Vietnam now tops for expat startups

Vietnam’s booming economy is now being recognised as a spur for expat entrepreneurs looking for the perfect startup destination.

Vietnam’s strong economic growth provides the ideal background for expat entrepreneurs looking to start a new business. The government has initiated a number of programmes designed to create a dynamic startup ecosystem through the use of mentorship, business incubation, acceleration and training, with the programmes drawing expats as well as Vietnamese returnees to the Southeast Asian country.

According to the founder of Singapore’s Gcalls service Nguyen Xuan Bang, he was persuaded to return to his home country in order to start a similar business and develop its product for the home market. He told reporters the Startup Vietnam Foundation had helped him connect with investors and mentors as well as customers, and praised the foundation’s guidance during the startup period. He’s joined up with startup centres and business incubators at Vietnam’s National University in order to take advantage of their expert assistance.

French expats Loic Guatier and Pierre-Antoine Brun have set up a premium brand online shopping destination under the name of Leflair. The enthusiasm for startups in Vietnam has resulted in financing programmes for new companies and the government is firmly committed to building a competitive, fair business environment as well as promoting online shopping. CEO Guatier said they’d chosen Vietnam because e-commerce was under the radar, giving the perfect location for getting in on the ground floor of a consumer revolution.

After two years in operation, Leflair’s website has 700,000 members and partners and 1,100 international and local premium brands. It’s attracted top foreign investors, most of whom are first-time investors in the country and its monthly traffic is around 1 million. The company’s only problems are caused by the administrative and legal complications of operating in Vietnam and the difficulty of finding enough tech talent and skills, at present a rarity in the country.