Digital Biz

With more than 10 million people, Ho Chi Minh City contributes 22 per cent of GDP and about 27 per cent of national budget revenue. It targets the digital economy contributing 25 per cent of its gross regional domestic product (GRDP) by 2025 and 40 per cent by 2030.

According to the Ministry of Information and Communications (MoIC), Vietnam’s digital communications platforms such as Zalo and Mocha boast the same user size and are even more popular than their foreign counterparts in the local market. Digital platforms for travel, shopping, delivery, payment, and online studies in Vietnam are also experiencing strong development.

Microsoft has announced the creation of the Startups Founders Hub digital platform, to help startups in Asia, including in Vietnam, realize their ambitions along their startup journey. The platform gives startups free access to necessary technologies, tools, and resources, with over $300,000 worth of benefits.

Sky Mavis, the maker of the hit game Axie Infinity, has announced it raised a $150 million investment led by Binance, the world’s largest cryptocurrency exchange. The new investment will help Sky Mavis reimburse victims of a recent “hack” while enhancing security to prevent future attacks.

On April 8, the IC Net Limited Joint Stock Company of the Gakken Group - a leading brand in the field of education in Japan - and the KiddiHub Vietnam Joint Stock Company signed an investment cooperation contract to develop platforms for early childhood education in Vietnam. The country’s startup ecosystem has developed strongly in recent years, attracting a lot of attention from Japanese businesses, in which edtech (education technology) is an area of particular interest.

South Korea’s RSQUARE and Shinhan Vietnam have signed a strategic cooperation agreement on providing real estate-related services such as property management, office leasing, warehousing, and financial services. With a branch in Vietnam since June 2021, RSQUARE is the leading prop-tech (property technology) company in South Korea, attracting nearly $100 million in funding from major investors such as Softbank Venture Asia and Yahoo Japan Capital.