Ho Chi Minh City-based enterprises successfully inked 22 venture deals worth a combined US$400 million during the first three quarters of 2022.

The data was shared on Thursday at the opening ceremony of the 2022 Week of Ho Chi Minh City Innovation, Startup, Entrepreneurship, and Digital Transformation (WHISE) – the largest annual event hosted by the Ho Chi Minh City People’s Committee for innovation, science-technology, and startups.

By the end of September, Vietnam had cut a total of 44 venture deals with foreign investors worth a combined $500 million, including 22 worth a total of $400 million with Ho Chi Minh City-based firms.

Nguyen Viet Dung, director of the Ho Chi Minh City Department of Science and Technology, said international investors spoke highly of the quality of innovative startups in the city, particularly those involved in digital transformation.

According to a recently released study from StartupBlink, a global startup ecosystem mapping and research center, Ho Chi Minh City is currently ranked 179th on the list of global startup cities and is quickly working its way toward the top 100.

The city’s leading role helped Vietnam move up five places to number 54 in the Global Startup Ecosystem Index in 2022, which ranks the startup ecosystems of over 1,000 cities and 100 countries.

In particular, Vietnam places fifth in the Southeast Asian region, following Singapore, Indonesia, Malaysia, and Thailand, which rank seventh, 38th, 42nd, and 53rd in the world, respectively.

This year’s WHISE was themed 'Digital transformation - New driving force for the city’s development' and featured 42 events held on October 13 and 14, aiming to connect Ho Chi Minh City’s innovative startup ecosystem with neighboring provinces, other domestic enterprises, and foreign investors.

WHISE 2022 was attended by 200 startups specializing in artificial intelligence, Internet of Things, blockchain, Tech4life, and STEM.

Ho Chi Minh City’s vice-chairman Duong Anh Duc said innovation and digital transformation have been changing production and business models, creating new values and laying the foundation for the development of the digital economy in the city.

In Ho Chi Minh City, enterprises and state management agencies are pioneers in digital transformation and consider digital transformation an indispensable part of improving the city’s competitiveness, Duc noted.

The municipal People’s Committee will continue its role in orienting, leading, and supporting innovation in the city, the municipal vice-chairman added.

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