Ho Chi Minh City ranks third in Southeast Asia for startup ecosystem value, with an economic impact exceeding 5 billion US Dollars, according to a recent report by U.S.-based Startup Genome, a leading innovation ecosystem development organization.

The ranking was announced at the Saigon Summit, held at the GEM Center in Ho Chi Minh City on Thursday by Tech in Asia, an online platform for the Asian startup ecosystem. The event, themed ‘Charting Vietnam’s Tech Future,’ attracted over 700 startup and innovation leaders worldwide, along with 20 speakers from various countries.

The Startup Genome’s Global Startup Ecosystem Report 2023 revealed that Ho Chi Minh City, with an economic impact value of 5.22 billion US Dollars, ranks third in terms of startup ecosystem value, behind Singapore and Jakarta, Indonesia.

Vietnam’s startup ecosystem has seen remarkable growth in recent years, positioning itself as a favorable destination for entrepreneurs and investors, said Source of Asia, an international business accelerator in Ho Chi Minh City. The country’s digital economy is growing rapidly, expected to reach 45 billion US Dollars by 2025, according to the Southeast Asia Digital Economy Report 2023 by Google, Temasek, and Bain & Company.

The Saigon Summit provided a platform for 35 early-stage startups to present their solutions and connect with potential customers, investors, and partners. An ‘Investor Hour’ session allowed investors and startups to explore fundraising opportunities, while intimate meetings helped attendees build collaborative networks and explore emerging fields.