SEOUL, SOUTH KOREA, May 18, 2021 – Seoul Startup Hub opened its first global base in Ho Chi Minh, Vietnam. Dubbed “Seoul Startup Hub Ho Chi Minh,” the organization will become the first case of building an overseas base for Seoul’s startups with the help of a foreign government agency.
By localizing the Seoul Metropolitan Government (SMG)’s startup foster program, the Hub will provide tailored support to startups that seek business opportunities in Vietnam. A comprehensive support program encompassing the provision of office, commercialization,technology exchange with local companies, networking, investment matching, and establishment of overseas corporations will help settle down of startups.
Seoul Startup Hub Ho Chi Minh, with a floor space of 1,758㎡can be found within the National Startup Support Center (NSSC), a representative startup incubator of Ho Chi Minh city. (Address: 1196, Đường 3/2, Phường 8, Quận 11, Thành phố Hồ Chí Minh.)
Seoul is focusing on the Vietnamese market, which is growing at a rapid pace, breaking its records in terms of the number of new startups and transaction volume. Through its base in Ho Chi Minh, the SMG aims to expand opportunities to network with local companies and commercialize global technologies.
In 2019 alone, Vietnam saw a record high of 138,100 new startups, taking the second place in startup investment share among South East Asian countries. Indonesia came first with 59% of the investment share, followed by Vietnam (18%) and Singapore (17%).
Since the SMG’s full support program began in 2019, 35 startups have successfully entered the Vietnamese market so far. These companies gained traction in the local market as they recorded KRW 23.1 billion of sales, attracted KRW 2.6 billion of additional investment, and created 230 new jobs.
A case in point is Wayne Hills Ventures, Inc., which offers a Cloud-based AI service converting text into videos. Wayne Hills Ventures is currently conducting export negotiations with Vingroup, one of the largest conglomerates in Vietnam. Another startup, Burning Bros, established its overseas subsidiary in Vietnam last month and launched the first and only e-commerce platform for women’s fashion.
Noticing these achievements of Seoul, the Ministry of Science and Technology of Vietnam actively undergirded the SMG by provided ample space in NSSC in Ho Chi Minh free of charge.
“The opening of Seoul Startup Hub in Vietnam is especially meaningful in the sense that it is the very first global base for local market entry and the very first case of exporting our startup foster program,” said Kim Eui-Seung, Deputy Mayor for Economic Policy. “Based on this, Seoul will shore up outstanding startups’ foreign market entry and advance the global startup ecosystem by sharing our know-how and experiences in startup support programs with other countries.”