Local startups advised to pursue digital economy

Startups in Vietnam should focus on perfecting their products, pursuing the digital economy and digital transformation with determination to obtain strong growth in the future, according to investors at a press conference held on April 10 in HCMC to launch Vietnam Startup Wheel.

A representative of the HCMC Young Business Association said that the competition gives startups the chance to seek investors, market products and access the market successfully.

Chyl Lee, a representative of Thailand’s Kasikornbank (KBank), said that Vietnam is emerging as a startup center in the region and the world, with over 3,000 startups and a developing technology ecosystem.

This resulted from the country’s readiness for digital transformation, especially fintech which is picking up steam in the local market, Lee said, adding that over the past two years, some US$130 million in foreign investment has been poured into Vietnam’s fintech sector.

In addition, tech startups in Vietnam have benefited from a favorable business environment with incentives and preferential policies offered by the Government, apart from receiving large sums of domestic and foreign capital, Lee pointed out.

Aside from opening branches in Vietnam, KBank is expected to cooperate with many startups in the country to gain ground in the digitalization era.

“As such, Vietnam Startup Wheel will play an important role in connecting the bank with potential Vietnamese startups,” Lee said.

Echoing this opinion, Kyounghwan Kim, vice chairman of Smilegate Investment Fund, said that Vietnam’s economy has changed significantly over the past decade, with a fast growth rate in recent years. Kim stressed that Smilegate expected to contribute to the country’s development, so the fund has not limited investment in Vietnamese startups.

Smilegate is considering focusing on incubation for startups in Vietnam, Kim noted.


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