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Vietnam Today

Da Nang hosts policy dialogue on startup ecosystems

Released at: 10:10, 03/12/2018

Da Nang hosts policy dialogue on startup ecosystems

Photo: VNA

High-level policy dialogue held on November 30 within framework of Techfest 2018.

by Linh Chi

A high-level policy dialogue on the development of a regional startup ecosystem was held in the central city of Da Nang on November 30.

Deputy Prime Minister Vu Duc Dam and many other government officials were in attendance.

The Vietnam News Agency (VNA) quoted Deputy Prime Minister Dam as affirming that the government wishes to speed up the development of the startup community and ecosystem, despite a number of difficulties facing the country.

He cited figures that show 70 per cent of startup projects in Vietnam involve foreign investors and 39 out of 40 venture capital funds in the country are foreign-owned.

However, there is no distinction between startup projects from Vietnam or abroad, he said, adding that the most important issue is seeking opportunities among the challenges Vietnam’s economy is currently facing.

Along with issues relating to capital, infrastructure, legal affairs, and human resources, which have been mentioned by many experts and startups, the Deputy Prime Minister identified difficulties in setting up a major and open database, contributed to by the government, enterprises, and the public, for the benefit of the startup community.

The national startup ecosystem has been developing strongly, with 40 business incubators and business accelerator organizations and 60 co-working spaces nationwide, as well as the participation of various groups such as FPT, Viettel, and Vingroup in venture investment, according to VNA.

The news agency also reported that startup ecosystems in major cities like Hanoi, Da Nang, and Ho Chi Minh City have recorded remarkable achievements, thus helping boost the formation and development of startups.

It also quoted Minister of Science and Technology Chu Ngoc Anh as saying that ASEAN science and technology ministers issued a joint statement in 2017 on innovation to support and develop startups. As such, this high-level policy dialogue has been actively realizing the joint statement, he said.

Dr. Susan Amat, Executive Director of the Global Entrepreneurship Network (GEN), who has experience in connecting international startup sectors, suggested that for young startup ecosystems like Vietnam, investors should not pay attention to seeking capital but focus on studying the market and learning about local demand, VNA reported.

Sharing Singapore’s policies and opportunities to promote innovation, Enterprise Singapore (ESG) Chairman Peter Ong, as quoted by VNA, said the agency has helped connect the State and private sectors to create a network and solid infrastructure for startups to flourish.

Singapore has also found different resources to facilitate startups through links with venture capitalists, he added.

The policy dialogue was held within the framework of the national startup day, Techfest 2018.

The National Agency for Technology Entrepreneurship and Commercialization Development under the Ministry of Science and Technology signed cooperation agreements with the ESG, the Action Community for Entrepreneurship (ACE), and Start-up Thailand. The Vietnam Post and Telecommunications Group also inked a deal with the US-based EON Reality Inc., according to VNA.

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