Vietnam could be Asia's next startup hub, VC says

[HANOI] Vietnam's nascent startup sector is on pace to be the region's next tech hub, according to Binh Tran, co-founder of Ascend Vietnam Ventures.

Venture funding for startups in Vietnam reached US$2.1 billion last year, up from just US$48 million in 2017, he said on Bloomberg Television's AseanAhead segment. The sector is now attracting top tier Silicon Valley venture capitalists, including Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management, said Tran, co-founder of Klout, who relocated to Vietnam from the San Francisco in 2020.

"Vietnam has early seen tremendous amount of maturity and growth that is going to put it as a very important hub for the region," he said. Tran is also co-founder and general partner of 500 Startups Vietnam, now called 500 Global Vietnam, which has invested in about 70 companies in areas such as e-commerce, fintech and healthcare.

The country is forecast to have the second-largest digital economy in South-east Asia by 2030, he said, citing research from Google, Temasek Holdings and Bain & Co.

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