Vietnam could be Asia’s next startup hub after local companies saw a funding surge over 40 times in the last five years, a venture capitalist said.
Venture funding for startups in Vietnam reached $2.1 billion last year, up from just $48 million in 2017, Binh Tran, co-founder of Ascend Vietnam Ventures said.
The sector is now attracting top-tier Silicon Valley venture capitalists, including Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc, he added.
“Vietnam saw a tremendous amount of maturity and growth early on, which will help it become a very important hub for the region,” he said.
The country is forecast to have the second-largest digital economy in Southeast Asia by 2030, according to a report by Google, Temasek Holdings Pte and Bain & Co.