Ho Chi Minh City emerges as a prominent startup hub in global rankings

June 22, 2023 | 09:37
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The Global Startup Ecosystem Report 2023 by Startup Genome highlights Ho Chi Minh City's significant progress, placing it among the top emerging startup markets worldwide.
Ho Chi Minh City emerges as a prominent startup hub in global rankings

In the recently published Global Startup Ecosystem Report (GSER) 2023 by Startup Genome, Ho Chi Minh City secured its position within the top 100 emerging startup markets worldwide, specifically placing in the range of 81-90.

The report provides an evaluation based on six key indicators, namely performance (40 per cent), funding (30 per cent), market reach (12.5 per cent), experience and talent (12.5 per cent), connectedness (2.5 per cent), and knowledge (2.5 per cent).

In the first three indicators, Ho Chi Minh City has maintained its scores compared to the 2022 rankings, scoring one point for performance, five points for funding, and one point for market reach – all on a scale of 10.

Regarding the experience and talent indicator, Ho Chi Minh City has made significant improvements, increasing its score from one point in the previous year to seven points in this year's report.

The two new indicators, connectedness and knowledge, both received preliminary evaluations of one point.

In mid-June, Ho Chi Minh City's People's Committee also released a report on the results of implementing the Plan 672: Support for the Development of the Innovative Startup Ecosystem in Ho Chi Minh City during the 2021-2025 period.

According to the report, the estimated average investment in science and technology as a percentage of the regional GDP in Ho Chi Minh City reached 0.88 per cent during the 2021-2023 period.

Specifically, from 2021 to date, Ho Chi Minh City has supported the enhancement of the innovative capacities of 5,063 businesses, surpassing the target set for the 2021-2025 period by 168.8 per cent.

It has also nurtured and developed 693 projects, achieving 69.3 per cent of the target for the entire period. Furthermore, it has supported 236 innovative startup enterprises in accessing venture capital investment.

Ho Chi Minh City will continue implementing the effective measures outlined in Plan 672. These include organising and deploying specific policies for the management of science, technology, and innovation, establishing advanced technology and innovation institutes, opening startup innovation centres, and fostering the formation of world-class research bases.

The city will focus on researching, developing, and applying high-tech solutions, products, and services to support the Smart City Initiative, digital transformation programmes, and key industries.

On the other hand, Hanoi is absent from the Startup Genome rankings for both 2022 and 2023, despite previously being listed in the 91-100 range in 2021.

The top 100 emerging ecosystems currently have a value of approximately $1.5 trillion, with Europe providing the highest number of representatives in this ranking. Europe's representation has increased from 37 per cent in the GSER 2022 report to 41 per cent this year.

In addition to the top 100 emerging ecosystems, GSER also ranks the top 30 global ecosystems. The top three positions have maintained their performance since 2020, with Silicon Valley continuing to hold the first position, followed by New York and London.

In Southeast Asia, Singapore has made its debut in the top 10 global startup ecosystems, rising from the 18th position last year to the eighth this year.

This achievement is attributed to Singapore's successful completion of several divestment deals worth over $50 million, four of which were valued at more than $1 billion. Singapore currently boasts 18 unicorns, including the KuCoin cryptocurrency exchange, valued at $10 billion.

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What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional