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Friday, June 21, 2024

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The startup picture in Vietnam

Funding for startups in Vietnam last year plummeted to just US$541 million, a stark contrast to the peak of over US$1.9 billion recorded in 2021. As it is tough to gain access to startup support programs arranged by cities and provinces, Vietnamese startups are turning to foreign funds for support. Moreover, there is a growing interest in leveraging foreign startup support programs to fuel their growth and development. Landscape is still promising In March 2023, Silicon Valley Bank (SVB), a prominent startup bank in the United States, unexpectedly collapsed. Amidst the chaos, Vinnie Lauria, co-founder of the investment fund Golden Gate Ventures, was seen navigating the busy streets of HCMC on a motorbike with his two children. The American entrepreneur relocated to the city after he had spent years in San Francisco and Singapore. He expressed his belief that Vietnam was poised to become the hub of Southeast Asia, set to drive global growth over the next decade. However, Lauria also cautioned that global investors are bewildered and their actions seem irrational, akin to those of children. This suggests that attracting capital would be more challenging in such an environment, he added. Vietnam finds itself in competition with Southeast Asian […]
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