return icon

Next new unicorn startups in Asia Pacific could be in Vietnam

The next unicorn technology startups in Asia Pacific may come from Vietnam, as the foundation for a solid ecosystem to support these businesses is underway, according to the Asian Development Bank (ADB).

In its report about Vietnam’s technology startup ecosystem and the development of startups in Southeast Asia, ADB believes that Vietnam is laying a foundation to build the next unicorn startups in Asia.

Under the National Program 844 on supporting the national innovation initiative (Program 844), Vietnam aims to develop 600 businesses by 2025, including 100 businesses to call for investment capital with total value of at least VND2 trillion ($85.44 million).

Aimee Hampel-Milagrosa from ADB said the government of Vietnam has realized that tech startups are the new driving force for the country. To facilitate the process, the government has begun offering financial incentives to create the next-generation unicorns of Vietnam.

The five startup fields that attracted the most capital in 2021 included fintech (26.6 percent), e-commerce (20.3 percent), edtech (17.2 percent), healthtech (7.8 percent) and service software (6.3 percent).

While limited financial capability is the common problem of startups, angel investors and venture capitalists are still eager to invest.

Another obstacle is the lack of qualified workers. However,  universities and research institutes in Vietnam are joining forces with local authorities, ministries and agencies to establish startup support units. They are organizing startup events for students in order to promote the entrepreneurial culture among youth.

A Forbes’ report released recently showed that Vietnam has a number of businesses which can satisfy nearly all requirements to become unicorns, and some startups have original business models and a competitive edge.

The report noted well-known names, including VNG (previously VinaGame), VNPay, MoMo and Sky Mavis.

VNG was one of the first startups in Vietnam, starting with the distribution of online games. It has developed into an internet-based tech startup and become the first unicorn startup of Vietnam. 

VNPay is the second unicorn with investment capital of $300 million from GIC Singapore and Softbank from Japan.

Meanwhile, MoMo has become a unicorn following the series-E fundraising in late 2021. Mizuho Bank and international investors have invested $200 million in the startup. This is a super-app that provides digital transformation solutions to SMEs and MSMEs.

Sky Mavis is a new business well known for its blockchain-based game Axie Infinity with 2.6 million players.

Vietnam has a high number of startups which are near unicorn status, such as Tiki, Giao Hang Tiet Kiem, Giao Hang Nhanh and Trust Social. 

Duy Anh


EuroCham Chairman praises strong and forward-looking government

Vietnam’s recovery has been ensured by strong and forward-looking government support which helped to bring in more high-profile FDI projects

Many firms suspend raising capital from stock market

Many enterprises have either stopped mobilizing capital or changed their capital-raising plans on the stock market amid existing uncertainties and disadvantages.

HCM City runs out of Covid-19 vaccines

HCM City has run out of Covid-19 vaccines over the past 10 days, said Nguyen Hong Tam, the deputy director of the municipal Centre for Disease Control and Prevention.


Chinese police hand over wanted man to Lao Cai authorities

Foreign-invested enterprises face up to procedural barriers

Administrative procedures such as a prolonged timeline for obtaining business licences, as well as overlaps in the legal framework, are continuing to affect the expansion plans of many foreign-invested enterprises in Vietnam. Vietnam among ten attractive destinations to escape Europe’s winter

With its year-round warm tropical climate, breathtakingly beautiful scenery, and exciting culture, Vietnam is gradually becoming an attractive destination for German tourists.


Real estate sector faces debt default risk

Shan Tuyet tea, valuable timber plants named ‘Vietnam Heritage Trees’

More than 1,300 Shan Tuyet tea plants in Ha Giang province and a group of valuable timber trees in Dak Nong province have been recognised as “Vietnam Heritage Trees”.

Fast fashion brands scale up for growth

Surviving and developing in a competitive fast fashion market remains a challenge for many brands, especially for newcomers.

Arguments arise as properties required to be traded on exchange

Controversy has arisen over the Ministry of Construction’s draft of the amended law on real estate trading as it requires real estate products to be traded on an official exchange.

Boeing accelerates cooperation with Vietnamese suppliers

Boeing, the world’s leading aerospace company based in the US, are accelerating cooperation with Vietnamese suppliers and universities to provide a foundation for long-term industrial growth.

Expecting coffee exports to hit a record $4 billion

Vietnam Coffee Cocoa Association (Vicofa) forecasted that if the export price of coffee remained at a high level, as in the first half of the year

Major investors worry as stock market weakens

The stock market boards have been covered with red amid investors’ rising caution. There are few buyers, while selling pressure still exists. Foreign investors’ behavior has affected the market.

Vietnam sees great potential in ASEAN halal market

Despite opportunities available in the ASEAN halal food market, Vietnamese exporters have to date exported only a small amount of halal products to some countries in the region.

Vietnam is becoming a beacon in the region: The Brussels Times

The Brussels Times of Belgium has run an article highlighting that Vietnam is becoming a beacon in the region with the capacity to control inflation and maintain economic growth at a high level despite turbulent international affairs.