Bloomberg has published an article entitled “Silicon Valley talent is helping grow Vietnam’s startup hub”, which quotes founders as saying that an abundance of inexpensive engineers and a rapidly-growing economy make the country an attractive spot for startups.

The article cites a report released last July by KPMG and HSBC that states that the number of startups in Vietnam nearly doubled since the beginning of Covid-19 to mid-2022.

Some of the world’s largest investors, including Sequoia Capital, Warburg Pincus, and Alibaba, are backing startups offering promising solutions.

Data from Google, Temasek Holdings, and Bain & Co. shows that, in 2021, Vietnam had attracted a record $2.6 billion through 233 private deals, up from $700 million in 140 deals in the previous year.