Ho Chi Minh City ranks third in Southeast Asia in terms of startup ecosystem value, with an economic impact of over US$5 billion, according to a recent report by the U.S.-based Startup Genome, a world leading innovation ecosystem development organization.

The ranking was released at the Saigon Summit held at the GEM Center in Ho Chi Minh City on Thursday by Singapore-based Tech in Asia, an online platform for the Asian startup ecosystem.

With the theme ‘Charting Vietnam’s Tech Future,’ the event attracted more than 700 startup and innovation leaders from around the world, along with 20 speakers from different countries.  

As shown in the Startup Genome’s Global Startup Ecosystem Report 2023, Ho Chi Minh City, with an economic impact value of $5.22 billion, ranks third in terms of startup ecosystem value, only behind Singapore and Indonesia’s Jakarta.

Gaining remarkable growth over recent years, Vietnam’s startup ecosystem has positioned itself as a favorable destination for entrepreneurs and investors, said Source of Asia, an international business accelerator in Ho Chi Minh City.

Thanks to a surge in funding, a young and tech-savvy population, and government support, Vietnam has been emerging as a key player in the global startup scene, the company added.  

Startups in Vietnam have been facilitated by the country’s digital economy, which is growing at a rapid pace and expected to reach $45 billion by 2025, according to the Southeast Asia Digital Economy Report 2023, conducted by Google, Singapore-based Temasek, and U.S.-based Bain & Company.

In addition, the 100-million-strong Vietnamese market has also created significant opportunities for startups and businesses to expand their scale of operations, the report said. 

The Saigon Summit gave opportunities for 35 early-stage startups to present their solutions and connect with potential customers, investors, and partners.

At the event, investors and upstarts got together at a session named ‘Investor Hour’ to explore exciting fundraising opportunities.

It also created opportunities for attendees to connect with innovators and entrepreneurs to build collaborative networks and explore emerging and potential fields.

The event included a series of intimate meetings aimed at cultivating deeper relationships between attendees.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!