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Vietnam's tech startups: a force to be reckoned with

Tuesday, April 12, 2016 - 01:21

Vietnam's young tech talent is successfully drawing foreign funds to the country's booming startup scene. Natasha Howitt reports.

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Vietnam's tech startup scene is booming... and glued to screens in offices and work spaces across the country are the young, tech-savvy brains behind it. Three years ago, a Hanoi-based startup released 'Flappy Bird' - a game that quickly became an international hit. This has set the ball rolling. Financial powerhouses have upped their investment, and venture capitalists are announcing Vietnam-focused funds. They all hope a little financial nurturing will yield another success. Silicon Valley-based "500 Startups" has set aside $10 million for the country. It estimates 1,000 or more startups to launch in Vietnam every year. One of its shoestring investments is Beeketing whose 26-year-old founder says foreign interest is all down to Vietnam's cheap, but skilled, labour. Most of the startups are in e-commerce, a sector where sales grew around 35 percent last year to $4 billion. Compared to China and India, Vietnam's startups are getting little government support. All they have is a scheme dubbed "Vietnam Silicon Valley", which includes legal advice, shared work spaces, and $10,000 in cash.

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Vietnam's tech startups: a force to be reckoned with

Tuesday, April 12, 2016 - 01:21