Vietnamese startups go global

10:25 | 15/10/2019 Science - Technology

(VEN) - Vietnam is witnessing a strong development of startups. With unique business ideas and improved competitiveness, some startups have not only developed in the domestic market, but also expanded to foreign markets.

Startups play an important role in the development of each country. It is hard to start a business, but even harder to become a global one.

Ecomobi Business Development Director Do Kim Dung said Ecomobi was founded in 2016, and has offices in Singapore, Indonesia, Vietnam and Thailand. It is an artificial intelligence (AI)-powered social selling platform. According to Do Kim Dung, to go global, businesses need to understand the market of the country where they want to expand. Dung said Ecomobi decided to choose Indonesia to invest in due to its favorable conditions, such as a large population and residents’ online habits.

FastGo CEO Nguyen Huu Tuat said he launched a Vietnamese ride-hailing firm, with dreams of scaling up the business overseas. Currently, FastGo is available in Vietnam, Myanmar, and Singapore. The global journey has been one of success and failure, he said, adding that startups should keep taking fearless steps and continue to try.

Startups should have strategies for developing products, selecting partners and using human resources, as well as financial foundations and right directions. In addition, they need to study thoroughly tax policy and legal frameworks before making an investment decision.

Vinalink CEO and VAG Media Chairman Ha Anh Tuan said many Vietnamese startups have gone global and achieved success. They have one thing in common - adapting very quickly to various situations after recognizing problems, even though they have never experienced such an environment before.

Many startups have expressed a desire to go global and receive capital from strategic investors to promote market expansion. Understanding their desire, the government issued Decree 38/2018/ND-CP on investment in small-and-medium startups and innovative firms, contributing to raising resources for them with new investment channels and diversified investment forms.

Vietnamese startups are young, dynamic and eager to learn. In addition, they also have foreign language proficiency

and knowledge of foreign markets due to the participation of international human resources and Vietnamese overseas

students.

Nga Quynh