Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping venture ecosystems across the globe.

In this special Southeast Asia edition this week, David Cruz e Silva from EUVC and Ambika from Circle Capital sit down with Binh Tran from AVV (Ascend Vietnam Ventures) - a VC firm headquartered in Ho Chi Minh City, backing tech founders across Vietnam, Southeast Asia, and the U.S.

A serial founder turned VC, Binh sold his first company Klout for $200M in 2014 before launching 500 Startups Vietnam and later AVV, which has now backed about 500 startups, including unicorns Turing, Skymavis, and ApplyBoard.

Together, they unpack Vietnam’s ecosystem growth, power-law returns in emerging markets, government catalysts, and how to back founders with both grit and global ambition.

🎧 Here’s what’s covered

• 03:24 “Build Boldly, Scale Faster” — The story behind AVV’s tagline and how speed correlates with ambition and performance.

• 06:29 Vietnam’s ecosystem in one decade — 60% of startups founded between 2015–2025; how AVV rode the first wave.

• 07:47 From founder to funder — Binh’s journey from the Bay Area’s AI wave to seeding Vietnam’s first generation of tech startups.

• 09:42 Power law in Southeast Asia — Why it absolutely applies, and how maturing cycles in India, China, and now Vietnam prove it.

• 12:26 Government as catalyst — From post-embargo GDP per capita of $300 to 8% growth; early signs of state-backed VC emerging.

• 14:46 Vietnam’s startup data points — Six unicorns in under five years and a domestic ecosystem hungry for risk and innovation.

• 17:14 Investment focus: Vietnam+ — Why AVV backs tech talent, not just local markets; global mindset, local execution.

• 17:59 VC learnings: It’s hands-on — From operator to builder of ecosystems; why early-stage in developing markets means getting your hands dirty.

• 20:54 Impact meets returns — How government collaboration enables “ecosystem shaping” as part of the VC mandate.

• 23:37 Advice for global LPs — Think India 10 years ago: early, cheap, high-talent markets; AI as the great equalizer.

• 26:23 LP mix: 45% U.S., 45% East Asia, 10% Europe; corporates using AVV for China+1 exposure and tech-talent pipelines.

• 28:50 Working with founders — From hacker houses in Da Nang to U.S. rounds; AVV’s boutique, founder-first approach.

• 33:26 Cultural calibration — Helping Vietnamese founders learn storytelling, global GTM, and hiring for scale.

• 34:04 Changing beliefs — From Valley-style hypergrowth to Vietnam-style resourcefulness and grit; building despite constraints.

• 37:31 Next five years — Mobile gaming, Web3 for developing markets, AI developer tools, and agri-tech as Vietnam’s global edge.

• 42:09 Final reflection — “Talent is everywhere, opportunity isn’t” — why Southeast Asia’s next decade is ripe for breakout returns.