02:21 (GMT +7) - Monday 23/10/2017

Banking & Finance

VPBank launches VPBank StartUp project

Released at: 11:12, 13/10/2017

VPBank launches VPBank StartUp project

Photo: VPBank

$1-million project to assist in the development of Vietnam's startup community.

by Huyen Thanh

The Vietnam Prosperity Bank (VPBank) has officially launched the first year of its $1-million startup support project “VPBank StartUp”, to aid the development of Vietnam’s startup community.

In 2017 and 2018, VPBank StartUp will spend at least $1 million on implementing direct support solutions for Vietnam’s startup community, including building the UP@VPBank working space for startups. UP@VPBank focuses on supporting startups in the field of FinTech and creative industries, especially startups that develop solutions to problems at the local co-working space, developing and implementing training and coaching models with the direct involvement of VPBank’s senior executives and leading experts in the fields of product management, management, marketing communications, and human resources management, supporting operating costs for startups via seat financing at UP@VP Bank’s common office space, and awarding startup prizes at a contest on ideas and solutions in various topics.

Starting from September, VPBank StartUp selected and sponsored the location of UP@VPBank Lang Ha for seven startups from service, FinTech, security, and human resource services. In the first year of the project, VPBank StartUp will spend VND6.5 billion ($286,000) on supporting workplaces for startups at UP@VPBank.

“VPBank is confident that startups are potential communities that create great value for society and will become an important component of the Vietnamese economy in the future,” a VPBank representative told the opening ceremony of UP@VPBank Lang Ha. “Becoming part of the startup eco-system is both our responsibility and our honor. With the launch of the program, VPBank also hopes to foster innovation and startups within the bank. This is also one of VPBank’s values in this project.”

VPBank StartUp marks the bank’s next steps in implementing its corporate social responsibility (CSR) activities, which focus on providing comprehensive support to the startup community in Vietnam, adopting the major policies of the government and major cities around the country.

According to experts, Vietnam is now gathering the necessary strengths to become a startup country, with a “golden population structure”, a young workforce, and many talented people in technology. It has witnessed significant strides in the startup community since last year, with more than 100,000 small businesses (of less than seven employees) being established. A number of startups have successfully secured tens of millions of dollars in funding and many have reached out to global markets. However, what Vietnam still lacks is a complete startup system, including three important factors - policy, community, and finance.

With its position as one of the leading banks in the country and with practical activities, VPBank hopes the project will help the startup community become stronger in the future.

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