The Vietnamese Government wishes to speed up the development of the start-up community and ecosystem, despite a number of difficulties facing the nation, Deputy Prime Minister Vu Duc Dam has affirmed.

Deputy Prime Minister Vu Duc Dam speaks at high-level policy dialogue on regional start-up ecosystem development

Speaking at a high-level policy dialogue on regional start-up ecosystem development in Da Nang on November 30, Dam cited statistics as saying that 70% of start-up projects in Viet Nam see the presence of foreign investors and 39 out of 40 venture capital funds in the country belong to foreigners.

However, there is no distinction between start-up projects in Viet Nam or abroad, he emphasised, adding that the most important issue for start-ups is seeking out opportunities amongst the challenges that the Vietnamese economy is currently facing.

Along with issues related to capital, infrastructure, legal affairs, and human resources which have been mentioned by many experts and start-up businesses, Dam pointed highlighted the difficulty in setting up a major and open database, contributed by the Government, enterprises, and the public for the benefit of the start-up community.

The national start-up ecosystem has been developing strongly with 40 business incubator centres and business accelerator organisations and 60 co-working spaces nationwide, as well as the participation of various groups such as FPT, Viettel, and Vingroup in venture investment.

Start-up ecosystems in major cities like Hanoi, Da Nang, and Ho Chi Minh City have also gained remarkable achievements, thus helping boost the formation and development of start-up businesses.

Minister of Science and Technology Chu Ngoc Anh shared that in 2017, science and technology ministers in ASEAN member states issued a joint statement on innovation to support and develop start-ups. As such, this high-level policy dialogue has been actively realising the joint statement, he said.

Susan Amat, Executive Director of the Global Entrepreneurship Network (GEN), who has experience in connecting international start-up sectors, suggested that for young start-up ecosystems like Viet Nam, investors should not pay attention to seeking capital, but focus on studying the market and learning about locals’ demand.

Sharing Singapore’s policies and opportunities to promote innovation, Enterprise Singapore (ESG) Chairman Peter Ong said that his agency has helped connect the state and private sectors to create a network and solid infrastructure for start-ups to flourish.

Singapore has also found different resources to facilitate start-ups through links with venture capitalists, he added.

The policy dialogue was held within the framework of the national start-up day, Techfest 2018.

On the occasion, the National Agency for Technology Entrepreneurship and Commercialisation Development under the Ministry of Science and Technology signed cooperation agreements with the ESG, the Action Community for Entrepreneurship (ACE), and Start-up Thailand. The Viet Nam Post and Telecommunications Group also inked a deal with US-based EON Reality Inc., on the day.

(Source: VNA/ DA NANG Today)