintech, VSV Capital collaborated with Fintech Center Korea and Lotte Ventures to provide tailored training for Korean startups preparing to enter the Vietnamese market.
Chrystie Dao, Venture Partner at VSV Capital and Managing Director at VSV Foundation, delivers a speech at the event. Photo courtesy of VSV Capital |
Chrystie Dao, VSV Capital's Venture Partner, highlighted the potential of Vietnam's young, tech-savvy population, which presents exciting growth prospects for fintech startups.
However, Dao noted the need for startups to adapt to the local culture, learn from advisory feedback, and refine their solutions to offer genuine value to Vietnamese customers.
This year's GMEP introduced several standout fintech firms.
Companies like 276 Holdings, which securitizes accounts receivable for SMEs, and Credos Partners, specializing in asset securitization, demonstrated unique offerings.
Others, such as MOFIN, OneCup, Quantit, and Uproot, harness AI to optimize investment strategies. Innovative ventures like AIZEN, targeting the electric two-wheeler market, or Allink, providing an NFC-based solution, and Life on offering a 3D-VR interior design experience, also showcased their technologies.
In the service sector: Pierrot has revamped its phone rental service with the "phoneGO" app; Homenay creates solutions for K-Lifestyle brands; InfoPlus offers BaaS for companies and financial firms; and Social Trust provides short-term microloans with digital credit assessments.
Startup 276 Holdings pitching at 2024 GMEP Demo Day. Photo courtesy VSV Capital |
For Korean startups eyeing expansion in Vietnam, Gibs Song, General Partner at VSV Capital, underscored the importance of building trust with Vietnamese investors.
He noted that VSV has been facilitating introductions to local investors, helping Korean startups enhance their readiness for the Vietnamese market. "There have been small successes," Song remarked, "and we're optimistic about achieving major breakthroughs soon."
The program also featured strategic advice from seasoned advisors, providing startups with essential insights into the local market, such as: Han Ngoc Vu, CEO of VIB (Vietnam International Bank); Johan Nyvene, Chairman of HSC (Ho Chi Minh City Securities Corporation); Khue Dinh, Country President of Chubb Insurance Vietnam; Jithin Chandy, Country Head of Sales - Global Payments Solutions at HSBC Vietnam; and Nga Angie Nguyen, Advisor - M&A and Investment.
Jeon Young Min, CEO of Lotte Ventures, announced the creation of a foreign-funded startup investment fund in Vietnam—the first of its kind—focused exclusively on Vietnamese startups.
He expressed confidence that this would catalyze new opportunities for Vietnamese startups in international markets, including South Korea, Japan, and Silicon Valley.
Jeon Young Min, CEO of Lotte Ventures. Photo courtesy of VSV Capital |
Established in 2014, VSV Capital is Vietnam's pioneering startup accelerator, focusing on pre-seed to Series B investments.
Since its founding under Project Vietnam Silicon Valley, VSV Capital has accelerated over 200 startups and completed more than 90 investments, making it a key player in Vietnam's startup ecosystem.
This latest collaboration with Lotte Ventures further strengthens ties between Vietnamese and South Korean markets, fostering global expansion for both countries' startups.