The growth of Vietnam’s startup ecosystem is directly proportional to the number of foreign founders in the country. A decade ago, you could count the number of foreign founders in Vietnam on one hand, but now they are everywhere.
We can see this in the logistics sector with Wareflex and Mystorage; finance with Validus; education with Manabie; lifestyle with LivWell/Vietecera; proptech with Hombase; AI with Persona Studios; and especially in F&B with Kamereo, Pizza 4’P, BiaCraft Artisan Ales, Ụt Ụt, Marou, Pasteur Street Brewing, and Lacàph Coffee.
In addition, the backgrounds of these founders are diverse and include young entrepreneurs from Japan, Singapore, South Korea, India, Europe, and the United States. Of these, Manabie, Validus, Pizza 4’P, Marou, and Homebase have expanded beyond Vietnam into Southeast Asia and global markets, while the remaining startups primarily serve the domestic Vietnamese market.
Wareflex successfully pitched on Vietnam’s Shark Tank in 2023 with the support of two local VC funds, Antler and Genesia Ventures.
According to the founders of Homebase and Persona Studios, they chose Vietnam as their base because of the abundance of tech talent, which makes it easier to build a cost-effective team, and the strong support from local investment funds. Additionally, Vietnam’s central location in Southeast Asia makes it an ideal launchpad for expansion into the region and, eventually, the world.
Vietnam Boasts a Wealth of Tech Talent
Vietnam’s tech talent pool has become a shining star in Southeast Asia. The country boasts a young, highly skilled, and technically proficient workforce, coupled with low labor costs, making it an attractive destination for tech startups and multinational corporations alike.
In recent years, the Vietnamese government has implemented innovative strategies to position the country as a talent hub. With a goal to be among the top 4 in Southeast Asia and top 50 globally in artificial intelligence by 2030, Vietnam is investing heavily in education, infrastructure, and policies that support technological innovation. These efforts create a conducive environment for both local and foreign startups and entrepreneurs to invest and grow.
“Vietnam is an incredibly dynamic and rapidly growing market with a young, tech-savvy population and a growing middle class. Vietnamese culture emphasizes homeownership, and the government’s support for technological innovation has made Vietnam an ideal location for us to scale our operations,” said Phillip An, Co-founder and COO of Homebase, as he began his story.
Homebase, a startup that provides alternative financial solutions for those looking to buy residential real estate but face financial challenges, typically young people, has achieved notable milestones since its founding in 2019. Just a few years after receiving investment from Antler, the company secured funding from Y Combinator (YC) in the US, becoming the first Vietnam-based company to receive YC funding. They then raised $30 million from global investors, including VinaCapital Ventures. Today, Homebase employs over 70 people and has a highly selective hiring process, typically recruiting only 1% of applicants.
Homebase Co-founders Phillip An (left) and JunYuan Tan (right)
Mr. An added, “Our experience with the tech talent pool in Vietnam has also been a key factor in our decision to operate here. The engineers we’ve hired are not only highly skilled but also possess a unique entrepreneurial spirit. They have a sense of ownership and the ability to come up with creative solutions. This is truly priceless!“
Phillip An, who is of Chinese descent but migrated to the US at a young age, lived in South Africa and Singapore before settling in Vietnam to start Homebase. In addition to Phillip An, Homebase has two other co-founders, Đoàn Việt Hưng and JunYuan Tan, who is from Singapore.
Sharing a similar sentiment, Kevin Davis, Co-founder and CEO of Persona Studios, said, “We established our headquarters in Vietnam because of the superior quality of the tech talent pool and the vibrant startup ecosystem. Vietnam’s strategic location in Southeast Asia, along with a cost-effective investment environment, will enable us to grow rapidly.
The developer team in Vietnam is incredibly hardworking and dedicated. They are willing to go the extra mile to ensure that our technology products are delivered to our customers with the highest quality and on time.”
Founded in 2023, Persona Studios develops AI technology to help businesses automate their operations, customer engagement, and recruitment processes. Mr. Davis is a serial entrepreneur, and his first startup was acquired for hundreds of millions of dollars.
After receiving investment from Antler, Persona Studios established a tech headquarters in Vung Tau and raised $1.1 million. Their team now consists of 15 members, and they are running pilot projects globally across various industries.
Vietnam’s Startup Ecosystem Reminiscent of Early Days in Silicon Valley
Additionally, Kevin Davis values the collaborative spirit and strong work ethic of Vietnam’s tech community: “The tech startup ecosystem in Vietnam is reminiscent of the early days in Silicon Valley. People form a tight-knit community and are always willing to lend a helping hand, fostering the growth of startups. The vibrant startup ecosystem in Ho Chi Minh City would not be possible without the efforts of the Vietnamese government.”
Both co-founders shared that they did not encounter significant obstacles in obtaining business licenses as foreigners in Vietnam, nor did they face substantial language barriers. However, they acknowledged the need for additional support from senior tech personnel from other countries.
Kevin Davis, Co-founder and CEO of Persona Studios
“However, we are looking to bring on additional experienced professionals to complement our team. Specifically, we are seeking experts with a proven track record of leadership in complex technology projects in developed countries,” shared Kevin Davis.
Mr. Erik Jonsson, a Partner at Antler Vietnam, elaborated on this point: “Companies like Homebase and Persona Studios require high-quality talent and technological capabilities to grow globally.
In Vietnam, we have built a strong foundation to support local and foreign founders, helping them overcome challenges and scale their businesses. By investing early on, including through mentorship, connections, and funding, we ensure they have the necessary resources to go international.
Additionally, our global network helps founders quickly identify market gaps and leverage existing resources in Vietnam to scale rapidly.”
For example, Antler’s global presence and extensive network include a 10-week program to help founders find co-founders, launch minimum viable products (MVPs), acquire customers, and conduct market fit analysis. Both Phillip An and Kevin Davis found their co-founders and launched their MVPs through Antler’s program.
Antler’s global presence and extensive network have been instrumental in supporting these startups. By investing in talented individuals and providing access to a network of mentors across 30+ countries, Antler leverages its vast resources to help startups think globally from day one.
As a result, when compared to other early-stage investment funds in Vietnam, such as Do Ventures, Genesia Ventures, or Zone Startups Vietnam, Antler’s portfolio stands out for its diverse range of foreign founders.
Erik Jonsson, Partner at Antler Vietnam, previously appeared on Vietnam’s Shark Tank to scout for potential investments.
According to Phillip An, Antler’s support has been instrumental to Homebase’s success: “The relationships and operational knowledge we gained from experts at PropertyGuru and Alibaba were invaluable. Antler not only introduced us to high-quality advisors but also connected us with investors who were the right fit for Homebase at each stage of our growth.”
Antler plans to invest $6 million in Vietnamese startups in 2024. They provide pre-launch and growth-stage funding of up to $600,000 per company. This commitment underscores Antler’s vision of Vietnam as a regional tech hub.
