Ho Chi Minh City, formerly known as Saigon, located in the south of Vietnam with a 7.5 million population is a young, fast and vibrant city.
The growth of the market in the country, as well as the emergence of a prepared generation, have made some companies turn their heads towards the old Saigon, as a fascinating startup culture is unraveling amongst both Vietnamese natives and expats.
It’s no wonder that even global renowned entrepreneur and founder of Virgin Group, Sir Richard Branson thinks that this vibrant city is one of the world’s best startup hub and how it can be the next “Silicon Valley”.
“I’ve had designers working at Apple – who thought they were living the dream, read my Medium article on the Ho Chi Minh City startup scene, quit their job and turn up there to work on their startup.”
Some leading companies in the technology sector, such as Intel or Samsung, already have offices in Ho Chi Minh City after the independence of France and, during the French colony, the capital of Cochin China.
Sir Richard Branson says, “One of the best thing one can have in this city is ‘lifestyle optimization.’
Truth is, every single aspect of your life is optimized with getting your serviced apartment in less than an hour to having your daily needs settled at highly affordable prices. Plus, with the motorbike culture, it only takes you 10 minutes of getting around in the central business area.
As such, it is a practical and affordable way of managing your startups in this city.
Apart from an optimized lifestyle, starting your business in Ho Chi Minh City can be low as one can easily live on $1,500 a month for a privileged lifestyle. So if you want to start up your business, this is the perfect place to do so.
In this city, local salaries for admins to coders range from USD$500 – USD$1500 per month. They are also a serious crowd, focusing on execution. Thus, there are plenty of bootstrappers leveraging on the fact on how they can build their start-up with these low costs.
What do Sir Richard Branson has to say if you are an entrepreneur thinking of having your startup in Ho Chi Minh City? “Know yourself well. What do you love, what do you hate. What irritates the crap out of you, what can you put up with and tolerate. Envision what your day to day looks like in ‘x’ location and not what you occasionally do.”
With this, the key takeaway is that you have to know yourself really well and what makes you tick on a day-to-day, hour-by-hour and minute-by-minute basis.