The Da Nang science and technology sector has implemented many promotional activities, forming international innovation spaces in Da Nang and other countries. This is a bridge to help bring the city’s innovative startups to the international market, promoting the development of the local startup ecosystem.

Deputy Minister of Science and Technology Hoang Minh (left) and Vice Chairman of the Da Nang People's Committee Tran Chi Cuong (right) present flowers to congratulate the launch of the Da Nang - Singapore Innovation Space. Photo: VAN HOANG

The Da Nang - Seoul Innovation Startup Space was established with the goal of creating many cooperation opportunities between partners of Da Nang and Seoul. The space is located in Font 1 building, Mapo district, Seoul (South Korea). This is a place where Da Nang startups can access training and startup programmes of the Global Startup Immigration Centre under the South Korean Ministry of Justice and the startup support ecosystem.

At the same time, they are supported with legal procedures, connected with investment funds and South Korean businesses, helping Da Nang startups easily access and expand the market in this East Asian country.

As one of the first enterprises to take advantage of this space, Mr. Nguyen Huu Hung, the Chairman of IRTECH Technology Joint Stock Company, said that in April 2024, the company received support from the municipal Department of Science and Technology and the Viet Nam Innovation Network in Korea (VINK) to establishan office in Seoul and join the VINK network.

Here, the company is also supported with modern facilities and workspace, helping to optimise business performance and improve product and service quality; directly access leading partners and investment funds in South Korea.

Meanwhile, the Da Nang Department of Science and Technology has established the ‘Seoul Innovation Startup Space in Da Nang’, located at the Viet Nam Innovation Hub building, at 179 Tran Hung Dao, An Hai Bac Ward.

The space in Da Nang plays an important role in supporting South Korean startups to access and develop in the Vietnamese market, while also helping to connect the startup ecosystem between the two cities. This place not only provides a workplace but also serves as a connection centre, supporting startups in establishing a network of partners, accessing investment funds and participating in training and support programmes in Da Nang.

At a number of events that took place in August 2024, the Da Nang Department of Science and Technology also launched the Da Nang innovation space of Quest Ventures (Singapore), a top venture capital fund in Asia and the Da Nang - Singapore Innovation Space located at Block 71, Ayer Rajah Industrial Park, north of Singapore.

According to Mr. James Tan, the Managing Partner at Quest Ventures, the launch of innovation spaces in Da Nang and Singapore is of significance to startups in Da Nang because this is an opportunity to approach the startup community in Singapore.

Singaporean startups also want to cooperate with Vietnamese startups as well as those in Da Nang. Da Nang startups can participate in Singapore’s vibrant ecosystem with more than 4,300 startups, 400 venture capital companies/funds, 7,000 multinational corporations and many higher education institutions.

The innovative startup ecosystem of Da Nang, and Viet Nam in general, is very vibrant. Startups in Singapore also want to exploit this vibrant ecosystem through the support of the Da Nang government.

According to Deputy Director of the municipal Department of Science and Technology Le Thi Thuc, international innovation cooperation spaces in Da Nang and vice versa open up many opportunities for exchange, cooperation connection and promotion of innovation investment between the innovative startup ecosystem of Da Nang and startup countries worldwide.

At these spaces, Da Nang’s startup projects will access information about support programmes, investment funds, as well as connect with international partners such as investment funds, investors, experienced experts, financial resources, technology, training programmes, product development support and business expansion opportunities.

This is also a support channel when startups want to learn information and access the market from both sides. In the coming time, the Da Nang Department of Science and Technology will continue to promote activities, form more innovation spaces of other countries to promote the development of the Da Nang startup ecosystem.

Mr. Aaron Everhart, Director of Draper Startup House (DSH) Viet Nam, part of the startup ecosystem of Draper Venture Network, said that in order for international innovation startup spaces in Da Nang to be effective, Da Nang can study and learn the "Open Innovation" model. In fact, many innovation ecosystems in the world have applied and succeeded with this model.

Cities, universities, businesses and elements in the startup ecosystem need to cooperate together in activities to attract participants. Facilities and infrastructure need to meet more international standards, be more professional and provide a comfortable experience to create a lasting impression on investors, investment funds and international businesses.

In addition, local authorities must have preferential policies and connection programmes to promote the development of the innovation startup ecosystem.

Reporting by VAN HOANG - Translating by A.THU