Startup

Startups capitalise on rosy prospects. Source: freepik.com According to StartupBlink’s 2020 startup ecosystem rankings, Vietnam ranks 59th globally, up 13 places from last year. The Vietnamese ecosystem is thriving, mostly due to the substantial size of the economy, making the creation of successful local startups profitable even if they do not expand internationally. However, to become a true regional and global hub, Vietnam will have to generate innovations that have regional or global impact. The country set the target to have at least 10 startups joining the unicorn club by 2030, according to the Ministry of Planning and Investment. If this goal is achieved, Vietnam can expect rapid rank increases for the nation and its cities. So far, the country has two unicorn startups with a valuation of $1 billion, namely VNG and VNPAY, among the 12 unicorns in the region. Eddie Thai, general partner at 500 Startups, said that there are many factors determining why certain ecosystems …

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Startups need to identify their core values as well as choose technologies that will be suitable in the distant future. — Photo vietnamplus.vn For many startups, the COVID-19 pandemic has been a nightmare. However, the pandemic has also opened up a number of new opportunities for those prepared to innovate. According to Le Group, in the first half of the year, the number of firms that ceased doing business was 59,800. However, over the same period, they also recorded the establishment of 78,300 new enterprises, an increase of 11.9 per cent over the same period last year. Many have been, relative to the rest of the economy, quite successful. “It is not difficult to see businesses that were doing well that are now in trouble because of the pandemic. However, it is also undeniable that many startups have grown stronger because their products and technology are suitable for the changes that the pandemic has made to the habits of consumers,” said Hung Tran, co-founder of Got It, …

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Golden Gate Ventures forecasts tremendous growth in the Southeast Asian startup scene, with Vietnam being one of the focal points Golden Gate Ventures highlighted Vietnam as the rising star in Southeast Asia's startup landscape. According to the latest report by the venture capital firm, Vietnam has already solidified its growing prominence in the region. In 2022, the number of Southeast Asia-focused venture capital funds will put more effort into early stage investments in Vietnam, and it will continue to grow in the next 10 years. There are five industries in Vietnam that are predicted to catch foreign investors' attention, including e-commerce, financial services, online media, online travel, and food and transport. Emerging home-grown startups include Tiki.vn, Sendo, MoMo, Giaohangnhanh (GHN), Lozi, VNPAY, and others. According to the report, capital flowing into the Southeast Asian startup scene grew phenomenally over the past decade with total capital invested per annum …

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The two online seminars, themed “Starting a Business amid the COVID-19 Crisis” and “Startups’ Path: Overheated or Sustainable Growth,” were held on the sidelines of the Viet Solutions 2021 Competition. At the first seminar, participants discussed the impacts of the COVID-19 pandemic on Vietnamese startups over the past time. Particularly, in 2021 around 12,000 businesses, including startups, withdrew from the market each month. Delegates frankly pointed out subjective and objective causes for the failure of these businesses. They said that apart from objective causes like the COVID-19 crisis, another major cause of business failure is the inability to catch up with market and technology trends. Facts show that some businesses have thrived despite the complicated COVID-19 pandemic situation with the support of digital technologies. At this seminar, delegates also pointed out challenges confronting startups and put forward measures to help them develop in a sustainable manner. …

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The investment will be used in advancing Shiok Meats’ research & development activities and build a state-of-the-art production facility in Singapore. Vietnamese seafood exporter Vinh Hoan and South Korea’s leading food giants Woowa Brothers Asia Holdings and CJ CheilJedang Corporation announced a US$30-million bridge funding round into Shiok Meats, a cell-based crustacean meat company. A representative from Vinh Hoan Corporation has confirmed with The Hanoi Times about the fresh investment on July 23. A dish of cell-based lobster meat. Photo: Shiok Meats This bridge round also includes further investment from existing investors such as IRONGREY (Korean family office investing in global tech companies), Big Idea Ventures (the US/Singapore), Twynam Investments (Australia), Henry Soesanto (CEO of Monde Nissin). Vinh Hoan is a shareholder in Hong Kong-based Avant after agreeing to acquire Vinh Technology Pte Ltd, a Singapore-registered entity …

