Da Nang has, in recent times, expanded connections to regional and international innovation and startup ecosystems, aimed at absorbing valuable experiences and seeking cooperation opportunities for further development as well. Other purpose is to affirm the city's role as one of the three national innovation and startup centres in the country.

The delegation of the Da Nang Department of Science and Technology promoted cooperation and development opportunities in the semiconductor industry in Australia in early October 2024. Photo: D.A

In 2023, the municipal Department of Science and Technology worked with more than 10 embassies and foreign diplomatic agencies, as well as organised two working trips to South Korea and Singapore.

During these activities, the Department met directly with more than 20 partners, investment funds and startup support organisations in a bid to introduce the potential and strengths of Da Nang, and at the same time call for investment in the city. The unit’s great efforts have significantly contributed to successfully launching the Da Nang - Seoul Innovation Space in late 2023.

Another important milestone was the signing of a cooperation agreement between the Department and the Quest Ventures - a large investment fund based in Singapore which has invested in more than 100 startups in Asia. This was considered to be an important step in attracting international investment sources and promoting innovation in the startup community in the city.

Following the positive results of 2023, at the end of May 2024, the municipal Department of Science and Technology successfully organised the Da Nang Venture and Angel Summit (DAVAS) 2024. The first-ever event in the city aimed to connect elements in the ecosystem, creating opportunities for projects and startups to approach investors and investment funds, step by step positioning Da Nang as an attractive destination for capital appeal and investment, and forming a community of angel investors and venture capital funds in the city.

During the event, 10 Memoranda of Understanding on innovation cooperation were signed among support organisations, investment funds, and domestic and international enterprises.

In particular, the Department inked a cooperation agreement with the KILSA Global, an ASEAN overseas expansion service platform based in Singapore with offices in major Southeast Asian countries and South Korea.

Under the deal, the two sides will coordinate to organize international events to attract more foreign investors to invest in Da Nang, as well as support projects and startups in Da Nang to develop international markets, and projects, startups and foreign companies to develop markets in Da Nang and Viet Nam.

Moreover, Da Nang hosts many important programmes, including the annual Da Nang Innovation Startup Festival (SURF). The SURF 2024 attracted more than 30 international speakers and experts, along with more than 10 large investment funds such as Touch Stone, Quest Ventures, Do Venture, Weangels, Universal Materials Incubator, and FUNDGO.

Notable among the department’s activities is the launch of the Da Nang - Singapore Innovation Space and Quest Ventures' innovation collaboration space in Da Nang. Currently, many South Korean, Japanese and US enterprises also want to have their own innovation spaces established in the city, contributing to creating a diverse and rich startup ecosystem.

The cooperation will open up opportunities to train high-quality human resources, providing shared workspaces for partners, and promoting cooperative relationships between localities in each country.

The city’s science and technology sector has boosted many international cooperation activities on innovation startups, with focus on communicating the startup network on the Danang Innovation Startup Information Portal, and connecting the innovation startup network between Da Nang and partners in Osaka City (Japan), Seoul (South Korea), Singapore, Amsterdam (Netherlands), Paris (France), etc. The purpose is to exchange experiences in building startup policies, managing innovation spaces, and overcoming advantages and difficulties in mobilising and attracting investment funds for startups.

This year, delegations of leaders of the city and local departments, branches and sectors have made many business trips abroad to grasp information, expand cooperation and connection with start-ups, and develop the start-up ecosystem with partners in the EU, the USA, China, South Korea, Australia, New Zealand and ASEAN countries.

It can be affirmed that Da Nang has been making efforts to promote the connection of important elements such as start-ups, venture capital funds, and the scientific research community at home and abroad. The city wishes to not only develop start-ups and innovation locally, but also expand the influence of its start-up ecosystem at the national and international levels.

Reporting by DUYEN ANH - Translating by M.DUNG