A tech startup is a company whose purpose is to bring technology products or services to market. These companies deliver their new technology products or services or deliver existing technology products or services in new ways.

Mr Tran Manh Huy, the founder of the AI Fuel tech startup project, talking to the Da Nang startup community

Recent years have seen a growing number of tech startups in Da Nang, including Cashbag.

Cashbag is a mobile application where you get cash back by shopping goods and services online through Cashbag’s affiliate links. You can receive a portion back (between 1% and 5%) in your registered account, especially some retailers offering more than that. Meanwhile, Cashbag actually gets a commission on the sale of the merchant’s product. Therefore, it then turns around, and gives its users a cut of that commission.

Since its operation in June, Cashbag, which has been incubated at the Da Nang Entrepreneurship Support Company Ldt, has received nearly 281,000 orders in total. In September alone, the application expects to receive a total of around 133,500 orders.

This month, Cashbag has topped Viet Nam’s affiliate marketing applications based on its gross merchandise value and the number of items sold per day.  

The founder of Cashbag is Thong Le Anh Tuan who is known as the leader of a start-up team called Zody (the application aims to help its users accumulate points when they spend money in eating and drinking establishments).

At the age of 27, the young Da Nang native has been the founder of 5 tech startups. He said not all startups were successful, but lessons from failures made him keep moving forward regardless of failure or number of failed attempts.

Another tech startup in the city is AI Fuel - a startup specialising in processing raw data to create reliable and meaningful data based on artificial intelligence.

AI Fuel boasts its qualified staff who have many years of experience working in the aspect of data, and startups both at home and abroad.

The founder of this startup is Mr Tran Manh Huy. Huy is now CEO of the city-based VBPO Joint Stock Company which specialises in providing outsourcing services for Japanese partners.

Mr Huy said some companies in the city are in need of data, especially processed data. However, they do not have enough employees to do this job, so they have to hire specialised units.

Although the AI Fuel application is scheduled to be launched in November, the project has received 6 orders from businesses in Viet Nam, Singapore and the USA.

Mr Huy said AI Fuel has set a target of becoming Viet Nam’s leading reliable data provider in the time to come.

The CEO of the Da Nang Entrepreneurship Support Company Ldt (DNES), Mr Pham Duc Nam Trung, remarked Da Nang is a perfect destination for tech startups thanks to its relatively balanced living environment between economic growth, quality of life.

He noted Da Nang is expanding its links with start-up support organisations, and large investment funds, in Ha Noi and Ho Chi Minh City. Over the past 5 years, Da Nang has affirmed the reputation for its innovative startup ecosystem. In addition, the city has become a favourite destination for young people from both home and abroad to start up their own businesses.