Vietnam is creating favourable conditions for the birth of Asia’s next tech start-up unicorns, according to the Asian Development Bank (ADB) July 2022 report entitled “Vietnam’s Ecosystem for Technology Startups”.
Nhan dan Online, the English version of Nhan dan (People) newspaper, cited the report as saying that Asia-Pacific’s next tech start-up unicorns may come from Vietnam as the foundations for building a solid ecosystem in support of these businesses are well underway.
According to the ADB, the Vietnamese Government’s long-term goal for the start-up sector is to attract knowledge, organisations, individuals and entrepreneurs to contribute to economic development and participate in creating successful start-ups.
Aimee Hampel-Milagrosa, one of the authors of the report, said that the Vietnamese government has recognised tech start-ups as the new driving force for national growth. To facilitate this process, the government has begun to promote key elements, such as financial and policy incentives, to create and build Vietnam’s next generation of start-up unicorns.
The report cites Project 844 as an example of government support, with aims of supporting 600 enterprises by 2025, of which 100 will successfully raise at least VND2 trillion (US$85.44 million) in capital.
The report states that agritech and healthtech are two areas with high social impact and strong potential to contribute to more equitable and sustainable development while fintech and e-commerce start-ups are the most prevalent in Vietnam and other countries.
The report also provides recommendations on how the government and other stakeholders can strengthen the ecosystem to enable tech start-ups to flourish in Vietnam.