Investors from all around the world can’t simply ignore the Vietnam tech startup scene. The tech startup ecosystem in Vietnam has been very vibrant over the years and tech startups have started to emerge everywhere.
Being one of Southeast Asia’s fastest-growing economies, Vietnam has a population of over 97 million with a GDP of US$261.6 billion (GDP growth of 7%), reported in 2019 (1).
Currently, there are more than 3,000 tech startups at the moment and the country is now going into second-phase development, also known as the globalisation stage.
Moreover, the Vietnamese government’s policies for the science and technology sector have also led to the sprouting of tech startups across the country.
These policies include corporate tax cuts and exemptions, credit incentives, and exemption, or reduction in water and land surface lease fees.
However, before you form your Vietnam tech startup, you need to get professional business and legal advice from a startup advisor. Legal implications are especially common in startups in Vietnam and you will want to avoid them.
How Startup Advisors can Help Vietnam Tech Startups
A startup advisor is different from an investor or a co-founder. They aren’t seeking shares of your business.
They are more interested in providing you with strategic, tactical advice, so that you can enhance your enterprise’s strategic and operational capabilities. Sometimes, they can also take some of the workloads of your shoulder.
Most new Vietnam tech startup founders and cofounders don’t always have comprehensive expertise and experience necessary to grow a successful business.
Thus, an aspiring business owner often surrounds themselves with one or more skilled advisors who can help grow their business.
Founders are even happier when the startup advisor is influential enough to help them open doors in the Vietnam tech startup scene.
A startup advisor does not get involved in the company’s daily operations. Rather, they assist business owners to work on the business.
They offer certain expertise to the organisation and the stakeholders, including company incorporation, legal compliance, financing, trademark process, marketing and sales, recruitment and hiring, accounting, government ties, and technology.
What to Look for in a Startup Advisor
When you bring a startup advisor into your business, you will need to vet them just like you put your potential hires through a rigorous screening process.
Depending on your requirement, you will want to draft advisors who are a blend of different domain expertise and experience.
A wrong or unqualified advisor can lead to detriment and even chaos to your company.
Here are the four main criteria a competent advisor must have to work with your Vietnam tech startup:
- Connections: they are capable to connect you to important investors and networks
- Value Exchange: a mutually-beneficial relationship is favorable. An advisor will be more committed with small equity arrangement
- Involvement: they are willing to do the work instead of just providing advice and contacts
- Innovation: they must have a unique perspective, experience, and skills that give your business a competitive advantage
Cekindo as Your Startup Advisor in Vietnam
Cekindo is a professional Vietnam tech startup advisor in Vietnam committed to the field of startup consulting and business planning.
We work with entrepreneurs and business owners like you by offering valuable industry insights and strategic recommendations.
We understand that the market and economy in Vietnam are changing so fast. Therefore, for many years, we have helped some of the best-known Vietnam startups navigate highly without compromising their business objectives.
In addition to having an established track record as a startup advisor in the country, Cekindo has the most experienced team that provides cost-effective solutions.
Our solutions are backed up with practical research and immense knowledge to help you overcome your startup’s unique challenges.
If you are ready to set up your Vietnam tech startup now, let’s chat about a custom solution for your business. Fill in the form below.