The Ho Chi Minh City-based company said in a statement Monday that the deal, the exact value of which has not been revealed, would be used to increase the supply of developers through training programs for graduates. Saramin HR said the investment is part of its global development plan and would support TopDev’s potential expansion in Southeast Asia. 

TopDev said Vietnam has 350,000-400,000 developers now but 500,000 would be needed by 2021 as the country remains a popular outsourcing software destination for multinationals.

Last year, the total investment in Vietnamese tech startups surged by 2.5 times to more than 740 million USD, second only to Indonesia in Southeast Asia.