Vietnam set to become Asia startup hub

Venture funding for startups in Vietnam reached $2.1 billion last year, up from just $48 million in 2017, Binh Tran, co-founder of Ascend Vietnam Ventures, told Bloomberg Television.

The sector is now attracting top tier Silicon Valley venture capitalists, including Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc, he added.

"Vietnam saw a tremendous amount of maturity and growth early on, which will help it become a very important hub for the region," he said.

The country is forecast to have the second-largest digital economy in Southeast Asia by 2030, according to a report by Google, Temasek Holdings Pte and Bain & Co.