[ May 2, 2023 by Nguyen Phan 0 Comments ]




HIGHLIGHTS Founder Spotlight: Thuy Mai, Founder and CEO of DiCentral

Big Event Upcoming: TECx 2023

Network News: Glass Egg, Marvell, Quest Ventures, Trihill Capital

Funding: Buyo, Buymed, Teky, Vinfast

Vietnam Tech and Startup Environment: Economic Growth, Vietnamese Investment Abroad, Global Rankings, and More


 Vietnam is set to have the largest sports industry in Southeast Asia within 10 years By 2040, Vietnam will have the most diversified economy in Southeast Asia By 2050, Vietnam’s GDP per capita will be over $32,000


TECx is the premier event celebrating the convergence of technology and the arts. Remarkable advances in AI, machine learning, VR/AR, Metaverse, Geoverse, Blockchain, Biotech, Edtech, Agitech, CleanTech, Robotics, among many other technologies, will revolutionize the human experience. Will PE-type investments accelerate this revolution and capitalize on Vietnam’s ascending growth?
The eighth installation of TECx 2023 highlights how these technologies impact the creative arts and
dive into whether these industries will benefit from PE investments. At the forefront of these technologies is AI, which has rapidly advanced in the past decade, allowing for the creation and manipulation of visual art, including film and TV content. Should AI stories be granted originality for purposes of copyright protection? Who owns such works and how can they be distributed? How about AI-generated characters and voices? The impact of AI in the film and TV industry will be profound.
Similarly, music continues to undergo major changes in production and distribution via technology,
including musical composition and performance in the metaverse. The event will explore several business models for music, in various formats, venues, and metaverse media. Our speakers will also address whether existing licensing, contract, marketing, and other related laws will be applicable in the virtual space or if new regulations will need to be created.
Along with substantive business discussions, the event will feature special sessions for aspiring artists
and other stakeholders in the tech, film and music industries. Everyone is invited to experience this
major Media, Music and Motion event. Attendees will enjoy a truly unique experience unlike any other tech event in Vietnam!

Get your Early Bird Tickets Now before they EXPIRE in 2 DAYS


Thuy Mai, Founder and CEO of DiCentral

Thuy came to the US in 1975 as a refugee, he went to high school in Chicago, Illinois and earned his undergraduate/graduate degrees from the University of Illinois at Chicago in 1982/1984 respectively. Thuy worked for AT&T Bell Laboratories & United Space Alliance for NASA program until 2001.


Thuy Mai founded DiCentral and was Chairman/CEO for the entire time before it was acquired in 2021. He was responsible for the company’s overall management, direction, and strategy. DiCentral grew to occupy 7 offices around the world with 650 employees.

From the beginning, DiCentral’s technology was a global product. It simplified complex API and EDI business challenges. EDI, or Electronic Data Interchange, is the electronic exchange of business documents between different companies using a standard format. In other words, it is a method of transferring business documents, such as purchase orders, invoices, and shipping notices, between different computer systems in a standardized, machine-readable format. EDI can help to automate business processes by eliminating the need for manual data entry and document processing. This can help to reduce errors, speed up transactions, and improve overall efficiency. By automating business processes and reducing manual data entry and processing, EDI can help companies to reduce costs associated with paperwork, printing, mailing, and manual labor. By the same token, EDI improves accuracy and speed. Overall, EDI can help companies to streamline their operations, reduce costs, improve accuracy, and enhance efficiency in their supply chain management. This indispensable product is a critical tool for companies of all sizes in a wide range of industries. Given its value, it is no surprise that TrueCommerce (WCAS & AKKR), a large strategic, acquired DiCentral for $215M.

Prior to DiCentral, he was the co-founder of MainGate Corporation. At this time, Thuy is an investor and Chairman for Rainscales & Mainbridge Health Partners. He spends his spare time supporting a few charities and pursues some rigorous hobbies such as marathons, competitive table tennis, and water sports.

Join us on May 30 at 10a EST to learn more on how Thuy built an international company from day 1. https://us06web.zoom.us/j/83972920600?pwd=eTV3clNvUjYva2tjTEhQUTVzYituUT09 Passcode: 180866



Glass Egg
Virtuos, parent company of newly acquired Glass Egg, is set to become the largest game development company in Vietnam as Glass Egg aims to grow its Dalat team to 50 with local talent by the end of 2023, building upon its success in HCMC. Virtuos Studio today announced the launch of its 2D and 3D art production studio in Dalat, Vietnam. The announcement follows Glass Egg’s acquisition by Virtuos in May 2022, and marks the opening of its second studio in Vietnam. Alongside existing Sparx* and Glass Egg studios in Ho Chi Minh City, the new Dalat studio supports Virtuos’ goal of becoming the largest game developer in Vietnam with 1,500 employees by the end of 2024. Glass Egg aims to grow its Dalat team to 50 with homegrown talent by the end of 2023, leveraging the city’s deep local talent pool and the overall growth of the gaming industry in Vietnam. Drawing inspiration from the city’s renowned landscapes and evergreen forests, Glass Egg’s Dalat studio will specialize in character and environment art – complementing its HCMC studio’s well-established expertise in hard surface modeling and production of 3D vehicles for AAA titles including Need for Speed™ Unbound and Forza Horizon 5. Glass Egg’s Dalat studio will be managed by Nam Nguyen, Deputy CEO, and Thuy Le, Head will be managed by Nam Nguyen, Deputy CEO, and Thuy Le, Head of Production. Together, Nam and Thuy bring over two decades of experience in studio management and strategic development. Nam was also one of the founding members of Glass Egg when it was established in 1999.

US’s Marvell Technology, Inc., on May 16 announced the establishment of a world-leading IC design centre in Ho Chi Minh City by upgrading its Marvell Vietnam Technology Company Limited in the city’s District 7. Le Quang Dam, General Director of Marvell Vietnam said that the Marvell Technology is operating 20 development research (RD) centres in regions across the world. With the launching of the centre in Vietnam, Marvell Vietnam will be one of the four world-standard RD centres, along with those in the US, India and Israel. The centre will focus on developing and researching the most advanced IC technologies. It also doubles as a venue for Vietnamese technology engineers to hone their professional skills, opening up many career development opportunities in the field of microchips and semiconductors. Marvell Vietnam currently has about 300 employees, of whom 97% are engineers. Dr. Loi Nguyen, Executive Vice President of Marvell’s Optical and Copper Connectivity Group said that the establishment of the centre is an important step in closing the talent gap and promoting the development of the industry. Marvell is committed to making efforts to attract excellent technical talent to the centre to contribute to the development of job opportunities, careers and a high-value microchip ecosystem in Vietnam, he said.

Quest Ventures
HOMA Sdn Bhd (HOMA2U), a Malaysian marketplace for renovation and interior design materials, announced Tuesday that it secured $875,000 in its pre-series A funding. HOMA2U said in a statement that the investment round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Quest Ventures Pte Ltd, a Singapore-based venture capital firm. This is Quest Ventures Asia Fund II’s second cheque for HOMA2U. The investment round also includes Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the strategic investment arm of the Sabah state government. According to the statement, the funds will fuel HOMA2U’s regional expansion plans to capitalize on a fast-growing market, accelerate product development and expand its market capitalization value, all while striving to promote a circular economy within the renovation and interior design industry. The investment will also be used to support HOMA2U with its growth acceleration and scaling plans to realize its goal of becoming an MYR100 million ($22.42 million) annual revenue-generating company before 2025.

Trihill Capital
UENA, a hyperlocal online food and beverage (F&B) startup based in Indonesia, has raised an undisclosed amount of new funding co-led by the existing investor, East Ventures, and the new investor from Trihill Capital. This new round, that was closed in the first quarter, strengthens UENA’s balance sheet following the seed funding raised in September 2022, UENA said in a statement on Monday. According to the statement, the fund will be used to continue expanding the locations and services to reach more users and customers. V. Ian Sulaiman, VP at Investments at Trihill Capital, said Indonesia predominantly consists of the middle class group. “A growing sub-segment of this group is aspiring middle class who is estimated to represent 45 percent of population only has a monthly spending of $36-80. More often than not, they have difficulties in accessing affordable and nutritious food, especially when available options tend to compromise food safety and hygiene, “We support UENA’s efforts in improving the affordability, availability, and accessibility to daily good food options for the many middle-class Indonesians,” he added.


Vietnam-based Buyo, a bioplastic company originally funded by Antler, recently raised an undisclosed amount of pre-seed funding in a round led by Singapore-based family office Aldebaran Capital. Other investors include Angel investors Le Hoang Lan and Lim Tai Tian. The founder has said that the new funding will be used to build a pilot scale production site in Vietnam first before targeting markets in Europe and North America. The company has also filed a patent and is working to obtain international testing certificates.

Buymed (known as Thuocsi in Vietnam) has recently raised US$51.5 million in their Series B funding round from major regional investors. The lead investor is UOB Venture Management. Other investors include US International Development Finance Corporation (DFC), Smilegate Investment, and Cocoon Capital. The fresh money will go toward enhancing the firm’s platforms and infrastructure, expanding its services, and providing affordable distribution methods for medicine and care services.

Vietnamese educational technology startup Teky Alpha has raised $5 million in funding from Singapore-based impact investment firm Sweef Capital. Existing investor Strategic Year Holdings, a Hong Kong-based investment company with an education focus, also participated in the round. The investment will support the expansion of Teky’s educational services in Vietnam’s public school system and after-school programs for children aged five to 18. The company operates 16 STEAM academies in five cities across Vietnam and has partnered with more than 45 schools across the country to deliver STEAM courses to over 25,000 children.

