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K-Startup Grand Challenge 2018 launched

Released at: 15:38, 25/05/2018

K-Startup Grand Challenge 2018 launched

Photo: vneconomy.vn

Challenge run by South Korean Government to build an open ecosystem that helps startups expand into markets in Asia through the use of the South Korean market.

by My Van

The number of investors in Vietnamese startups has increased sharply in the last few years, especially in 2017, Mr. Mai Duy Quang, Vice President in charge of startups at the Vietnam Software and Services Association (VINASA), told the launch of the K-Startup Grand Challenge 2018 on May 24 in Hanoi.

The K-Startup Grand Challenge is a program run by the South Korean Government aimed at building an open ecosystem that helps startups expand into markets in Asia through the use of the South Korean market.

Speaking about the development and potential of startups in Vietnam, Mr. Quang said that money from investors and investment funds both local and overseas has arrived in large quantities in recent times, indicating that the country’s startup environment is quite healthy.

Vietnam had 28 startups receiving investment in 2014, then 67 in 2015 with $137 million, 50 with $205 million in 2016, and 92 with $291 million in 2017.

Prior to 2014 there were only a dozen deals each year, he said, with small amounts of capital involved.

There are no specific figures but the amount of funds invested in startups is undoubtedly increasing, he went on, as many major deals have been struck, such as China’s second-largest e-commerce company, JD.com, investing in Tiki. While not publicly disclosed, unofficial sources have reported the investment was some $44 million.

Investors from South Korea have flocked to Vietnam in the last few years, with two investment funds - Korea Investment Partners (KIP) and Mirae Asset Venture Investment - pouring $10 million into Appota.

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