Vietnam offers best conditions for “unicorn” startups

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(VOVWORLD) - Asia and the Pacific’s next tech startup “unicorn” may spring from Vietnam, as the ground work to build a strong ecosystem capable of supporting these businesses is well under way, according to a new report by the Asian Development Bank (ADB).
Vietnam offers best conditions for “unicorn” startups - ảnh 1(Photo: @AFP)

According to the report, the Vietnamese Government’s long-term objective for the sector is to attract knowledge, organizations, individuals, and entrepreneurs to contribute to economic development and participate in the creation of successful startups.

ADB’s report, “Vietnam’s Ecosystem for Technology Startups”, looks at the progress of startups in Vietnam and takes Project 844 as an example of government support, which aims to develop up to 600 businesses by 2025. 100 of the businesses will have successfully raised about 85.5 million USD.

ADB economist Aimee Hampel-Milagrosa, one of the report’s lead authors, said tech startups are the new engines of growth for the Vietnamese economy and the Vietnamese Government has promulgated financial and policy incentives to build the next generation of Vietnamese startup unicorns.