Staff working at technology "unicorn" VNG - Photo: QUANG DINH
According to StartupBlink's ranking, Ho Chi Minh City is ranked 110th globally and is among the five most dynamic startup cities in Southeast Asia.
Previously, at the end of August 2025, the Ho Chi Minh City Center for Creative Entrepreneurship officially came into operation in the context that the city's startup ecosystem was valued at about 7.4 billion USD, accounting for nearly 50% of the total number of startups in the country.
Must be a trusted destination for start-ups
"If there is one city in the region that is on the verge of something big, it is Ho Chi Minh City," said Mr. Edward Lim, Country Director of Vietnam at BLOCK71 of NUS Enterprise.
According to Mr. Lim, with a young population structure, technology proficiency and the role of " economic gravity" attracting the majority of FDI capital flows, Ho Chi Minh City has the potential to become a "living laboratory" where start-ups and large domestic and foreign enterprises cooperate to test new models in real market conditions.
"If we can combine the vision of becoming a financial center with a strategy to promote innovation, building a bridge between capital, talent and technology, Ho Chi Minh City can absolutely rise to become the innovation capital of Southeast Asia," Mr. Lim affirmed.
Meanwhile, sharing with Tuoi Tre, Mr. Dung Ho - Director of Strategy and External Relations of XNOR Group - said that Vietnamese law is still not flexible with popular international investment forms such as preferential shares, ESOP (shares for employees) or SAFE (synopsis agreement for future equity).
"Foreign investors often require these terms to protect their interests and manage risks. If a start-up only operates under a Vietnamese legal entity, managing cash flow or withdrawing capital later becomes very complicated. In general, if registered in Vietnam, it will be difficult to receive investment from abroad," said Mr. Dung Ho.
In fact, many Vietnamese startups have chosen Singapore - the country ranked 9th in the Global Startup Ecosystem ranking by Start-up Genome with a valuation of about 144 billion USD - to set up their headquarters.
A typical example is Sky Mavis, although recognized as a "unicorn" of Singapore because it is headquartered here, Sky Mavis is still considered a Vietnamese start-up because its founding team is mainly Vietnamese and is run by a Vietnamese CEO.
Therefore, according to experts, to build a sustainable startup ecosystem like Singapore, Ho Chi Minh City needs to affirm its position as a reliable destination for foreign investment capital.
"This requires clearer legal reforms to meet investors' requirements, while enhancing the city's presence and reputation in the international arena," an expert said.
Need to build a "living ecosystem"
In that context, the plan to build IFC not only has the meaning of infrastructure development but can also become a platform connecting ideas, capital and reputation for the startup community.
Speaking to Tuoi Tre, Mr. Christopher Beselin - Chairman of Endurance Capital Investment Fund - said that the IFC project will only be truly valuable if it is implemented as an open platform where investment capital, talent and innovation can meet.
If properly oriented, IFC can create a trustworthy environment, helping capital flow more smoothly into Vietnamese startups. Then investors will feel protected, and founders can focus on product development instead of spending a lot of time on the fundraising process.
"If the IFC initiative can connect all these elements: policy, capital, domestic and foreign human resources and infrastructure, Ho Chi Minh City can completely become a true regional hub for building and scaling technology companies, not just a place to start ideas," said Mr. Beselin.
According to Mr. Beselin, Vietnamese startups themselves need to proactively improve governance standards, report transparency and increase accountability in operations. The sooner they form an international standard mindset and working method, the easier it will be for founders to attract the trust of global investors and contribute to strengthening Vietnam’s position as an emerging financial center in the region.
"If the Government creates a favorable environment and startups respond with ambition and discipline, Ho Chi Minh City can absolutely become the most dynamic innovation and capital mobilization center in emerging Asia," concluded the Chairman of Endurance Capital.
Meanwhile, according to Mr. Edward Lim, Ho Chi Minh City will need to combine talent development with flexibility in the legal framework, creating space for testing ideas, learning and failing safely.
This is what Singapore has achieved through its regulatory sandboxes and is a model that Mr Lim believes the city can adopt in the context of recent reforms.
Mr. Lim suggested that Ho Chi Minh City could take a smart approach by focusing on building a “living ecosystem” instead of just developing a physical area, including strengthening links between universities, businesses and the Government to facilitate start-ups to develop.
Ms. Phan Thi Thang - Deputy Minister of Industry and Trade (second from right), Mr. Le The Chu - Editor-in-Chief of Tuoi Tre Newspaper (left cover) and Mr. Pham Phu Ngoc Trai - Chairman of PRO Vietnam Packaging Recycling Alliance - awarded the Green Startup Star award to start-up AirX Carbon - Photo: QUANG DINH
Need to create conditions for international exposure
Finland, a country with a population of just over 5.5 million but with a startup ecosystem in the top 15 in the world, is calling on global startups to come here to establish businesses, including Vietnam.
According to Ms. Le Van Anh - Director of Human Resource Development in Vietnam of Business Finland, to raise the level of Vietnamese startups, Ho Chi Minh City needs to promote proactive connections with international learning opportunities: join the founding community abroad, organize regular knowledge sharing forums with global partners and participate in startup acceleration programs like in Finland.
"These initiatives will help Vietnamese founders have the opportunity to experiment, expand and strengthen their position in the international market," said a representative of Business Finland.
Start-ups give Singapore wings
Sharing with Business Times, a venture capitalist recounted that even when Anthony Tan - co-founder of Grab - was sleeping on the floor at the office, he believed that this start-up would
success.
“Singapore was shining as a financial hub back then and their government was doing everything it could to build a startup ecosystem that the world would look up to,” he added.
As predicted, by 2021, seven years later, Grab went public with a valuation of nearly $40 billion, bringing Singapore and the Southeast Asian technology industry into the global spotlight.
From this boost, Singapore has consolidated its position as a top destination for startups. Since 1999, the island nation has issued a series of policies to attract venture capital funds, support capital and improve startup capacity with costs up to billions of dollars.
Singapore ranked 9th in Start-up Genome’s Global Startup Ecosystem Ranking, valued at around $144 billion. According to Beinsure, Singapore’s 30 unicorn startups are worth a combined $135 billion, proving that the island nation has become a “capital magnet” in the region.
"Start-ups are not a marginal community. They are businesses that are creating the future of Singapore," Mr. Edward Lim emphasized to Tuoi Tre.
In addition, Singapore has more than 400 active venture capital funds, open policies, a strong legal system and international human resources.
Source: https://tuoitre.vn/de-start-up-chap-canh-cho-tp-hcm-20251021233835663.htm
Comment (0)