Image: getflycrm.com (Population in Vietnam)
Young generations in Vietnam are determined people who know how to adapt to the new business trend very quickly.
As a developing country, Vietnam seems to have taken its best to the startup concept every year. With the life-long history and culture, norms in Vietnam are not always conducive to successful new businesses, and also managing finance could be an issue. However, on the flip side, young generations in Vietnam are determined people who know how to adapt to the new business trend very quickly. People are beginning to see that these idea-stage businesses could be a key plank in Vietnam’s future economic, leading to the growth of the country.
Many organizations or ventures have been created to support the growth of a startup. Hatch! Ventures, for example, is an organization offering a suite of startup ecosystem activities including an incubator mentoring program, co-working spaces, and startup fair, which designed as a playground to share knowledge and to connect startup founders with investors.
Image: songmoi.vn (Hatch! Fair, 2015)
However, it proves to be a bit difficult for the startup culture at this country due to its belief of the Confucian system. This means to not question those who are more senior and to only copy what has been done before. Similarly, another challenge is respect for intellectual copyright. In Vietnam, as in many Asian countries, copying an idea is considered a normal action, whereas, in other developed countries, it’s an embarrassment to copy others.
With the rapid growth of technology and strong skills, young entrepreneurs are those who will be a fundamental part of the growth of the economy. Even though forming a dynamic startup ecosystem in Vietnam can be very challenging and unprecedented, it is still proven potential. Vietnam startups are definitely an ideal destination for investors.