Bloomberg recently published an article “Silicon Valley talent is helping grow Viet Nam’s startup hub”, quoting founders’ opinion that an abundance of inexpensive engineers coupled with a fast-growing economy makes Viet Nam an attractive spot for startups.

Illustrative image. (Photo: DNO)

The number of startups in the country nearly doubled from the beginning of the COVID-19 pandemic to mid-2022. Some of the world’s largest investors, including Sequoia Capital, Warburg Pincus LLC, and Alibaba Group Holding Ltd, are backing startups offering promising solutions.

In 2021, Viet Nam drew a record $2.6 billion through 233 private deals, up from the $700 million via 140 deals a year prior, according to a Google, Temasek Holdings Pte. and Bain & Co. report.

Vietnamese firms are also competing with its Southeast Asian peers, accounting for 13% of the total venture funding flows into the region after Indonesia and Singapore in 2021, according to Do Ventures.

Outstandingly, Ho Chi Minh City, Viet Nam's largest urban area, boasts the makings of the next Silicon Valley-lite thanks to its advantages. 

Bloomberg also quoted Binh Tran, co-founder of Ascend Vietnam Ventures as saying: “The new Viet Nam is well beyond what people outside of Viet Nam understand. This is a very accessible market and language is not a big barrier...you will find a lot of young hungry talent eager to join your startup.”.

Reporting by G.P - Translating by A.THU