Vietnam startups gain on Indonesia and Singapore

(VOVWORLD) - Vietnam's startup sector is growing at a rapid clip despite the global economic slump, as it closes the gap with regional leaders Indonesia and Singapore.

 The Nikkei Asia Review on Sep 3 quoted a joint research by Ho Chi Minh City-based venture capital ESP Capital and Singapore's Cento Ventures as reporting that startup investment in Vietnam hit $246 million this year through June on 56 deals. Investment is expected to top $800 million by the end of the year, which would

Startup investment in Vietnam began to rise last year, with the online retail, payments and education sectors attracting huge capital injections.

Among startups that raised the lion's share of funding last year was e-payment app Momo, which pulled in about $100 million from American private equity company Warburg Pincus, making it one of the largest single rounds ever raised by a Vietnamese startup.