The country’s tech-savvy population and burgeoning middle class are making it an attractive market for Singaporean companies.

The information is researched, collected and aggregated from official research sources combined with statistics.

The chance to disrupt the market – paired with confidence, optimism, and financial reward among other reasons – has drawn both home-grown and international startup entrepreneurs to Vietnam.

Venture capital investment flows into Vietnam, particularly from Singapore, are on track to surpass the previous level, propelled by the country’s buoyant tech startup scene.

The total venture capital raised by startups in Vietnam in 2021 reached a record high of over US$ 1.5 billion, and capital continued to rise in 2022.

OnPoint has successfully raised $50 million in a series B fund-raising round from SeaTown Private Capital Master Fund managed by SeaTown Holdings International, an indirect wholly-owned subsidiary of Singapore’s Temasek Holdings.

The investment in True Platform is one of the largest ever seed-round investment deals in a technology startup in Southeast Asia.

Total investment capital in Vietnam’s startups in 2021 reached $1.4 billion, or 1.5 times higher than 2019.

With the development potential and the ability to catch the technology wave, Vietnamese start-ups have attracted foreign venture capital funds as well as domestic investors.

Hot industries that attracted large amounts of capital last year were financial technology (Fintech), games, education, healthcare and e-commerce.

The Australian Government has committed 4.9 million AUD (3.53 million USD) of investment in Vietnam's venture fund Ascend Vietnam Ventures (AVV) to assist local startups, according to the Australian Embassy in Vietnam.

Startup Selly, Vietnam's social commerce model, has raised $2.6 million in a Pre-Series A funding round from investment funds CyberAgent Capital, Do Ventures, Genesia Ventures, JAFCO Asia and KVision.

In January, many tech startups in Vietnam received millions of USD from large foreign funds from the early round.

In the digital era, advanced technologies have wider implementations in various aspects. Many startup businesses in Vietnam have chosen technological products and services as their development direction and have achieved impressive results so far.

Total funding into Vietnamese startups over the past year is likely to have reached a new high with more startups crossing over into a unicorn status.

In the latest fund-raising round, financial technology startup MoMo received $200 million of investment capital, bringing its total value to over US$2 billion.

The gradual maturity of Vietnam’s startup ecosystem is expected to boost fundraising and dealmaking activities.

Vietnam currently has over 1,000 organizations capable of supporting startups, including technology startups, with 202 coworking zones, 79 business incubators and 38 business promotion organizations.

Despite the severe Covid-19 pandemic, the Vietnamese startup ecosystem is witnessing an impressive growth, with various startup projects being successful in gaining millions of dollars of capital this year.

The Sipher company of Vietnamese businessman Nguyen Trung Tin has received US$6.8 million in investment in the latest capital raising round.