The Vietnamese startup community has made breakthroughs despite difficulties brought by the COVID-19 pandemic as a record high of more than 1.3 billion USD in venture capital was pumped into startups last year.

The Vietnamese startup community has made breakthroughs despite difficulties brought by the COVID-19 pandemic (Photo: ictvietnam.vn)

The amount showed their dynamism, flexibility and resilience amid the complex developments of COVID-19.

Pham Hong Quat, head of the National Agency for Technology Entrepreneurship and Commercialisation Development, said the startups opted for technological solutions in calling for investment due to the pandemic.

Domestic demand helps Vietnamese startups pilot their digital transformation products and come up with solutions which are expected to go global, he added.

As there is a need for those who are capable of turning technologies into business models in a bid to resolve specific issues of the market, startups and consultants are believed to play an important role. Support from major businesses will also enable Vietnamese startups to compete with their peers in regional countries.

This year, Vietnamese startups are projected to ride the wave of momentum in 2021. Once they recognise global solutions and trends in the post-pandemic period, they will be able to cope with and make breakthroughs, Quat said.

To facilitate the rapid development of the startup community, Quat underlined the need for coaches and consultants, adding that more policies are required to support startups that address global solutions.

Tech experts said that orientation for Vietnamese startups to resolve global issues is a focus of the national economic development facilitation at large and innovation in particular.

Startups are advised to collaborate with each other and join hands with major corporations, coaches and consultants so as to go global and obtain better achievements this year.

Source: VNA