Startup

Young people are studying proper hardware to apply for the digital transformation ecosystem in SHTP-IC. (Photo: SGGP) “We began with identifying our vision, and searched non-stop for the most suitable technology for that”, said Elsa’s Founder and CEO Van Dinh Hong Vu. In 2021, Elsa was successful in its Series B funding round to attract US$15 million from Vietnam Investments Group and SIG. It is planning to expand its Latin American market and establish its own Business-to-Business (B2B) platform for wholesaling purposes. Being able to attract $578 million from Alibaba and other investors (B Capital Group, Monk’s Hill Venture, Zamrud, Geopost/DPDgroup), Ninja Van is valued at over $1 billion and included in the list of billion-dollar startup businesses and individuals in Southeast Asia. It is going to use the additional capital for technological and infrastructure upgrades, cost optimization, operation quality improvement. FoodMap is another noticeable name as it has just … [Read more...] about Technology as favorable choice among Vietnamese startups

In 2021, Vietnam’s startup ecosystem witnessed numerous milestones, resulting in a total investment capitalization of $1.3 billion. In particular, many startups in the fields of fintech, e-commerce, food and beverage, games, and blockchain quickly gained attention and initial successes in the market. Vietnam as a "rising star" According to a report by Singapore venture capital firm Golden Gate Ventures, Vietnam is considered a "rising star" in Southeast Asia's startup sector and is predicted to be the third largest startup ecosystem by 2022. Despite the severe impact of the Covid-19 outbreak, many investors continue to view Vietnam's startup ecosystem as an appealing destination in the region. A survey by two Singapore-based venture capital firms, Cento Ventures and ESP Capital emphasized Vietnam is ASEAN's third most dynamic economy, behind Singapore and Indonesia. Accordingly, the managing director of ITI Fund indicated that in 2021, Vietnam welcomed its fourth unicorn - … [Read more...] about Covid-19 pandemic a catalyst for startup ideas

According to Techinasia, Vietnam-based bank Timo has raised $20 million in an investment round led by Square Peg. This is a famous investment fund that has invested in technology unicorn projects such as Canva, FinAnce and Airwallex. In addition to Square Peg, Jungle Ventures, Granite Oak, Phoenix Holdings and several other angel investors also participated in this funding round. This is Timo's first fund-raising round. Proceeds from investors will be used to develop the base technology, with a focus on products specific to the Vietnamese market. Established in 2015, Timo is a provider of digital banking services that enables users to make payments and participate in other financial services without having to go directly to a bank branch. Timo users can even open a bank account without going to a bank for registration. Timo's successful funding round comes in the context of increasing digital banking products in Southeast Asia, especially in Vietnam. … [Read more...] about Vietnamese digital banking startup gets 20 million USD

On the back of the UVFTA, trade and investment are expected to further flourish between the two nations, Photo: Le Toan After being appointed as the Vietnamese ambassador to the United Kingdom for the 2020-2023 term, Nguyen Hoang Long immediately rolled up his sleeves to help connect the Vietnamese and British business communities. Last week he met with Vincent Keaveny, Lord Mayor of London, as both sides discussed solutions for boosting financial cooperation between the financial capital and Vietnam’s enterprises and organisations. “Financial cooperation is always a focal sector in the economic relationship between the UK and Vietnam as many financial, banking, and insurance groups from the former have made their presence for a very long time in the latter. The UK is the No.1 partner of Vietnam in this sector,” Long said. “The UK-Vietnam Free Trade Agreement (UVFTA) is acting as a big driver of the trade and investment cooperation between the two economies,” he said. “It is … [Read more...] about Brits on board for expansion in Vietnamese partnerships

Overseas Vietnamese in the UK raised funds to contribute to the National COVID-19 Vaccine Fund. — VNA/VNS Photo Deputy Minister of Foreign Affairs and Head of the State Committee for Overseas Vietnamese (OV) Affairs Phạm Quang Hiệu talks to Vietnam News Agency about the “ Xuân Quê Hương ” (Homeland Spring) Programme 2022, the biggest annual event for OVs during Tết (Lunar New Year). What is the meaning of the Homeland Spring Programme 2022, and what activities are planned for Vietnamese to return to welcome Tết amid the pandemic? The pandemic is progressing in a complex fashion. However, Party and State leaders always create the best conditions for OVs to return home for Tết . The opening of commercial air routes with some countries is still on a trial basis and has yet to meet the demand of a huge number of OVs who want to return. The Ministry of Foreign Affairs is coordinating with ministries and agencies to organise more flights to meet demand as well as … [Read more...] about Overseas Vietnamese encouraged to aid national development

Vinfast's car assembly plant in Hai Phong. — VNA/VNS Photo Artificial Intelligence (AI) technology has advanced at lightning speed over the past decade and has become the hot topic of many domestic and international seminars. But the question remains; how to boost the development of AI companies in Viet Nam? AI has penetrated deeply into many fields with different applications, such as multilingual translator devices, virtual assistants and self-driving cars. During the social distancing caused by the COVID-19 pandemic, the use of AI in Viet Nam has gotten more attention in customer care and medical services to reduce direct contact, which helped boost many startups in high technology. And Professor Vu Ha Van, Scientific Director of VinBigdata Institute under Vingroup, believes Viet Nam has good conditions to build AI systems and it will be possible to apply the technology widely in local production in the future. After three years of operations, the institute has achieved … [Read more...] about Vietnamese enterprises have the conditions to develop world-class AI