Investment in Vietnam’s start-ups exceeds US$1.3 billion
Digital technology is forecast to create US$74 billion for Vietnam's economy by 2027. However, Vietnam must attract investment capital from around the world, especially investment in startups.
|There are more Vietnamese startups in high-tech fields such as AI and big data. Photo: Trong Dat|
In the post-Covid-19 world, technology is becoming an indispensable part of life. Artificial intelligence, Big Data, 5G, Internet of Things (IoT) and automation are seen as new tech trends this year. The Covid-19 pandemic also has given a push to accelerate the application of technology, said Nguyen Dinh Thang - Chairman of Vietnam Digital Startup Club (VDI) at a conference on December 14.
According to Thang, during the pandemic, investment in innovation and start-ups around the world and Vietnam are still booming. To seize the opportunity to promote investment in technology, Vietnam needs to complete tge legal foundation for this field.
The Vietnam Digital Economy Potential Report shows that if it is fully utilized digital technology can bring US$74 billion to Vietnam by 2030, equivalent to 27% of Vietnam's GDP in 2020. The fields that can benefit the most are manufacturing, agriculture, food, education and training. For digital technologies to thrive and benefit the economy, investment will play a key role.
According to statistics of the Department of Market Development and Science and Technology Enterprises (Ministry of Science and Technology), investment in start-ups in Vietnam in 2021 witnessed remarkable growth, reaching more than $1.3 billion. The most attractive fields are financial technology (FinTech), games, education, healthcare and e-commerce. Currently, there are more than 200 investment funds operating in Vietnam with more than 100 business promotion organizations and incubators.
According to experts, these figures are a positive sign about capital flow into startups and technology companies in Vietnam. However, the country can still attract more investment from around the world.
Pham Hong Quat, Director of the Department of Market Development and Science and Technology Enterprises (Ministry of Science and Technology), said the Vietnam Software Association (Vinasa) has formed a network of angel investors and organized various events to connect and train startups. This is an opportunity for Vietnamese startups, especially in the field of IT and software, to meet consulting teams and investors.
Startup Sky Mavis with the game Axie Infinity has surprised the Vietnamese startup community when it reached a huge total market capitalization - US$2.4 billion - after three years since its release, a record time in the Asian technology world.
Stocks of technology companies are selling very well in the Vietnamese stock market.