Vietnam is becoming one of the most attractive destinations in Southeast Asia for foreign capital and international startups, according to analysts at the “Vietnam Market Entry: Opportunities and Strategies” webinar on June 28.
Many were impressed with the growth of Vietnam’s startup ecosystem and positive about the potential for foreign startups and investment funds to tap into these, such as Sunwah Innovations, Golden Gate Ventures, and others. Golden Gate Ventures recently opened two offices, in Hanoi and Ho Chi Minh City. According to Founding Partner Mr. Vinnie Lauria, the opening of the two offices demonstrates its commitment to increasing its investment in Vietnam and enhancing the globalization capacity of the local ecosystem.
The country is also considered a good launch pad for expanding into Southeast Asia, thanks to its strong economic recovery and high digital demand post-pandemic. According to Ms. Katie Nguyen, Vice Director of Sunwah Innovations, building relationships and trust are two essential factors that help foreign companies succeed in Vietnam.
Though the Vietnamese market is considered attractive, Mr. Huynh Cong Thang, Co-founder of Innovation Lab, also emphasized that foreign businesses need to take key steps, including analyzing market potential, understanding the competitive landscape, and assessing the business’s capacity and financial requirements, and start on these at least three months before embarking on a market access plan.