Guide to Traveling & Working in Vietnam - VCX 2019

Guide to Traveling & Working in Vietnam – VCX 2019

  1. Startup ecosystem in Vietnam
According   to   the   National   Agency   for Science   and   Technology   Information,   a startup  ecosystem  is  defined  as:  “a  set  of interconnected  entrepreneurial  actors  (both potential and existing), entrepreneurial organisations (e.g. firms, venture capitalists, angel investors, banks), institutions (universities, public sector agencies, financial bodies) and entrepreneurial processes (e.g. the business birth rate, numbers of high growth firms, levels of “blockbuster entrepreneurship”, number  of  serial  entrepreneurs,  degree  of sellout mentality within firms and levels of entrepreneurial  ambition)  which  formally and informally coalesce to connect, mediate and govern the performance within the local entrepreneurial environment” Development  stages  of  the  startup ecosystem in Vietnam
  • The 2000-2014 period
The 2000-2007 period witnessed the emergence of the first creative startups in Vietnam,  such  as  VNG,  Vatgia,  Socbay, and  VC  Corp…  However,  in  the  initial period, Vietnam’s creative startups have not attracted  much  attention.  In  2004,  IDG Ventures   Vietnam   (IDGVV),   the   first venture   capital   fund   in   Vietnam,   was established to    invest     in     high-quality enterprises which were at the beginning of their growth, focusing   on   e-commerce infrastructure, communication, information technology,   technology   businesses,   and entertainment. IDGVV had invested about USD 100 billion from 2004 to 2006 From 2008 to 2014, the  appearance  of  CyberAgent  Venture (CAV) in late 2008 blew a new wind to the creative  startup  sector  in  Vietnam.  CAV focused  on  enterprises  operating  in  the internet   sector,   occupying   high   market shares and managed by talented businessmen.  The  main  fields  of  startup enterprises  included  e-commerce,  internet services,  and  finance.  During  this  period, many startup enterprises had received investments and succeeded, such as Nhaccuatui, Tiki.vn.
  • The 2015-2016 period:
Regarding financial policies, to support and promote startup enterprises, the Government had issued a number of financial policies, including direct supporting policies, such as tax and credit policies, and indirect supporting policies through the incubator model Relating to the point of the “Market access”, notably, the  rate  of  startup  entrepreneurs  in  the wholesale/retail sector in Vietnam accounted  for  71.2%,  while  the  service sector rate was only 9.6%, compared to the average rate at 15% of other factor-driven economies.   Therefore,   Vietnam   should encourage startup entrepreneurs in services, especially services for business development, information/communication        technology, and financial services to shift to a higher stage of development. While foreign projects mainly outsourced the early technology enterprises in Vietnam or   focused   on   the   domestic   market, entrepreneurs   currently   start   to   provide products towards the international market, even at the early stage of establishment. Based on an assessment of the World Bank,  the  quality  of  Vietnam’s  human resources was marked 3.79 points out of 10, ranked the 11th in the 12 surveyed countries in  Asia,  whereas  South  Korea,  India  and Malaysia  achieved  6.91,  5.76,  and  5.59 points respectively. It can be seen from the assessment that Vietnam’s human resources are    weak  regarding quality, lack of dynamism, creativity, innovation, and industrial working style. More importantly, the  sponsorship  and  funding  status  of Vietnamese entrepreneurial ecosystem seemed to  be  vibrant,  but  most of the Vietnamese startup entrepreneurs received   investments from overseas, rather than domestic sources.
  • Limitations and solutions
According to the Article “Startup ecosystem in Vietnam” edited by Amchamvietnam in 2019, some drawbacks have been noted, which are: investment, culture, intellectual property and regulation, payment solutions, time and experience, problem solving, design thinking and product development. Vietnamese govement as well as startups could take some steps to migitgate the limitiations, such as: calling angel funds, mentorship, desiging an appropiate models and methodology, launching branch offices.
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