Vietnam set to become Asia startup hub

By Dat Nguyen   January 12, 2022 | 03:56 am PT
Vietnam set to become Asia startup hub
Entrepreneurs speak at a startup event in December 2020. Photo by VnExpress
Vietnam could be Asia’s next startup hub after local companies saw funding surge over 40 times in the last five years, a venture capitalist said.

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.

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