Vietnam is facing a golden moment for the birth of "unicorns": 20 startups/1 million people, more than Indonesia, China, India
In the context of a rapidly changing world, the era of “small fish eating big fish” opens up opportunities for start-up businesses to rise from zero to the top, especially thanks to the Internet.
The Internet helps exploit global human resources, expand markets and reach customers directly worldwide, creating a highly competitive and rapidly changing environment.
Viet Unicorn, a global non-profit organization in the US, aiming to support young people to start businesses and develop unicorn startups, has just entered the Vietnamese market with the expectation of finding and developing national unicorns and contributing to bringing Vietnam into the world's Top 20 unicorns by 2045.
Mr. Kris Nguyen, representative of Viet Unicorn, commented that Vietnamese people possess qualities of flexibility, adaptability and ambition to be masters, helping them easily seize opportunities in a volatile business environment.
However, there are still major barriers from small-scale business habits, because Vietnamese entrepreneurs often pursue short-term benefits, lack long-term strategies, and have not yet integrated well with the international business environment, culture, and laws. To exploit this opportunity, they need to participate in international business training programs to improve their understanding of the global environment and build sustainable development strategies.
Vietnam has witnessed a strong wave of startups since the beginning of the 21st century, with the number of businesses increasing continuously, currently ranking 3rd in Southeast Asia in terms of the number of startups. In particular, the period from 2015 to now has recorded an explosion, from 400 businesses in 2012 to more than 4,000 in 2018, although the impact of the pandemic has remained nearby. The ratio of startups to population in Vietnam is higher than many countries in the region, showing great potential to become a center of innovation and entrepreneurship, based on perfecting policies and promoting factors to develop a comprehensive startup ecosystem.