Vietnam set to become Asia startup hub as venture funding surged to US$2.1 Billion in 2021

Entrepreneurs speak at a startup event in December 2020. Photo by VnExpress

Vietnam could be Asia’s next startup hub after local companies saw a funding surge over forty 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, told Bloomberg Television.

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.

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