According to SiliconValley.com, Silicon valley accounts for 1/3 of all venture capital investment in the united states. Small quirks with law in California mean the region supports startup culture heavily and the economic impact of large and small businesses across the region has spread its influence fast.
You’re probably already aware that the ‘silicon’ name coining comes from what used to be the high population of silicon chip innovators in the region – but now is a reference to all the high tech businesses in the area. It’s no surprise that with the rise of popularity in high tech businesses, other regions in the globe have emerged such as Silicon Cape (Cape Town), Dubai Silicon Oasis, Silicon Mallee (Adelaide, Australia) and our very own Silicon Roundabout in London.
Now the time has come for Vietnam to enter the silicon chip (and high tech) business, and it’s heavily backed by the Vietnamese government. As The Next Web reports, Vietnam is commencing The Silicon Valley Project – a $400,000 that aims to create a high tech region replicating that of the Santa Clara valley in California.
The project, first reported on by Tech In Asia, has been designed as a five year plan to “transform the landscape” of Vietnams technology scene. The project will focus on two large projects in Hanoi and Ho Chi Minh City and whilst many of the core values of startup culture encourage independence from the government – Tech In Asia makes a valid point that these projects close proximity to government bodies may help with some of the more problematic paperwork required.
This project is certainly one to keep an eye on – though it could be interesting to see how the Vietnamese government supports some of the startups, especially as in recent months a true clamp-down of internet freedom has taken place in the country.