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Covid-19 poses challenges but also opportunities for startups. Instead of groping around for development paths and accepting the high failure probability rate, they can seek support from incubators like Viet Solutions. Le Ba Tan, Deputy CEO of Viettel Networks An online workshop with the theme ‘Starting up during the Covid-19 crisis’, a sideline event of Viet Solutions 2021 competition, was organized with an aim to find a way for startups to develop amid the pandemic. The panel speakers at the event included Le Ba Tan, Deputy CEO of Viettel Networks; Nguyen Hoang Tung, founder of Vi Viet Nam AI, the startup which once won first prize at Viet Solutions 2019; Hung Tran, co-founder and CEO of Got It, a startup from Silicon Valley; and Tran Quang Hung from Vinacapital Ventures. Solving current and post-Covid-19 pains This was a hot topic of discussion at the workshop. Tan said that for businesses, struggling with Covid-19 to exist is a must. However, businesses have to …

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The startup uses 3D scanner, 360 camera and drones to take pictures of showroom space, buildings and factories and then converts the data from physical to digital form. StarGlobal 3D is one of the technology startups leaving an impression on the Shark Tank TV Show. It specializes in providing 3D/360 digital solutions. Previously, to create a 1:1 digital copy of any existing object or construction work, people used 3D Scanning laser technology. The technology showed the outstanding superiority over traditional measurement methods. However, the weak point of 3D Scanning technology is that the data collected from the scanning is a big capacity, up to Terabytes. In order to use the technology, they need computers with very strong configuration and use specialized complicated software which needs to be operated by well trained officers. Realizing that problem, Tran Duy Hao, the founder and executive of StarGlobal 3D and co-workers have built a solution that converts the heavy 3D …

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Nguyễn Thế Dũng working on his orchard in Bắc Ninh. VNA/VNS Photo Đinh Văn Nhiều BẮC NINH – The provincial Youth Union in the northern province of Bắc Ninh, has given a helping hand to save several young start-ups heavily impacted by the COVID-19 pandemic. Secretary of the Bắc Ninh Youth Union, Nguyễn Đức Sâm said that the COVID-19 pandemic had pushed most of the youth start-up models into difficulty, especially in high-tech agricultural production that provides clean and high-quality foods for supermarkets and restaurants. To ensure smalls start-ups in the region could survive, the Union co-ordinated with the Việt Nam Bank for Social Policies to support two loan extensions: one for 10 start-ups to the tune of VNĐ7.1 billion (around $309,000) and the second tranche for six more new start-ups totalling VNĐ4 billion ($174,000). Nguyễn Thế Dũng, a secretary of the Youth Union of Giang Sơn Commune, Gia Bình District, used to be a shining star in the youth start-up movement …

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Beacon Fund, which has offices in Singapore and Ho Chi Minh City, focuses on investing in female entrepreneurs in Indonesia, the Philippines and Vietnam. It has raised half of its initial target of $50 million to date. "We deeply respect SPF’s commitment to building the gender lens investing ecosystem in the region," said Beacon Fund Co-Founder and CEO, Shuyin Tang. "We are very happy to have found a committed partner who similarly wants to make finance work better for women." Beacon Fund’s main priority is debt products, which it says tend to be a better fit for the moderate-growth, cash-flow positive business the fund targets. SPF in 2017 formed Asia Women Impact Fund (AWIF), which aims to invest up to $100 million from its endowment to work toward a future where all women in Asia are empowered to reach their full potential. …

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From job openings to moving up in their career, how do you see the improvement and also challenges of gender equality issues at the workplace and in business organisations in Vietnam? Kamal Malhotra, UN Resident Coordinator in Vietnam In Vietnam, women constitute 47.7 per cent of the labour force and make up 26.5 per cent of business owners and CEOs, making a significant contribution to the economy. However, gender equality is still far from being achieved. Bias and discrimination against women exist at all stages of the human resources cycle. Starting with job descriptions and job advertisements, many examples can be found of language used that makes it more likely that men will apply. During the recruitment process, inherent biases in selection panels can lead to the shortlisting of fewer women. And in interviews it is common that women are asked insensitive and inappropriate questions, like whether they are planning to start a family, that are inherently …

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