Vietnam needs builders, not just sellers

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In focus

• Vietnam’s AI Hay has no revenue but managed to raise US$18 million. We break down why.
• Telio’s founder is back, with a twist: he’s swapped mom and pop stores for an AAA game.
• As always, send us tips or opinions at editors@techinasia.com

Hello reader,

Visitors to Vietnam love to romanticize the hustle: every alleyway is a market, every curb a pop-up pho shop. Everyone’s selling something.

But Vietnam doesn’t just need sellers. It needs more risk-takers, the kind who bet on tech, not traffic. That’s a different kind of hustle.

The two stories from Vietnam in this edition? They’re about the ones who dare.

First up: Duc Tran and his team at AI Hay, a Vietnamese AI-powered Q&A app. They’re going up against the likes of ChatGPT and Gemini, the ones with billions in funding. Duc and his co-founder quit their jobs at Zalo to build a product that can tackle local queries global models tend to fumble.

The odds? Brutal. The skeptics? Plenty. But you have to admire the audacity. David never looked smaller.

Then there’s Sy Phong Bui. His last startup, B2B firm Telio, crashed just last year after burning through millions in VC cash. Critics didn’t hold back.

But Sy Phong didn’t either. He sold his house to fund his next bet: building an AAA game from Vietnam. Some call it reckless. Others, relentless.

For an innovative culture to thrive, the ecosystem needs to embrace failure and push more people to think beyond the safe bets. It’s not just about chasing stability or quick bucks from real estate.

Build in tech. Build something new, with lasting impact. Leave a legacy.

Thu Huong Le, managing editor

Top Stories

1️⃣ Vietnam’s AI Hay pits local brains against ChatGPT’s brawn

Photo credit: AI Hay

AI Hay, a Vietnamese AI-powered Q&A app, has a mountain to climb.

First, it’s made zero revenue so far, so the fundraising treadmill isn’t stopping anytime soon. Second, it needs a B2B playbook rich enough to subsidize its consumer ambitions. Third, it needs to keep sharpening its tech, especially as Western models get better at low-resource languages like Vietnamese.

2️⃣ Telio’s founder respawns, now gunning for gamers

Ononpay co-founder Sỹ Phong Bùi / Photo credit: Tech in Asia

Sy Phong Bui, who once raised millions from top VCs for his B2B startup Telio, is back. This time, he’s building an AAA game for Vietnam, backed by a US$2.5 million co-development deal with tech giant VNG.

The pairing is an eyebrow-raiser: VNG had poured over US$20 million into Telio and lost it all. Betting on Bui again? That’s real trust.

Quickfire Q&A

Telio’s shutdown in late 2024 was a stark reminder of how brutal Vietnam’s B2B ecommerce market can be. Even so, one startup, Kamereo, is still standing – and growing.

The company has raised several sizable rounds and is steadily expanding to serve the demand for fresh produce from restaurants and other B2B clients in Vietnam.

I had a quick chat with Taku Tanaka, its CEO and co-founder.

What’s a recent win that gave you momentum?

Growing month over month in terms of revenue and margin. We also expanded to Hanoi in December 2024.

What’s the biggest lesson from your founder journey so far?

Playing the long game and having a clearly defined moat are critical to future success.

Who’s someone in SEA tech you admire?

Honestly? I’m still figuring it out. Stay tuned 🙂

What’s a tool you can’t live without?

Zalo. Because in Vietnam, if you’re not on Zalo, do you even exist?

What’s a bet you’re making that others aren’t?

We’re here to fix Vietnam’s food supply chain for good, not just grab quick wins and run.

AI’s coming. Asia’s not waiting.

This week’s 60/40 episode answers some of the biggest questions we have about AI.

Ronnie Chatterji has gone from Duke professor to White House wonk to OpenAI’s chief economist – a trajectory that most can only dream of. In this episode, we get into the biggest topics around AI: how the tech should be viewed as a productivity booster and not a job killer, how it fits into Southeast Asia’s moment to shine, and why robots might outshoot Steph Curry – but will never replace your kid’s math teacher.

This episode has it all, from policy rules to personal AI usage to what it’s like to have Sam Altman as your boss. Listen on YouTube | Spotify | Apple.

Got a tip for us?

If you come across something noteworthy – a sudden pivot, a discreet shutdown, or an unusual deal, for example – feel free to share it with us at editors@techinasia.com. We’ll look into it – we read every email.

Your tip, no matter how small, could be the start of something big. Let’s keep each other sharp.