![city skyline during night time](https://images.unsplash.com/photo-1583417319070-4a69db38a482?ixlib=rb-4.0.3&ixid=M3wxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8fA%3D%3D&auto=format&fit=crop&w=1000&q=80)
 The Vietnamese ecosystem has tremendous potential, particularly due to the sizable market of the Vietnamese economy. This makes local startups in Vietnam profitable even without expanding internationally. Vietnam has recently become a more attractive option for companies looking to relocate due to tariffs imposed on Chinese goods by western countries, as well as Free Trade Agreements signed between Vietnam, the EU, the UK, and various Asia-Pacific nations. With manufacturing costs rising in China, the Vietnamese ecosystem has the opportunity to capitalize on these trends and establish itself as a regional and global Hub. To achieve this, Vietnam should focus on generating technology innovations and incorporating them into traditional manufacturing processes to position itself as a provider of services and manufactured goods. 

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 The Vietnamese government is actively promoting innovation in the country through initiatives such as the Vietnam National Innovation Center and the Department of Science and Technology (DOST). Various programs and funds like the SpeedUP fund, Startupcity.vn, the Vietnam – Finland Innovation Partnership Program, and the National Technology Innovation Fund (NATIF) are aimed at fostering growth in top Vietnamese ecosystems. International organizations like [USAID](https://www.usaid.gov/) and [CARE](https://www.care.org/) are also contributing to Vietnam's startup scene. [The Swiss Entrepreneurship Programme](https://swissep.org/) in Vietnam is noteworthy for its efforts to unite ecosystem stakeholders, support startups, and encourage female entrepreneurship. 

 

 Vietnam's venture capital investments are on the rise, with the government offering tax incentives to attract foreign investors and companies. Key investors like Singaporean VC, [Antler](https://www.antler.co/), and [500 Startups](https://500.co/) are showing interest, and VC funding is expected to reach US$ 5 billion by 2023-2025. 

 

 The approval of National Program 844 in 2016 and the Law on Supporting Small and Medium-Sized Enterprises in 2018 demonstrate Vietnam's commitment to supporting startups. Despite the growth in the number of startups and revenue, challenges persist such as a lack of qualified workers, scaling startups, and slow regulatory reforms. It is crucial for the government to invest in training and education to build a skilled workforce and continue regulatory reforms to create a favorable business environment for investors and developers. Vietnam's open society and lack of Internet restrictions will further attract digital businesses and support the growth of its startup ecosystems. 

 

 Investors are increasingly drawn to growing industries in Vietnam such as ecommerce, fintech, foodtech, enterprise solutions, and information technology services. With unicorns like MoMo and Sky Mavis, Vietnam is emerging as a powerhouse in Southeast Asia's startup scene.

Vietnam

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Hanoi

EQUO startup from Hanoi, Vietnam is ranked null out of 193933 worldwide and null from the 516 startups in Vietnam. See more information and additional rankings on the StartupBlink Global Ecosystem Map

As the innovation hub of the Ontario region, Markham is renowned for its outstanding high-tech R&D capacity, highly-trained professionals, and thriving networks of entrepreneurs which enable our  startup ecosystem to achieve steady continuous growth.

Director General, Department of Academia-Industry Collaboration and Science Park Affairs

Key Stats of the Totonto-Markham Startup Ecosystem

NovX raises US $ 7.8 million and becomes the first Series-C startup in Markham.

2008

Launch of VentureLab, an active non-profit organization that invests in early-stage ventures.

2011

SAP acquires Ontario-based startup, Camilion Solutions.

2013

IBM Innovation Space is launched with US$ 24.75 million investment.

2017

YSpace, York University’s community innovation hub in Markham starts operations.

2018

Spaice, Inc. raises approximately US$ 3.3 million, the highest pre-seed investment to date.

2020

Markham

EQUO Startup Info & Ecosystem Rankings | StartupBlink