The country best known for factory floors now wants to be known for code, creativity, and a new generation of globally ambitious founders.

You’ve probably seen the words Made in Vietnam stitched into your trainers, sewn into your T-shirt tag, or printed on your phone charger box. You wouldn’t be wrong to think of Vietnam as a manufacturing powerhouse. But you’d be missing the bigger story.

Because what’s happening under the hood is far more exciting — and it’s happening fast.

In this episode of You Don’t Know Vietnam, we talk to Thomas Binh Do, a startup mentor and the Director for Global Business and Cooperation at VINASA (Vietnam Software & IT Services Association). He’s spent the last decade helping Vietnamese tech firms break out of the local market and go global.

And he’s got a message: Vietnam is done building for others. It’s ready to build for itself.

From “Made in Vietnam” to “Make in Vietnam”

“Made in Vietnam is manufacturing for others,” says Thomas. “Make in Vietnam is innovation owned by Vietnamese.”

It’s more than just a slogan. It’s a mindset shift — and a national mission.

The government isn’t content with churning out components for Samsung, Nike, or Apple. They want to export Vietnamese brands. Vietnamese products. Vietnamese ideas.

And the momentum’s real:

• Strong economic growth, averaging 6.4% annually over the last decade
• A young population, with 70% under 35 and digitally fluent
• Government backing, from tax breaks to the National Digital Transformation Plan
• Strategic location, ideal for companies looking to diversify away from China

The founders are changing, too

Vietnam has long served as an outsourcing hub. But the new generation of founders are not content with following someone else’s blueprint. They’re writing their own.

“They’ve studied abroad. They think globally. They move fast,” says Thomas. “They don’t want to just be part of the supply chain - they want to own the product, the brand, the story.”

But scaling a business is never easy, and local founders still face structural challenges:

• Early-stage funding is increasingly accessible, but growth-stage capital remains scarce
• Technical founders often lack leadership experience or access to global markets

This is where organisations like VINASA come in. It connects startups with international mentors, up-skilling local leadership, and helping navigate the realities of going global.

The sectors to watch

Vietnam’s startup ecosystem is expanding in all the right places:

Fintech: With established players like MoMo and a growing B2B payment infrastructure

E-commerce: Home to local platforms like Tiki, as well as strong regional competition

Gaming and blockchain: Fuelled by a young, engaged user base and a culture of early tech adoption

Software and IT services: From giants like FPT Software to fast-growing firms like Rikkeisoft and SotaTek

Edtech: New platforms are rethinking learning for Vietnam’s exam-focused education system

“Each sector strengthens the others,” says Thomas. “They’re not siloed. It’s a full-stack ecosystem.”

The second Singapore?

That’s the aspiration.

But while Singapore developed as a hub out of necessity - limited land, limited population - Vietnam brings a different advantage: scale.

There’s space to build, talent to grow, and ambition to move faster.

The government is backing this with infrastructure spending on an unprecedented scale: international airports, high-speed rail, new energy projects and smart ports. In parallel, it’s experimenting with regulatory sandboxes in areas like AI, blockchain and emerging tech.

The message to innovators is simple: experiment boldly - we’ll support you.

Failure, grit and the gai co tree

Thomas speaks not only from his work with founders, but from having been one.

He’s launched two startups of his own - a cross-border trading platform and an English education centre - both of which eventually folded. But those experiences shaped the way he mentors others today.

They taught him that good ideas are not enough. You need to know your market. Build the right team. Find mentors early. Think long-term.

He draws inspiration from the Gai Co tree in his hometown - tall, resilient, and generous with its shade.

“It sheltered me growing up. Now I want to be that shelter for startups.”

If you still see Vietnam as just a low-cost manufacturing hub, you’re missing what comes next.

“Come with curiosity. Come with respect. Come ready to build,” says Thomas. “Vietnam is no longer just a factory. It’s a partner.”

The next global tech success story may not come out of Silicon Valley or Shenzhen.

It may come from the same place your shoes did — only this time, the brand will be Vietnamese.