Digital Biz

According to the “Global Startup Ecosystem Index 2024” report published by StartupBlink, Vietnam’s startup ecosystem index has regained positive growth momentum in 2024.

Specifically, Vietnam’s ranking in the global startup ecosystem index for 2024 has risen by two places, from 58th to 56th. In the Southeast Asia region, Vietnam’s startup ecosystem continues to hold the 5th position and is ranked 12th in the Asia-Pacific region. Additionally, Vietnam stands 31st globally in terms of the number of startups.

The startup ecosystem in Vietnam has achieved significant success in the early months of 2024, with development across various sectors. The fields within Vietnam’s startup ecosystem that are attracting substantial investment from investors include e-commerce, fintech, food technology, enterprise solutions, and IT services. With unicorns like MoMo and Sky Mavis, Vietnam is emerging as a startup powerhouse in Southeast Asia.

Notably, Da Nang city has entered the top 1,000 cities with the highest startup ecosystem index globally for the first time, ranking 896th, along with Ho Chi Minh City (111th) and Hanoi (157th). In Southeast Asia, Ho Chi Minh City and Hanoi maintain their positions at 6th and 7th respectively, while Da Nang ranks 22nd. Besides, Ho Chi Minh City and Hanoi are also ranked 2nd and 7th in Southeast Asia and both are in top 100 globally, in terms of the startup ecosystem index.

Vietnam’s startup ecosystem is considered to have great potential, thanks to the market’s development scale. As a result, domestic startups can achieve profitability even without expanding internationally, especially as Vietnam becomes an attractive destination, since many large companies have sought ways to relocate their production facilities.

Besides, the report also noted that Free Trade Agreements (FTA) with the EU, the UK, and many Asia-Pacific countries also enhance Vietnam’s appeal to foreign investors. With the right initiatives, Vietnam can leverage these advantages to become a regional and global manufacturing hub.

Additionally, the Vietnamese government is making efforts to promote innovation through the establishment of the National Innovation Center (NIC) under the Ministry of Planning and Investment, contributing to growth models based on scientific and technological development. And many initiatives are also being promoted to support the startup ecosystem in Vietnam.

According to Ms. Nguyen Thi Dieu Hang, CEO of Business Startup Support Centre (BSSC), the startup landscape in Vietnam, while still developing and facing various obstacles, shows promising potential that justifies its designation as an emerging market.

“With the support of the government, private industry, and other ecosystem stakeholders, I am optimistic about the future prospects of startups in Vietnam”, Ms. Hang said