The advantages and challenges during the process of building Da Nang into a creative and innovative startup ecosystem over the past 5 years were reviewed at Wednesday’s seminar.

The event was co-hosted by the Songhan Incubator (SHi), Da Nang Department of Science and Technology, Da Nang Entrepreneurship Support (DNES) and Da Nang Hi-tech Park’s General Service Centre.

During the seminar, participants commended Da Nang for its efforts in developing itself into one of the creative and innovative startup ecosystems in Viet Nam. As a result, Da Nang has become a favourite destination for young people from both home and overseas to set up their own businesses.

In a frank way, they also pointed out several shortcomings in the performance of Da Nang's startup sector.

Da Nang faced a severe shortage of investors, investment funds, and startup advisors. There was also lack of close linkage and support between traditional and startup businesses.

In its effort to solve the problems, late last year, Da Nang government gave a green light to carry out a project on developing Da Nang into a Vietnamese national hub for entrepreneurship and innovation in Central Viet Nam.

Data published by Da Nang Department of Science and Technology show that around 1.2 billion VND in funding from Da Nang government was provided for 29 startup businesses in 2020.

In 2021, the Department will boost its cooperation with relevant local agencies to build a network of experts, speakers and startup advisors in Da Nang as an effective way to provide more active support for local startup businesses.

By PHONG LAN - Translated by M.D