Vietnam: New Tech Investment Hub

by Minority Fortune

600-02063457After China’s success in the tech world, investors are in search of their next rising star. Vietnam seems to have captured the interest of several big firms. One tech firm by the name of Socbay notably declined Google’s offer to buy them out. However, Socbay only represents one of the several emerging tech firms.

Google’s desire to have a local presence in Vietnam reveals the potential that the country holds. Forbes reports that

Of the country’s 86 million people, a relatively high 26% have access to the Internet, 3 million surf the Web with broadband, and 32 million have a cellphone–with third-generation mobile service coming soon.

These figures indicate that there’s much room for growth. It is understandable why tech firms, including Google, are looking to expand there as they want to participate in the country’s technology expansion.

Investors and firms are lining up to financially back promising tech firms within the country in hopes of mirroring the success that occurred with China. The country seems to be full of talent and opportunity. Now with the West watching, Vietnam gets to develop an identity of its own.

If Vietnam continues to develop at a steady pace, it has the potential to reap a sizable investment. While technology is one sector of interest, more can be created. As international firms continue to set up shop there, Vietnam’s market will grow further. Therefore, it’s a country that one should keep a close eye on.

*Image courtesy of Radius Images.
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