About Emerging Giants in Asia Pacific
A digital revolution is driving growth across Asia Pacific, transforming the way we live, work and do business. It is little surprise that this region is blazing the digital trail for the rest of the world:
— On-ground challenges in Project Delivery and Mitigation Strategies — Asia Pacific has a growing population, a growing workforce and a growing consumer class.
— Digitally — It is home to a fast-growing population of digital natives.
— Dynamically — A combination of better access to the internet, growing prosperity and improved education has created a new class of digital entrepreneurs who are uniquely positioned to identify and fill gaps in the regional market.
Asia Pacific has long been the engine of global prosperity driven by its network of industrial supply chains, but two shifts are now changing its growth-profile dramatically. First, Asian economies are becoming markets in their own right as their incomes rise. The second is that the ability to deliver products digitally has shifted the principal driver of regional growth from manufacturing to services.
The KPMG-HSBC Emerging Giants in Asia Pacific joint report takes an in-depth look at new economy businesses across the region that we believe will make a lasting impact on the global business landscape over the next decade. By analyzing economic and investment indicators in twelve key Asia Pacific markets and interviews with leading start-up founders and executives, we identify exemplary business models for future growth; as well as the conditions that will enable these markets to continue to thrive in today's constantly changing business environment.
Vietnam – One of Asia’s newest and most dynamic start-up scenes
Home to just 1,600 start-ups at the start of the COVID-19 pandemic, that total has jumped to more than 3,000 now – including the country’s four unicorns, according to start-up data platform Trancxn.
Driving the country’s digital economy is a large, young population willing to test and adopt new technology consumer services, supportive government policies, and a surge in overseas funding (according to Trancxn). With such demand from the local market and support from the stakeholders, Vietnam’s tech entrepreneurship is thriving.
Local government’s focus on growth
The Vietnamese Government provides some support for new economy firms through its National Technology Innovation Fund, and as far back as 2017, it set up a FinTech Steering Committee to formulate and submit an annual action plan to the State Bank of Vietnam on the Building of a supportive ecosystem. Moreover, aside from ensuring that the country’s telecom infrastructure remains held by state-owned companies, and local firms (most of them private) control data services, the Government has largely allowed Vietnamese start-ups a free hand to chart their own path.