Silicon Valley and other foreign tech hubs are attracting Vietnamese engineers and entrepreneurs with their dynamic and highly innovative startup culture.

 

These startup powerhouses represent tough competition for Vietnam’s fledgling tech startup scene.

However, two young entrepreneurs see a silver lining for tech startups in Vietnam.

 

Both have recently returned from the Global Entrepreneurship Summit in Silicon Valley, an annual event for entrepreneurs around the world sponsored by the U.S. Department of State.

 

The 2016 summit took place from June 23 to 24.

 

Bui Hai An, the founder of Silicon Straits Saigon, which provides enterprise IT solutions, left Singapore after seven years of studying and working there.

 

After three years as a software engineer in the city-state, An was frustrated with the rigidity of its environment.

 

 

In Singapore, technology, despite being very advanced, is a service provider for other industries, such as finance, banking, or commerce, An said, adding that there is a lack of focus on developing innovative technological products.

 

After the global financial crisis, he said, the market became suffocatingly competitive, with most young Singaporeans more interested in stable jobs than in starting companies.

 

Conversely, the Vietnamese economy remains relatively stable after the global crisis.

 

Many foreign technology companies, particularly those from the U.S. and Singapore, are investing in Vietnam due to a lack of cheap labor in their domestic markets.

 

Many consumer demands are yet to be met, leaving opportunities for startups to carve a niche for themselves.

 

An wants to seize the opportunity to create made-in-Vietnam products with international reach.

 

Pham Tan Phuc, the founder of GCall Vietnam, a web-based call center for e-commerce sites, shares An’s skepticism toward foreign startup scenes.

 

 

He recalled a memorable story from the Global Entrepreneurship Summit, where he met a Jordanian entrepreneur named Farris.

 

Farris was enthusiastic when he first received his U.S. work visa.

 

His enthusiasm waned when he realized he could only stay in the U.S. if his startup still existed after six months.

 

His monthly salary is US$10,000, which, according to Phuc, is barely enough to sustain an acceptable standard of living in San Diego.

 

Farris’s story made Phuc reconsider the often-cherished ‘American Dream.’

 

Phuc’s skepticism also further fueled his commitment to the startup scene in Vietnam.

 

He wants to prove to the world that Vietnam is not just a place to exploit cheap labor.

 

“Vietnamese intellect and technology have the potential to be on top of the world,” Phuc asserted.