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DIGITAL BIZ

Thriving together

South Korean startups are increasingly arriving or expanding in Vietnam to
tap growing demand as digital transformation accelerates in the country.

| By PHUONG NHI

ietnam is emerging as the fastest- holds, exemplified by edtech startup YAHO cent of families having dual incomes and
growing country in ASEAN and LAB. Having entered Vietnam in 2020, over 20 per cent of the population of nearly
V is attracting growing interest the startup, renowned for its online platform 100 million being children aged under 14.”
among South Korean startups. These connecting children with reliable tutors, Reviewty, meanwhile, is a startup run-
have been diversifying their ventures is preparing to bolster its footprint in the ning a cosmetics community and commerce
across various sectors, strategically align- country. It made waves in Vietnam’s edtech platform targeting female consumers. Mr.
ing their operations with the unique char- market last year by introducing a unique Park Jin Kam, CEO of Reviewty, said its
acteristics of the local Vietnamese market. platform that links parents with verified mission is to improve awareness among
While numerous traditional conglomer- tutors for in-home education. Its innovative Vietnamese people about beauty and health-
ates and medium-sized South Korean app, YAHO!, incorporates play-based learn- care and become a healthy venue where
companies are busy relocating their pro- ing and it has established itself as the users can share their experience and con-
duction facilities to Vietnam, it is notable exclusive partner of Daekyo’s Eye-level cerns. “Our next step is to create an e-
that the influx of South Korean startups programs, offering personalized one-on- commerce platform where buyers can
in Vietnam is growing at a faster pace one tutoring. These achievements under- undertake a seamless shopping process,
than these relocations. “Vietnam is a huge score YAHO LAB’s commitment to advanc- from deciding what product to buy to mak-
market for startups, especially interna- ing education, with more innovations on ing a purchase, while creating a channel
tional ones, including those from South the horizon. “We see immense potential in where brands, vendors, and consumers
Korea,” said Mr. David Kim, CEO of The Vietnam’s investment environment, espe- are all connected,” he added.
Invention Lab. “The local market has cially the edtech sector,” said Ms. Seonhee Elsewhere, Go2Joy started out in Viet-
become smaller with stiffening competi- Yoon, Chief Operations Officer (COO) and nam in 2016 and is a mobile online-to-
tion, so South Korean players seek others Co-Founder of YAHO LAB. “This potential offline commerce platform that connects
with huge potential.” stems from a growing economy, a trend local hotels and guests. It has found a
towards dual-income households, and an great deal of success in Vietnam and
STRONG STARTUPS increasing need for high-quality education attracted large volumes of investment cap-
The startup community in South Korea services. The demographics in Vietnam ital. Other South Korean startups such as
recognize the significant potential Vietnam enhance this potential, with about 74 per OKXE.Vn, Hiloca, Gomi, and SpaceT have

38 | VIETNAM ECONOMIC TIMES | JANUARY 2024 en.vneconomy.vn