VietNamNet Bridge – Sixty-seven tech startups in Vietnam got finances from venture funds last year, more than double the number in 2014, according to Topica Founder Institute.

The Vietnamese institute specializing in training business founders reported a sharp increase in tech startups in the country invested by venture funds in the past five years, from 10 in 2011 to 24 in 2012, 25 in 2013, 28 in 2014 and 67 last year.

The report said the number last year might have been higher as a number of firms did not announce their investments from venture funds.

Last year saw remarkable investments going to e-commerce, communications, finance and education, with half of the investments from foreign investors. There were many investments worth over US$10 million.

For example, Coc Coc received an investment of US$14 million from Hubert Burda while Huy Vietnam got US$15 million from Templeton.

Pham Minh Tuan, founder and CEO of Topica Edtech Group, said venture funds have poured more money into tech startups in recent years. But Tuan noted that less than 30 tech startups in Vietnam have succeeded, including VNG, Peacesoft and Vat Gia, and 90% of startups in the field have fallen into oblivion.

According to FPT, Vietnam is one of the fastest-growing markets in terms of startup in Southeast Asia. However, around 61,000 startups in different sectors had been in trouble and needed support from the Government and organizations as of quarter three of 2013.

Tuan said in addition to the investment fund of FPT, foreign venture funds from Japan, the U.S. and Singapore are seeking to invest in tech startups in Vietnam.

SGT