Vietnam has been named among the five underrated Asian markets that could be home to the next unicorn, according to a list released by Travel Daily Media, a fast-growing online community dedicated to informing, connecting, and developing the world’s travel industry professionals.
“Vietnam is a country that cannot be ignored as it is one of the fastest growing markets in the region. They say that Vietnam is the new Thailand as the latter is slowly joining the ranks of Singapore and Hong Kong,” Travel Daily Media wrote.
The start-up ecosystem is still in the fancy stage. It was in 2016 when the country experienced high-speed growth. The increase of start-ups was made possible with a good telecommunications system, the Internet, 4G, and the improvement of technology and education.
The ecosystem was also driven by Vietnamese overseas. They are a generation of Vietnamese who study overseas and come back. Although the market is still young, it only promises incredible growth in years to come.
The Philippines tops the list, followed by Indonesia, Vietnam, Taiwan (China) and Israel.
Earlier, Vietnamese start-up travel company Ecohost beat 110 competitors to take second prize in the 2018 Mekong Initiative Startups in Tourism (MIST) challenge. MIST’s second prize comes with a US$5,000 innovation grant.
Ecohost enables quality tourism experiences in Vietnam’s countryside, working village-by-village to develop tours and activities while improving the capacity of rural homestay to serve international guests.
MIST supports high-growth-potential emerging market startups in travel and hospitality – especially startups that generate positive impacts on communities, culture, and the environment.