A two-day startup festival (TechFest Viet Nam 2016) that concluded in Ha Noi on November 13 attracted nearly 170 investors and more than 3,000 visitors, according to the organisers.

Deputy Prime Minister Vu Duc Dam (left) visits a booth at the event. Photo: VNA

Speaking at the closing ceremony, Deputy Minister of Science and Technology Tran Van Tung said that the event helped to develop a startup ecosystem in Viet Nam.

Participants discussed issues hindering the growth of the startup community following the suggestions of Deputy Prime Minister Vu Duc Dam, he said.

Various seminars and conferences were held, while international programmes and projects sponsoring startups and investment funds in Viet Nam were also honoured. An exhibition was held to showcase new products of more than 100 startups.

Nineteen outstanding startups who won a contest at the event will be offered a visit to Silicon Valley in the US.

Minister of Science and Technology Chu Ngoc Anh said that TechFest Viet Nam 216 showed the development of the knowledge-based economy.

He called for support from the Government, ministries, sectors, localities and investors to startups, which he said would contribute to sustainable economic development.

The introduction of a Steering Committee for a project to support the startup ecosystem during the event was an important milestone for the expansion of the startup community, he said.

Through the event, the ministry also affirmed its determination to coordinate with other ministries, sectors and localities to synchronise legal frameworks and create favourable conditions for startups, investors and startup support organisations.

According to the Ministry of Science and Technology, Viet Nam is the world’s third most attractive country for venture capital funds.

Currently, the country has 1,800 startups, 21 incubating facilities and seven business accelerators.

This year was considered a good year for startups, as many Vietnamese startups have received big investments.

Lozi, a social network for trading of clothing and electronics, is among successful startups. It currently has 400,000 users with revenue of about 50,000 USD per month.

The US venture capital seed fund 500 Startups decided to form a 10 million USD fund to invest in 100-150 startup projects in Viet Nam. The sum will be increased to 100 million USD over the next five years.

More than 20 foreign venture capital funds are also operating in Viet Nam, including IDG Venture, Cyber Agent Venture and Vina Capital.

(Source: VNA)