Tech startups in Vietnam

Within a few years, Vietnam has seen the emergence of over 3,800 startups and four tech unicorns that have attracted billions of U.S. dollars in funding, raising the question of whether the country could be the next startup hotspot in Southeast Asia. Many of these startups have proven that they can not only provide internet users with their demanded digital products and services but can also become market leaders in several categories. One can no longer look at the Vietnamese internet landscape without the inclusion of the leading social messaging app, online payment service, or online blockchain game, all made by Vietnam’s most successful startups. Made-by-startup applications have made significant impacts on the Vietnamese digital economy, especially in fintech, where financial services and technology are now much more inclusive for the population. This report looks at how far Vietnam has come on its journey to becoming Southeast Asia’s next startup hotspot, focusing on its startup landscape and the driving forces behind the growth of this sector. Additionally, it identifies the challenges faced by Vietnamese ventures, as well as provides an outlook for the future of made-in-Vietnam startups.