Above is the sharing of Ms. Dang Nguyen - Founder of Viet Unicorn - about the major barriers for young startups in Vietnam.
According to Ms. Dang Nguyen, thanks to the advent of the Internet, anyone can take advantage of global human resources, expand the market and directly approach potential customers around the world. This change has created a highly competitive and rapidly changing business environment.
"Vietnamese people, with their natural tendency to be flexible, adaptable and have a desire to be masters, possess significant strengths. These qualities help them easily grasp and lead in an ever-changing business environment," said Ms. Nguyen.
However, to fully exploit this opportunity, Ms. Dang Nguyen believes that young startups in Vietnam need to overcome weaknesses such as lack of vision and understanding of global business, lack of long-term orientation, excessive individualism, poor spirit of cooperation and disregard for corporate governance, and failure to integrate with international laws and business practices. These weaknesses are major barriers preventing them from accessing the opportunities that the times bring.
Currently, the startup movement among Vietnamese youth is growing strongly, focusing on the fields of technology, innovation, services and e-commerce. In addition, support from the Government and the community has contributed significantly to promoting the entrepreneurial spirit among the young generation, spreading this movement across the country.
Mr. Le Minh Tuan, a business training and coaching expert, also believes that startups need to focus on core products, bringing real value to convince consumers to come and stay to reuse, instead of pursuing a "money-burning" strategy to get customers at all costs.
According to Mr. Le Minh Tuan, in 2024, potential fields attracting the attention of investment funds may include financial technology, educational technology, and startups applying AI to digitize traditional industries.
"This will be a good opportunity for creative startups with a solid financial foundation to expand into the international market, while startups lacking innovation will gradually be eliminated by the market," Mr. Tuan emphasized.
According to the Global Startup Ecosystem Report (GESER 2023), Vietnam's startup ecosystem currently ranks 3rd in Southeast Asia, with an estimated economic impact of up to 5.22 billion USD.
The number of startups in Vietnam has also increased sharply, from about 1,600 at the time of the COVID-19 pandemic to more than 3,800 at present, of which AI (artificial intelligence) startups account for nearly 10% of the total number.
