Vietnam has been one of Southeast Asia’s strongest-performing economies and has consistently grown at 6% per annum since the start of the decade. Vietnam is also a major software development hub in Asia and tech giants such as Lazada and Sea Group have tapped the market for its abundance of software development talent.
Vietnam’s startup ecosystem has approximately 3,000 startups. The ecosystem cumulatively raised US$800 million (S$1.1 billion) in 2018, a three-fold increase from the US$291 million (S$395 million) raised in 2017. With a strong supply of technical talent graduating from its universities and a large domestic consumer market, Vietnam has become an attractive destination for both investors and startups alike.
The business hub of Vietnam, Ho Chi Minh City is usually the first stop for foreign companies looking to enter Vietnam. With a population of more than eight million, the city is home to nearly 50% of the country’s startups, alongside a highly educated workforce and a network of MNCs. Key sectors include information and commmunication technologies (ICT), agritech, edutech, internet of things (IoT), food processing, tourism and fintech. Strong local government support has also fueled the growth of the startup ecosystem. There has been increased accessibility to funding through avenues such as SpeedUP, a US$520,000 (S$708,000) fund launched by Ho Chi Minh City’s Department of Science and Technology to invest in the city’s startups, and the development of tech complexes such as the Saigon Silicon City Centre.
Singapore startups can look forward to expanding in Vietnam through Ho Chi Minh City, capitalising on the city’s large domestic consumer market and a strong supply of talent. Ho Chi Minh City also houses Tan Son Nhat International Airport, the largest airport in the country, and Saigon Port, which serves as the gateway to Mekong River Delta, the South China Sea and the Asia continent.
By the end of 2018, Quest Ventures’ portfolio of over 40 venture-backed companies operate in more than 150 cities across Asia, creating employment and advancement opportunities for more than 4,400 employees.
For more information about Quest Ventures and its programmes, please visit www.questventures.com or email email@example.com.
Since its launch in 2016, SIHUB has supported more than 958 startup projects, 15 incubators, 100 startup consultants and 115 tertiary teachers.
SIHUB provides mentors and co-working spaces for incoming foreign startups and conducts workshops that acclimatises startups to the local environment.
Quest Ventures and SIHUB are partnering Enterprise Singapore to run a GIA Acceleration Programme to support Singapore-based startups in entering Vietnam. The programme is curated for high-potential startups across all sectors and will include rigorous growth training, market immersion and ongoing mentorship.
Singapore-based startups keen on applying for the GIA Acceleration Programme to Vietnam can contact the key personnel below, or visit questventures.com/community/vietnam-market-program for more information.
Quest Ventures can connect Singapore SMEs and startups to professional service providers in the Vietnam ecosystem. These professional services include co-working spaces, corporate secretarial, accounting and legal services. Please reach out directly to firstname.lastname@example.org to find out more about their service offerings.