Over the past few years, 1000’s of young Vietnamese entrepreneurs have flocked to the town to begin their very own business – whether it’s developing modern apps, mobile games, e-commerce or other technological solutions.
This emergence was quickly recognized by the communist-led government of Vietnam. The initiative titled “Vietnam’s Silicon Valley” allocates resources to create an environment where startups can easily thrive.
Last yr, the federal government announced that it could offer legal and financial support to 2,600 startups over the following 10 years.
Connecting youth, resources and innovation
Bobby Liu of the Topica Founder Institute, a startup accelerator program, said Vietnamese individuals are good entrepreneurs, but that is not the one reason Ho Chi Minh City is gaining popularity as a startup hub.
“Fifty percent of the population is under 35 years old and lots of of them have studied abroad,” Liu told DW, adding that Vietnam can also be a base for computer technology outsourced by international firms.
“Couple that with a forward-thinking mindset and low living expenses,” he said.
The Vietnamese government hopes that more people will start their very own businesses. Vice Prime Minister Vuong Dinh Hue announced last yr that Vietnam must have 1 million businesses operating by 2020, up from 500,000 currently.
But achieving success is just not easy. It is estimated that 90 percent of startups fail, often because of lack of funds.
Increasing potential for achievement
One of the country’s success stories is Ticketbox, developed by 33-year-old Tuan Anh Tran. In 2013, it launched a web-based platform through which you’ll be able to easily buy tickets for live shows and other events.
In the primary nine months, Ticketbox grew 24 times its original size, based on Tran. The company recently expanded to Singapore and Thailand.
“I never expected to own an organization operating in three different countries,” Tran told DW. “I just wanted to build something that would help Vietnam.”
Experts say Vietnam is stuffed with opportunities for entrepreneurs. Like many Southeast Asian economies, Vietnam is experiencing very positive growth, with the World Bank estimating GDP to grow by 6.5% in 2017.
Source : DW
