These 10 startups are getting ready to venture into Vietnam
COVID-19 made 2020 a difficult year for most economies around the world. Vietnam, however, has managed to pull through with positive developments. Despite many challenges, its GDP has grown over the first quarter of 2021, ending with a year-on-year 4.48% increase.
The Vietnam Global Innovation (VGI) program, powered by Quest Ventures, recently completed its four-week cohort program at the end of March, which focused on providing knowledge and valuable connections to Singaporean startups looking to expand their reach into Vietnam using a mix of in-person and online sessions.
After successfully running its first cohort last year, the 2021 edition has allowed founders from ten startups to learn new insights and also receive feedback on aspects such as their business models and market entry strategies.
SWAT Mobility: Mobility solution provider Swat Mobility provides a range of ride-sharing services that can be customized on-demand, based on users’ needs and preferences. The startup aims to improve traffic flow and reduce transportation costs with its technology. When asked about the biggest takeaway from the VGI program, regional director of marketing Annie Ong commented that “with a fast-growing smartphone penetration rate and a young workforce, the Vietnam market has a huge potential for disruption with mobile applications. Together with the Vietnam government’s National Digital Transformation program, there would be opportunities to help businesses digitalize their current processes. However, the technology that is implemented must be adapted to local taste and preferences to ensure long-term adoption and use.”