The Vietnamese manufacturing sector has been the primary driver of the nation's economy for decades. Integrating manufacturing tech such as artificial intelligence, machine learning, and automation has significantly benefited startups in Vietnam.
Robots are increasingly replacing human labour for repetitive tasks, enhancing efficiency and precision, reducing human error, and boosting productivity. This technological shift allows companies to focus more on customisation and client-centric solutions, enabling startups in manufacturing to redefine traditional production processes and set new benchmarks for quality and performance.
Furthermore, Vietnam has become a magnet for semiconductor and advanced electronics companies looking to establish manufacturing bases. According to JPMorgan, by 2025, the country will likely be manufacturing 65% of Apple's AirPods earphones, 5% of MacBook laptops, and 20% of iPad tablets and Apple Watch smartwatches.
Let's take a look at some Vietnamese manufacturing tech startups that people should take note of below.
Inflow
Inflow, a supply chain and manufacturing platform for fashion brands, helps small and medium-sized brands source, track, and manage production. It offers a comprehensive supply network, a supply chain management system, and secure payment options, ensuring complete visibility into the supply chain.
The platform features a user-friendly dashboard with real-time tracking, inventory forecasts, data-driven factory matching, and merchandise management capabilities.
In November 2023, the startup raised USD 2 million in a seed funding round, supported by notable investors such as AppWorks, 500 Global Saison Capital and others. With this investment, the company plans to make substantial investments in design and R&D and develop new technologies for supply chain and manufacturing, enhancing its product offerings. It aims to enable brands to launch new designs within 30 days with minimum order quantities of 50 pieces.
iQuatCongNghiep.vn
An online distributor specialising in industrial tools and equipment, iQuatCongNghiep.vn's platform offers industrial exhaust and ventilation fans, cooling machines, windshield fans, and household fans, among other products.
Established by Dai Phuc, who has over ten years of experience in the ventilation and cooling industry, the company collaborates with renowned brands like KDK, Panasonic, Mitsubishi, and Fresh Sweden. It has developed a comprehensive range of products, including specialised fans for high-rise buildings, shopping centres, and boilers, and it aims to become a leading provider of cooling solutions.
Vulcan Augmetics
Robotic prosthetics company Vulcan Augmetics leads the field in developing biometric sensors and customisable modular prosthetics powered by proprietary machine learning software. Established with a vision to extend its offerings beyond prosthetics, the company aims to encompass a comprehensive range of wearable technologies, from diagnostic to health devices.
With an estimated 57 million amputees globally, including over 500,000 in Vietnam, the need for advanced prosthetic solutions is significant.
In January 2024, it announced that it had secured seed funding from Singapore-based venture capital firm Quest Ventures, bringing the total raised to USD 220,000 over six rounds. The company is backed by six investors, with Epic Angels and Quest Ventures being the most recent contributors.
In the future, Vulcan Augmetics plans to expand its offerings from prosthetics to a full suite of wearable technologies, including diagnostic and health devices and AR and VR control systems, all built upon their initial prosthetics technology platform.
Selex Motors
Based in Hanoi, Selex Smart Electric Vehicles is a pioneering company in Southeast Asia's electric vehicle and battery pack production sector. The company's flagship product is an electric two-wheeler (E2W) designed for high-use applications. It features a proprietary battery-swapping solution that allows users to replenish their energy in less than two minutes, enabling a range of up to 150 km.
It secured USD 3 million in a recent funding round through a convertible note investment. ADB Ventures, Schneider Electric Energy Access Asia, Sopoong Ventures, and Touchstone Partners participated in the round. This investment will enable the startup to expand its production lines, support vehicle sales, and establish battery-swapping systems in key cities. These initiatives are part of Selex's broader strategy to solidify its regional presence and lay the groundwork for global expansion.
A promising future
Vietnam's manufacturing sector continues to drive the nation's economic growth, underpinned by significant advancements in manufacturing technology. The industry contributes over 20% to the GDP, spurs economic expansion, attracts substantial foreign investment, and establishes the region as a Southeast Asian economic leader.
Despite global challenges like the COVID-19 pandemic, startups in manufacturing have demonstrated remarkable resilience, maintaining positive growth and achieving impressive rates. However, it's important to note that these startups face potential challenges such as supply chain disruptions, technological obsolescence, and market competition.
With a robust Industrial Production Index and strong foreign direct investment trends, startups in Vietnam are likely to continue to grow and make substantial contributions to the nation's economic success. Still, they must also navigate these challenges to ensure their long-term sustainability.
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