'Big Punch' for Indonesia, Vietnam Become Next Silicon Valley Soon
'Big Punch' for Indonesia, Vietnam Become Next Silicon Valley Soon
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HO CHI MINH CITY - If the above actually happened, it would be a 'big punch' to Indonesia. After lefted by investors and move to this country, now Vietnam build new powers in the field of information and technology (IT).
See what will Eddie Thai and Binh Tran do. They are the kind of American entrepreneurs you'd expect to meet in Silicon Valley. Binh Tran is the co-founder of a successful tech company, Klout, which he sold for $200 million (£140 million) in 2014. Eddie Thai, the younger of the two, was educated at Harvard and Yale.
But the pair have decided to set up their venture capital firm away from the ultra competitive corner of California that's home to Google, Apple and Facebook. Instead, 500 Startups is based in Ho Chi Minh City, in southern Vietnam.
"Vietnam in the past 20 years has been one of the fastest growing markets in the world," says Thai as reported by BBC.
"Ten years ago, there were only about four million internet users. Now there are more than 40 million. Ten years ago there were virtually no smartphones in use here. Now there are 30 million smartphone users. The trajectory is phenomenal," he added.
Tran adds: "If you look at scores for Vietnam in reading, math and science, they actually score higher than countries like the US and the UK. That's the foundation for computer science that's given Vietnam an edge."
Saigon Silicon City
There are some who believe this communist country could even become the next Silicon Valley.
"If you were here six or seven months ago, this was like a rice farm," says Hieu Minh Nguyen, as he motions to the dusty plain beneath our feet, about 15 minutes drive from the centre of Ho Chi Minh City, formerly known as Saigon.
"But if you're here in six months, you will see Saigon Silicon City right here. We will build high-rise buildings, and along the river we will have a landscape with a park, and also a golf course and tennis, all kinds of entertainment."
Aiming to create the world's next Silicon Valley is ambitious. But Hieu, a Vietnamese-American investor and chairman of the project, is a believer.
Late last year, a ceremony was held to turn the first sod on what he hopes will become a technology hub that will attract two dozen companies and $1.5bn worth of investment.
Samsung and Intel already have offices in Ho Chi Minh City at the nearby hi-tech park, attracted by a young, well-educated labour force and generous tax incentives.
Add to that a vibrant start-up scene and Mr Hieu's dream might be more achievable than it first appears.
See what will Eddie Thai and Binh Tran do. They are the kind of American entrepreneurs you'd expect to meet in Silicon Valley. Binh Tran is the co-founder of a successful tech company, Klout, which he sold for $200 million (£140 million) in 2014. Eddie Thai, the younger of the two, was educated at Harvard and Yale.
But the pair have decided to set up their venture capital firm away from the ultra competitive corner of California that's home to Google, Apple and Facebook. Instead, 500 Startups is based in Ho Chi Minh City, in southern Vietnam.
"Vietnam in the past 20 years has been one of the fastest growing markets in the world," says Thai as reported by BBC.
"Ten years ago, there were only about four million internet users. Now there are more than 40 million. Ten years ago there were virtually no smartphones in use here. Now there are 30 million smartphone users. The trajectory is phenomenal," he added.
Tran adds: "If you look at scores for Vietnam in reading, math and science, they actually score higher than countries like the US and the UK. That's the foundation for computer science that's given Vietnam an edge."
Saigon Silicon City
There are some who believe this communist country could even become the next Silicon Valley.
"If you were here six or seven months ago, this was like a rice farm," says Hieu Minh Nguyen, as he motions to the dusty plain beneath our feet, about 15 minutes drive from the centre of Ho Chi Minh City, formerly known as Saigon.
"But if you're here in six months, you will see Saigon Silicon City right here. We will build high-rise buildings, and along the river we will have a landscape with a park, and also a golf course and tennis, all kinds of entertainment."
Aiming to create the world's next Silicon Valley is ambitious. But Hieu, a Vietnamese-American investor and chairman of the project, is a believer.
Late last year, a ceremony was held to turn the first sod on what he hopes will become a technology hub that will attract two dozen companies and $1.5bn worth of investment.
Samsung and Intel already have offices in Ho Chi Minh City at the nearby hi-tech park, attracted by a young, well-educated labour force and generous tax incentives.
Add to that a vibrant start-up scene and Mr Hieu's dream might be more achievable than it first appears.
(rnz)
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