Vietnamese electric vehicle maker VinFast said on Wednesday it had received a fresh round of funding pledges worth $2.5 billion for its future development, in a move that may signal a new delay to its planned listing in the United States. Of the new pledges, $1 billion will be provided as a grant within the next year from founder Pham Nhat Vuong, Vietnam’s richest man. Parent company Vingroup will provide a grant of $500 million plus a $1 billion loan with a maturity of up to five years. That would increase total funds raised by VinFast to $10.7 billion. The grants and loan will “give a push for VinFast to accelerate its development.”


Vietnam’s Prime Minister approved a long-awaited power plan for this decade that needs $134.7 billion of funding for new power plants and grids, the government said late on Monday, in a move that may help unlock billions of dollars of foreign investment.

“Investment in Vietnamese startups reached $634 million in 2022, down 56% over the previous year due to the impact of global economic fluctuations. This investment was directed to startups through 134 deals, according to the Vietnam Innovation and Technology Investment 2023 Report, published Thursday by Do Ventures, a venture fund, and the National Innovation Center (NIC).”

“The government has extended the payment deadlines for value-added and income taxes and land rents for a fifth time to support the economy amid the global headwinds.
Extensions of three to six months will be given for VAT incurred between March and August. Priority sectors such as agriculture, forestry, seafood, food processing, garment, construction, transportation, and logistics will see the VAT and personal income tax dates extended to Dec. 31.”

“Apple announced on May 12 that it will open its first online store in Vietnam on May 18 in a bid to boost operations in emerging markets. The online store will have a team of experts who are ready to share expertise in Vietnamese to support customers in need. Online shops often precede the opening of retail stores. Apple already sells products in Vietnam via licensed vendors.”

“More companies in Vietnam have adopted a “strategic, consistent or radical” approach to digitalising customer experience and engagement than the global average, according to a study by DBS.

DBS ranked Vietnam second behind only Singapore in this area, and above eight other surveyed markets including Australia, Hong Kong, India, Indonesia, Mainland China, Taiwan, the UK, and the US.”

“There had been 1,643 Vietnamese-invested valid projects in foreign countries with a total capital of 21.93 billion USD as of late April, according to the Ministry of Planning and Investment’s Foreign Investment Agency. Vietnamese investors poured capital into 13 sectors, in which information and communications took the lead with nearly 69% of the total, followed by the agroforestry-fishery, processing and manufacturing, and mining sectors.”



Website: antler.co
Contact: https://www.linkedin.com/in/jonssonej/
Pre-seed to Seed
Every sector

Ascend Vietnam Ventures
Website: https://ascendvietnam.com/
Contact: contact@ascendvietnam.com
Every sector
Pre-product market fit

Cocoon Capital
Seed Round, Series A, Series A
AI, Enterprise Application, Fintech, Insurtech, SaaS, Machine Learning

Do Ventures
Website: https://doventures.vc/en
Contact: https://doventures.vc/en/contact
Early stage
Every sector

East Bridge Partners
Website: https://www.eastbridge.asia/
Contact: info@eastbridgelp.com
Mid-cap investment
Every sector

Gaw Capital Partners
Real estate sector

Golden Gate Ventures
Website: goldengate.vc
Contact: hello@goldengate.vc
Early stage, series A, B
Tooling, consumer apps, SaaS, logistics, e-commerce

Website: https://www.it-farm.com/
Contact: https://www.linkedin.com/company/it-farm-ltd/about/
Seed to series A

Jungle Ventures
Website: https://www.jungle.vc/
Contact: contact@jungle.vc
Pre-seed, seed, series A
Technology startups

Monk’s Hill Ventures
Website: monkshill.com
Contact: ir@monkshill.com
Series A
Technology startups

Patamar Capital
Website: https://patamar.com
Contact: https://www.linkedin.com/in/geoff-woolley-b0665/
Technology startups

Quest Ventures
Website: https://www.questventures.com/
Contact: info@questventures.com
Seed to Series A

SoftBank Ventures Asia
Website: softbank.co.kr
Contact: b_plan@softbank.co.kr
Enterprise Software, Mobile

ThinkZone Ventures
Website: thinkzone.vn
Contact: contact@thinkzone.vn
Seed, pre-series A
Fintech, Edtech, Logistics, Ecommerce, Nanotech, Lifestyle, Service

Trihill Capital
Website: https://www.trihillcapital.com/
Early to growth-stage
Solution-oriented companies and transformative founders across sectors and stages.

Vietnam Investments Group
Website: https://ventures.vinacapital.com/
Contact: investment.vc@vinacapital.com

VinaCapital Ventures
Website: https://ventures.vinacapital.com/
Contact: investment.vc@vinacapital.com

Wavemaker Partners
Website: https://wavemaker.vc/
Contact: pitchsea@wavemaker.vc 
Seed Round

Full List Coming Soon To https://www.savvicode.com/

AboutNguyen Phan