VnEconomy spoke with representatives from VIVACE Consulting & Accelerator and The Invention Lab Corporation on support for the startup ecosystem in Vietnam
At the Vietnam Startup 4.0 Forum 2022 on October 19, Dr. Vu Tien Loc, Chairman of the Vietnam International Arbitration Center (VIAC), said that in order to help Vietnam escape from the "middle-income trap" and become a developed country, it is necessary to promote innovative startups and transformation. Vietnam has one of the top 3 most dynamic innovative startup ecosystems in Southeast Asia.
TECHFEST Mekong 2022, organized by the Ministry of Science and Technology in cooperation with the Can Tho City People’s Committee on October 19 and 20, was an opportunity to promote the image of innovative startups in the Mekong Delta and boost innovation from Vietnamese and international partners. The Mekong Delta needs to raise both the quantity and quality of local businesses, especially startups, and innovation activities.
With the potential to develop into a trading and manufacturing hub of the world, Vietnam continues to attract foreign investors, analysts have said. Factors that make Vietnam attractive to foreign investors include strong GDP growth, of 7 per cent a year for two decades prior to Covid-19 and forecast at 7.5 per cent in 2022, and a young workforce fluent in English and possessing other skills.
Vietnamese educational technology (edtech) startup EDUPIA has announced it successfully raised $14 million from Jungle Ventures in a Series A funding round, bringing its total capital to $16 million since establishment in 2018. It will use the funds to invest in technology and products, recruit quality personnel to key positions, and expand around Southeast Asia. Tran Nguyen Thuy My, Vice President of Jungle Ventures, said EDUPIA is its second investment in the edtech field in Asia, following LEAP in India.
Local startup Coolmate has picked up $2.3 million in investment from GSR Ventures, becoming the first startup in the country to receive capital from a world-leading investment fund that has supported “unicorns” such as Didi, Ele.me, and Xiaohongshu.