Vietnam is witnessing an active startup movement with young people rushing to set up businesses. But experts warn that enthusiasm alone won’t ensure success. 

Hoang Tuan Anh has realised his start-up dream by creating the first shopping and entertaining complexes in HCM City to use recycled containers.

Nguyen Huu Thai Hoa, chair of the board of directors of IBosses Program in Vietnam, at the launch ceremony of the Vietnamese version of the book ‘IBosses – The Rise of Gen Y entrepreneurs’ commented that Vietnam is in ‘startup chaos’.

The year 2017 continued seeing the strong rise of startups, which have been catching more attention from domestic and foreign investors.

VietNamNet Bridge - A number of startups successfully called for millions of dollars from foreign investors in 2017.

Foreign conglomerates have poured hundreds of millions of dollars into Vietnamese fintech firms, as more bank-fintech cooperation agreements have been signed recently.

One startup has done very well by focusing on providing employment opportunities to only women.

VietNamNet Bridge - Few venture funds have been set up in Vietnam, and few startups have successfully called for capital from the funds.

 Two of the best-known names in the smartphone hardware business are squaring off in court over new technology that allows phones to connect to devices like cameras without wires or metal connectors.

VietNamNet Bridge - In 2016, total investment value in startups in SE Asia reached $1.5 billion, but less than $100 million was poured into Vietnam. 

VietNamNet Bridge - Analysts say that the ecosystem for startups is not well organized to give substantial support to entrepreneurs.

VietNamNet Bridge - Vietnamese startups complain that they still find it difficult to get capital from angel and venture investors even though many investment funds have been established.

VietNamNet Bridge - More and more technology firms are receiving investment from foreign venture funds, which indicates the maturing of the Vietnamese technology community.

In 2007, the State Bank began testing intermediary payment services. Nine pioneers in the market received licenses to provide services. 

People with foot injuries can move around in a convenient and safe way supported by a device invented by a group of lecturers and students at Da Nang University Junior College.

VietNamNet Bridge - Vietnam is an attractive fintech market with estimated value of $35 billion. However, it has lagged behind in the last 10 years.

VietNamNet Bridge - The demand for live chat in Vietnam has increased by 30 percent in the last two years, raising the market value to $20 million.

So many university students have rushed to start up their businesses that some analysts have warned that the startup movement has created a generation of students who do not understand the need for preparation and hard work.  

VietNamNet Bridge - Beautiful, powerful and talented, these young executive officers born in the 1980s have made great contributions to the development of their technology firms.

VietNamNet Bridge - Indicators show that Vietnam is one of the countries with the highest entrepreneurial spirit in the world.