Russian expert: Vietnam is a promising destination for foreign investors
VietReader 19-11-2020, 15:17

Mr. Sergey Sinitsyn emphasized that Vietnam has jumped to third place in the list of the most active start-up ecosystems in ASEAN countries.

A report from the ESP Capital and Cento Ventures indicated the venture capital increased from 5% (in 2018) to 17% (in 2019) in the total investment capital for start-ups in the country, Baoquocte reported.

Russian expert: Vietnam is a promising destination for foreign investors
Illustrative photo: Baodautu

Over the past few years, Vietnam’s innovative startup ecosystem has developed robustly to a level that is significant to the whole region. Hence, it is no exaggeration to say that Vietnam has become one of the hubs for innovation projects in the Asia-Pacific region, said Sergey Sinitsyn, adding that the most magnetic sectors to invest in the country include finance, education, technology, artificial intelligence, and blockchain technology.

Mr. Sinitsyn also gave some examples of foreign investment in Vietnam such as Singaporean Temasek’s participation in VNG Corporation’s project, Softbank & GIC’s investment in VNPAY, and Warburg Pincus’s investment in MoMo. Particularly, VNG Corporation became Vietnam’s first-ever “unicorn” start-up (reaching US$ 1 billion) following the investment of GIC.

Illustrative photo: VNA

Sinitsyn noted that Vietnam has high-quality human resources. He also put emphasis on the important role of universities and institutes, as well as business incubators and human resources training centers.

The Russian expert said that the Vietnamese government plays a constructive role in encouraging and supporting the development of a modern economy. He described the effort of the Ministry of Science and Technology in organizing the annual Techfest Vietnam which creates opportunities for local startups to access international markets like the US, the Republic of Korea, Singapore, and Russia as a significant milestone in stepping up an innovative economy in the nation.