The Da Nang Department of Science and Technology and elements in the city’s start -up ecosystem have been implementing many effective activities with the aim to promote the innovative start -up movement across the locality.

The FIVESS Technology JSC participating in the Vietbuild Da Nang International Exhibition in 2024. Photo: H.T

According to Director of the municipal Department of Science and Technology Le Duc Vien, over the past time, many guidelines and policies to support innovative startup projects have been issued, spreading start -up movement widely.

During the 2020-2023 period, the city supported 27 startups. In particular, a total of over VND 3.673 billion in financial funding was provided for 19 enterprises to innovate technology and develop products. More than VND 1.4 billion went to support 8 enterprises and institutes to implement incubation and acceleration programmes. Till date, 172 startup projects have been developed, and 72 innovative start -up enterprises have been established.

In 2024, the municipal Department of Science and Technology conducts surveys to evaluate the operations of incubated projects and supported enterprises. Up to now, 55 out of the 72 enterprises (76.4%) and 90 out of the 172 projects (52.3%) are operating effectively and continue to develop products.

Every year, many events are organised to develop the network and connect the elements of the startup ecosystem. Included are the Da Nang Innovation Startup Festival (SURF), municipal-level Scientific Research Contest for Students, a series of start-up seminars, municipal and national-level Technical Creativity Contest, and robot contest.

In September 2024, Da Nang's three typical innovative startups, namely FiveSS Technology JSC, Acronics Solutions Co.Ltd, and Vinseed Biotechnology Co.Ltd, were honoured at the 2024 Techfest for the North Central Coast region.

According to Director of 5Sao e -commerce floor Do Quy Su, 5Sao, established in 2021, is the foundation for providing comprehensive connection solutions for the construction industry. With more than 14,000 products and services, 5Sao helps simplify the process of connecting investors, contractors and suppliers, optimising costs and quality for projects. With the support and companionship of the city, 5Sao e -commerce floor realises products and services, becoming more successful in the city’s startup ecosystem.

In 2024, 5Sao receives a startup support worth VND 200 million from the city budget, along with a series of Certificates of Merit. In addition, 5Sao successfully ordered capital at Shark Tank Season 7 with an investment of more than VND 2.1 billion for 12.5% ​​of the shares.

“These resources not only help 5Sao be capable of investing strongly in technology and developing the connection platform in the construction industry, but also help the company overcome the common challenges of a startup in the early stages", Mr. Su shared.

According to Deputy Director of the Da Nang Innovation Startup Support Centre Vo Duc Anh, the city has made every effort to develop an innovative start -up ecosystem with the formation and development of support organisations, incubation facilities, venture capital funds, and angel investors, especially the entrepreneurship community.

The Da Nang - Seoul Innovation Space was launched as an effective connection point to support local startups in accessing information, and searching for investment funds and support organisations in South Korea.

Notably, the city expands its start -up cooperation at Kilsaglobal, Metacamp, Draper Startup House and the Da Nang community in Singapore, contributing to facilitating local startups to connect with investment funds and support organisations in Singapore.

The municipal Department of Science and Technology signed a Memorandum of Understanding in the field of innovation with Quest Ventures, a Singaporean investment fund.

Moreover, Da Nang has expanded its connection and cooperation between the city and the leading technology enterprises in China.

In particular, the National Assembly has issused Resolution No. 136/2024/QH15 on urban government organisation and piloting a number of specific mechanisms and policies for development of Da Nang, including 4 groups of special policies on scientific and technological management and innovation: a group of policies on corporate income tax exemption and personal income tax; a group of policies on support for development of creative start -up projects; a group of policies on controlled testing; and a group of policies on the use of infrastructure assets for innovation startup. This is an opportunity to promote the development of the city's innovative start -up ecosystem.

Mr. Le Duc Vien unveiled that the city will continue to improve the mechanisms and policies to support elements in the ecosystem, and promote technological solutions for socio -economic development. At the same time, heed will be on strengthening cooperation with innovative start -up ecosystems of local and international localities such as the USA, Japan, South Korea, Australia, Finland, and Singapore, thereby changing experience in developing startup ecosystems, attracting investment funds for startups, and connecting partners related to Da Nang to support the city's projects and businesses.

Reporting by XUAN HAU - Translating by M.DUNG, T.TUNG