[SAIGON] A tech-savvy population, a fast-growing economy, and the perks of being first in an emerging market - Vietnamese entrepreneur Le Thanh saw the potential in booming Ho Chi Minh City for his startup transforming coffee grounds into masks. Read more at The Business Times.
Vietnamese e-commerce and e-payment companies have been"flooded" with private equity in the past couple of years, said Eddie Thai, a Ho Chi Minh City-based partner at venture capital firm 500 Startups.Vietnam-based startups made up 18 per cent - or US$741 million - of the capital invested in South-east Asia in 2019, up from 4 per cent in 2018, according to a report by Cento Ventures.
Last year, popular e-wallet platform VNPay reportedly snagged the largest deal in South-east Asia, attracting US$300 million from Softbank's Vision Fund and Singapore's sovereign wealth fund GIC. The country also has a huge pool of software engineers who cost substantially less than their Indian or Chinese peers.
"I took a risk and hoped it would succeed," he said, adding that there had been a surge in orders of his masks from Europe, the US and Japan since they launched in April. Bui Thi Minh Ngoc wanted to find a sustainable alternative to standard menstrual products, searching for months to find the right organic cloth for her sanitary pad business GreenLady Vietnam, which she operates largely on Facebook.
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