Intro: Unicorn Startups in Vietnam
Vietnam has seen a surge in its startup ecosystem, leading to the emergence of several unicorn startups valued at over $1 billion. Here’s an overview of the top 10 unicorn startups in Vietnam, highlighting their services, technologies, unique selling points, competitive edge, and how they address market needs.
1. Tiki
Service and Technology: Tiki is an online marketplace offering a wide range of products, including electronics, home appliances, beauty products, fashion, books, sports equipment, and groceries.
It also provides consumer finance options through its mobile app, available on both Android and iOS. Tiki’s technology integrates a robust e-commerce platform with a secure payment gateway and logistic support to ensure a seamless shopping experience.
The platform uses advanced algorithms to recommend products to users based on their browsing history and preferences, enhancing the shopping experience.
Unique Selling Points and Competitive Edge:
- Diverse Product Range: Offers a comprehensive selection of products across various categories.
- Consumer Finance: Provides financial solutions to enhance consumer purchasing power.
Market Needs Addressed:
- Convenience: Simplifies shopping with a one-stop online marketplace.
- Financial Accessibility: Offers consumer finance options to make products more affordable.
Funding and Valuation:
2. MoMo
Service and Technology: MoMo is a leading e-wallet service in Vietnam, facilitating various transactions, including bill payments, money transfers, and in-store purchases.
It has evolved into a super app offering services like donations, investments, and insurance processing. MoMo uses advanced security protocols to ensure safe transactions and employs machine learning algorithms to personalize user experience.
The app is available on both Android and iOS, making financial transactions easy and accessible for millions of users.
Unique Selling Points and Competitive Edge:
- Super App: Provides a wide range of financial services in one app.
- Rural Expansion: Focuses on expanding digital services to rural areas.
Market Needs Addressed:
- Financial Inclusion: Enhances access to financial services, especially in underserved areas.
- Convenience: Streamlines multiple financial transactions in a single app.
Funding and Valuation:
- Founded: 2007
- Valuation: $2 billion
- Key Investors: Mizuho Financial Group, Goldman Sachs, Macquarie Group (InCorp Vietnam) (Vietcetera).
3. Sky Mavis
Service and Technology: Sky Mavis is a blockchain-based video game development studio, best known for its NFT-based game, Axie Infinity. The game involves players collecting, breeding, and battling fantasy creatures called Axies.
Sky Mavis employs blockchain technology to create a decentralized gaming experience where players truly own their in-game assets.
These assets can be traded on the platform’s marketplace, providing economic opportunities for users. The company also plans to expand its ecosystem with more blockchain-based games and services.
Unique Selling Points and Competitive Edge:
- NFT Integration: Uses blockchain technology to create a unique gaming experience with digital ownership.
- Popular Game: Axie Infinity has gained immense popularity and a large user base.
Market Needs Addressed:
- Digital Ownership: Provides players with true ownership of in-game assets.
- Income Opportunities: Allows players to earn money through gameplay.
Funding and Valuation:
- Founded: 2018
- Valuation: $3 billion
- Key Investors: a16z, Loot Spawn, Accel (InCorp Vietnam) (Vietcetera).
4. VNG
Service and Technology: VNG is an online games developer and cloud solutions provider. It offers a variety of products, including online digital content, community links, utility software, and e-commerce solutions.
Some of its popular games include Gunny and Crossfire Legends. VNG leverages cloud computing to enhance the performance and scalability of its services, providing users with a seamless and enjoyable gaming experience.
The company also invests in cybersecurity to protect user data and maintain the integrity of its platforms.
Unique Selling Points and Competitive Edge:
- Diverse Offerings: Provides a wide range of digital services and products.
- Gaming Leadership: Known for developing popular online games in Vietnam.
Market Needs Addressed:
- Entertainment: Satisfies the demand for online gaming and digital content.
- Technology Solutions: Offers cloud solutions for businesses.
Funding and Valuation:
5. VNPay
Service and Technology: VNPay provides payment processing solutions for merchants, including payment gateways, QR-based payments, app-based payments, and POS terminals.
It serves a wide network of banks and retailers, offering seamless integration of payment solutions. VNPay uses advanced encryption and security measures to ensure safe transactions and employs data analytics to provide insights into consumer behavior and trends.
This enables merchants to optimize their services and improve customer satisfaction.
Unique Selling Points and Competitive Edge:
- Extensive Network: Wide acceptance across banks and retailers in Vietnam.
- Comprehensive Solutions: Offers various payment options for different needs.
Market Needs Addressed:
- Cashless Payments: Facilitates the transition to a cashless society.
- Convenience: Provides multiple payment options to consumers and merchants.
Funding and Valuation:
- Founded: 2007
- Valuation: $1 billion
- Key Investors: GIC, SoftBank Vision Fund (InCorp Vietnam) (Vietcetera).
6. VNLife
Service and Technology: VNLife offers software solutions for omnichannel banking and distribution services, utilizing technologies like AI, blockchain, IoT, and big data to implement digital banking channels and payment solutions.
VNLife’s platforms are designed to support banks in providing digital services to their customers, enhancing efficiency and customer satisfaction.
The company also develops solutions for the travel and retail industries, helping businesses streamline operations and improve customer engagement.
Unique Selling Points and Competitive Edge:
- Early Digitalization: Pioneered SMS banking and early digital banking solutions in Vietnam.
