Foreign startup founders flock to Vietnam
Vietnam’s vibrant startup scene is not only fostering a new class of domestic entrepreneurs, it is also attracting a growing number of foreigners who want to tap the country’s huge growth potential as a revived Southeast Asian tiger economy and its skilled IT workforce.
And the government is readily supporting this with many programmes that help create a dynamic startup ecosystem by facilitating training, mentorship and business incubation and acceleration of young businesses, as well as through business incubators and startup centers at Vietnam’s universities, Viet Nam News noted.
Founding a startup company is also a relatively easy way to get a Vietnam business visa which is valid either six months or one year and is renewable.
Moreover, the country has financing programmes to support the growth of new companies, while the government is also committed to building a fair and competitive business environment. Apart from that, there are domestic venture capital firms with deep pockets such as Vina Capital, and more and more foreign financiers from Southeast Asa, the US and Europe looking at the Vietnam startup community.
Among the latest venture capital firms to invest in Vietnam were ESP Capital with $20 million which targets startups in first development stages in Vietnam and Southeast Asia, and Innovatube with $5 million which focuses on Vietnamese startups. Most recently, Indonesia’s Lotte Group announced it would pour $1 million into Vietnam startups in the next five years through a cooperation agreement signed between Lotte Accelerator and Vietnam Silicon Valley Accelerator. 500 Startups is another influential fund looking into opportunities in Vietnam.
Apart from that, an exchange programme promoting Vietnamese startups entitled “Runway to the World” was officially launched in Ho Chi Minh City on January 11, 2018. The programme, hosted by the Saigon Innovation Hub, aims at linking local startups with organisations and startup ecosystems in North America, Western Europe, North Asia and Asia-Pacific.
Vietnam’s vibrant startup scene is not only fostering a new class of domestic entrepreneurs, it is also attracting a growing number of foreigners who want to tap the country’s huge growth potential as a revived Southeast Asian tiger economy and its skilled IT workforce. And the government is readily supporting this with many programmes that help create a dynamic startup ecosystem by facilitating training, mentorship and business incubation and acceleration of young businesses, as well as through business incubators and startup centers at Vietnam’s universities, Viet Nam News noted. Founding a startup company is also a relatively easy way to...
Vietnam’s vibrant startup scene is not only fostering a new class of domestic entrepreneurs, it is also attracting a growing number of foreigners who want to tap the country’s huge growth potential as a revived Southeast Asian tiger economy and its skilled IT workforce.
And the government is readily supporting this with many programmes that help create a dynamic startup ecosystem by facilitating training, mentorship and business incubation and acceleration of young businesses, as well as through business incubators and startup centers at Vietnam’s universities, Viet Nam News noted.
Founding a startup company is also a relatively easy way to get a Vietnam business visa which is valid either six months or one year and is renewable.
Moreover, the country has financing programmes to support the growth of new companies, while the government is also committed to building a fair and competitive business environment. Apart from that, there are domestic venture capital firms with deep pockets such as Vina Capital, and more and more foreign financiers from Southeast Asa, the US and Europe looking at the Vietnam startup community.
Among the latest venture capital firms to invest in Vietnam were ESP Capital with $20 million which targets startups in first development stages in Vietnam and Southeast Asia, and Innovatube with $5 million which focuses on Vietnamese startups. Most recently, Indonesia’s Lotte Group announced it would pour $1 million into Vietnam startups in the next five years through a cooperation agreement signed between Lotte Accelerator and Vietnam Silicon Valley Accelerator. 500 Startups is another influential fund looking into opportunities in Vietnam.
Apart from that, an exchange programme promoting Vietnamese startups entitled “Runway to the World” was officially launched in Ho Chi Minh City on January 11, 2018. The programme, hosted by the Saigon Innovation Hub, aims at linking local startups with organisations and startup ecosystems in North America, Western Europe, North Asia and Asia-Pacific.
