Want to be in the loop?
subscribe to
our notification
Business News
VIETNAMESE STARTUPS BAG $35.7 MILLION IN FIRST QUARTER OF 2024
Vietnam's tech ecosystem received total funding of $35.7 million in the first quarter of 2024, according to a report released by Tracxn Technologies on April 2. The Q1/2024 funding of $35.7 million was a 39 per cent drop from the $58.6 million raised in the same period in 2023, but a 467 per cent increase compared to the $6.3 million raised in Q4/2023.
Vietnam ranked third in terms of funding raised by Southeast Asian countries in Q1/2024 after Singapore and Indonesia, while it was fourth in Q4/2023.
Early-stage funding in Q1/2024 stood at $31.2 million, while Q4/2023 did not witness any funding rounds at that stage. However, this was a 47 per cent drop from the $58.6 million raised in the same period last year.
In Q1, total funding of $4.5 million was received in the seed stage, while Q1/2023 did not witness any notable funding. However, this was a 29 per cent drop compared to the $6.3 million raised in Q4/2023.
Trancx noted that this space had not witnessed any late-stage funding in the last three quarters.
Be Group, an app-based aggregator that offers booking services for motorbikes, cars, air tickets, and fast deliveries raised $31.2 million in a series b round, making it the highest funding round so far in 2024.
Autotech, edtech, and enterprise applications were the top-performers based on funding in the Vietnamese tech sector. While Q4/2023 did not witness any notable funding in the autotech and edtech sectors, Q1/2024 witnessed $31.2 million and $2.5 million respectively.
Inversely, the real estate and construction tech and retail sectors did not attract any funding in Q1/2024. Funding into enterprise applications dropped from $4 million in Q4/2023 to $1.5 million in Q1/2024.
Vietnam's tech space saw no Unicorn or IPOs in Q1, which was the same scenario to Q1 and Q4 in 2023.
CyberAgent Capital, Nextrans, and Vietnam Silicon Valley were the overall top investors in this space, while Northstar Ventures, Monk's Hill Ventures, and R2 Venture Partners were the top seed investors Q1/2024.
Source: VIR
Related News
MPI TO AMEND DECREE 35 ON THE IMPLEMENTATION OF PPP REGULATIONS
Deputy Prime Minister Tran Hong Ha has permitted the Ministry of Planning and Investment (MPI) to draft amendments and supplements to Decree No.35/2021/ND-CP, which provide guidance for the implementation of the Law on Public-Private Partnership Investment.
BA RIA-VUNG TAU PROVINCE RANKS FIRST IN FOREIGN INVESTMENT CAPITAL
Statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment showed that between January and April, Ba Ria-Vung Tau lured $1.52 billion in overseas funding, equalling 16.4 per cent of the total foreign investment in the whole country.
INFOGRAPHIC SOCIAL-ECONOMIC SITUATION IN THE APRIL AND FOUR MONTHS OF 2024
The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.
KEY DRIVER GAINS A MUST FOR GROWTH
Only slight order number improvements and enterprise confidence sentiment mean it may be difficult for the country to hit its desired growth goals this year.According to the World Bank’s biannual economic update report released last week, it is expected that the Vietnamese economy may grow by 5.5 per cent this year and 6 per cent next year, making it among top growth leaders in the world.
TEXTILE AND GARMENT BUSINESSES FACE DIFFICULTIES DUE TO LACK OF DOMESTIC SUPPLY
Infrastructure for weaving, dyeing and fabric production is still limited, and there is no spatial planning for development and centralised wastewater treatment, said Nguyễn Thị Tuyết Mai, Deputy General Secretary of the Việt Nam Textile and Apparel Association (Vitas).
ADDED VALUE OF INDUSTRIAL SECTOR UP 6.18 PER CENT IN Q1
Vietnam’s industrial sector posted significant growth in the first quarter of 2024, of an estimated 6.18 per cent compared to the first quarter of 2023. In particular, manufacturing and processing saw robust growth of 6.98 per cent.