- Technological Integration: Uses advanced technologies to enhance banking services.
Market Needs Addressed:
- Digital Banking: Provides comprehensive digital banking solutions.
- Financial Inclusion: Expands banking services to underserved regions.
Funding and Valuation:
- Founded: 2007
- Valuation: $1 billion
- Key Investors: SoftBank Vision Fund, GIC (Tracxn) (InCorp Vietnam).
7. Axie
Service and Technology: Axie is a decentralized strategy-based gaming platform where users can buy and sell virtual plots, upgrade them using resources, and participate in a marketplace. It offers a unique blend of gaming and digital asset trading.
Axie’s technology integrates blockchain to ensure the security and transparency of transactions. The platform also uses smart contracts to automate processes and reduce the risk of fraud, providing a secure environment for users to trade and interact.
Unique Selling Points and Competitive Edge:
- Decentralized Gaming: Combines gaming with decentralized finance (DeFi).
- Virtual Ownership: Allows players to own and trade virtual assets.
Market Needs Addressed:
- Digital Asset Trading: Provides a platform for trading digital assets.
- Interactive Gaming: Offers an engaging gaming experience with real-world financial benefits.
Funding and Valuation:
- Founded: 2018
- Valuation: $3 billion
- Key Investors: Volumino, Onchain (Tracxn) (InCorp Vietnam).
8. Trusting Social
Service and Technology: Trusting Social uses big data and machine learning technologies to extend financial services to individuals lacking traditional credit records.
It offers credit scoring solutions to banks and financial institutions, enabling them to assess the creditworthiness of individuals based on alternative data sources.
Trusting Social’s platform integrates various data points, such as mobile phone usage and social media activity, to generate accurate credit scores, helping banks make informed lending decisions.
Unique Selling Points and Competitive Edge:
- Innovative Credit Scoring: Uses alternative data sources for credit scoring.
- Financial Inclusion: Helps banks extend credit to underserved populations.
Market Needs Addressed:
- Credit Access: Provides credit scoring for individuals without traditional credit histories.
- Financial Services Expansion: Enables banks to reach a broader customer base.
Funding and Valuation:
- Founded: 2013
- Valuation: Estimated to be close to unicorn status.
- Key Investors: Sequoia Capital, 500 Startups (Tracxn) (InCorp Vietnam).
9. Kyber Network
Service and Technology: Kyber Network is a decentralized cryptocurrency exchange platform that facilitates the exchange of digital assets. The platform focuses on providing liquidity for various cryptocurrencies through its on-chain liquidity protocol, ensuring that users can trade assets quickly and efficiently without relying on centralized exchanges.
Kyber Network supports a wide range of tokens and integrates seamlessly with decentralized applications (dApps), enabling developers to incorporate its services into their projects.
The platform also employs advanced security measures to protect users’ assets and data, maintaining a high level of trust and reliability.
Unique Selling Points and Competitive Edge:
- Decentralized Exchange: Provides a secure and efficient way to trade cryptocurrencies without relying on centralized entities.
- Liquidity Provision: Ensures high liquidity for a wide range of digital assets, facilitating smooth and rapid transactions.
- Integration with dApps: Seamlessly integrates with various decentralized applications, expanding its usability and adoption.
Market Needs Addressed:
- Cryptocurrency Trading: Offers a secure and efficient platform for trading digital assets.
- Liquidity Solutions: Addresses the liquidity challenges often faced in the cryptocurrency market, ensuring users can trade without delays.
Funding and Valuation:
- Founded: 2017
- Valuation: Estimated to be close to unicorn status.
- Key Investors: Pantera Capital, Blockchain Capital (Tracxn) (InCorp Vietnam).
10. Giao Hàng Nhanh (GHN)
Service and Technology: Giao Hàng Nhanh (GHN) is a leading logistics and delivery service provider in Vietnam, offering fast and reliable delivery solutions for e-commerce and retail businesses.
GHN utilizes advanced technology to optimize delivery routes and improve efficiency, ensuring that packages are delivered quickly and reliably. The company offers a comprehensive suite of services, including same-day delivery, next-day delivery, and real-time tracking. GHN’s platform integrates seamlessly with major e-commerce platforms, allowing for smooth operations and enhanced customer satisfaction.
By leveraging big data and machine learning, GHN continuously improves its logistics processes, providing a competitive edge in the rapidly growing e-commerce market.
Unique Selling Points and Competitive Edge:
- Fast Delivery: Known for its speedy delivery services, ensuring quick turnaround times for customers.
- Technology Integration: Uses advanced technology for route optimization and real-time tracking, enhancing efficiency and reliability.
- Comprehensive Services: Offers a full range of delivery services to meet the diverse needs of e-commerce and retail businesses.
Market Needs Addressed:
- E-commerce Support: Provides essential logistics services that support the growth of online retail in Vietnam.
- Efficient Delivery: Ensures timely and reliable delivery, meeting the high expectations of modern consumers.
Funding and Valuation:
- Founded: 2012
- Valuation: Estimated to be close to unicorn status.
- Key Investors: Temasek Holdings, VinaCapital (Tracxn) (InCorp Vietnam).
These Vietnamese unicorn startups are driving innovation and addressing significant market needs, contributing to the country’s growing reputation as a hub for technological advancement and entrepreneurial success.
