Specific activities need to support startups: Deputy PM
Deputy Prime Minister Vu Duc Dam has urged ministries and sectors to conduct specific activities to realise Government’s policies of encouraging startups.
Deputy Prime Minister Vu Duc Dam addresses the event (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister Vu Duc Dam has urged ministries and sectors to conduct specific activities to realise Government’s policies of encouragiღng startups whose development is considered a chance for Vietnam to speed up growth and narrow down development ga🌜p with other countries.
Opening the Vietnam technology startup festival (TechFest Vietnam 2016) in Hanoi on November 12, the Deputy PM held that the startup community is a hub to introduce new products, new market segments and customers as well as unheard-of ideas, with close relations to technology, especially IT.
Along with high risk, startups also have high potential of producing highly valuable products with strong competitiveness, he said, adding that the Government has designed various support policies for the community.
Meanwhile Minister of Science and Technology Chu Ngoc Anh noted that in the wake of the trend and potential of technology and innovation enterprises, the Party and State have focused on the expansion of science-technology market and encourage creativeness startups.
Vietnam ’s stable creativity index in the recent two years has made the country among top ASEAN countries in the field, said the minister, but pointing that the development of science-technology market has yet to match full potential of domestic supply and demand sources.
He also held that the young startup ecosystem is promising, attracting the regional startup community with an increase number of investors and business incubators, along with more completed legal corridor for startup activities.
In the future, the ministry will work more closely with other ministries, sectors and startup organisations to assist startups at home and abroad to connect components of the ecosystem and learn experience from the international startup community, he said.
The 2012-2016 period is a flourishing stage of startup with considerable rise in both quantity and quality of incubators. Currently, the country has 1,800 startup enterprises, along with 21 incubators and seven business accelerators.
The TechFest Vietnam 2016 attracted about 2,000 participants, including 100 Vietnamese and foreign investors and 100 startup enterprises.
A number of activities will also be held to connect domestic and international investors with startups, honour outstanding startup firms and linking Vietnam ’s startup ecosystem with international ecosystem.
Meanwhile, startup firms will also have chance to recruit human resources from 200 applicants attending the event.-VNA
Some start-up projects in Ho Chi Minh City will receive financial support of up to 2 billion VND (90,000 USD) within two years under a mechanism recently issued by the municipal People’s Committee.
The Government’s Small- and Medium-Sized Enterprise Development Foundation (SMEDF) could provide support to startups in the form of venture capital and crowd funding, according to a draft decision.
The US Embassy in Vietnam and Arizona State University co-organised a forum in Hanoi on November 1 with a view to promoting the innovation campaign in the Southeast Asian country.
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ANTARA and VNA can design global-scale cooperation programmes or joint media campaigns, demonstrating the comprehensive strategic partnership between Vietnam and Indonesia, as well as the cooperation between the two national news agencies.
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A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
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Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
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The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
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Ambassador Nguyen Minh Vu laid stress on the significance of the Hanoi Convention, particularly to the Asia – Pacific, to handling legal gaps in international cooperation against rapidly increasing global cybercrime.
The week features a rich lineup of activities, including a plenary conference on blockchain and AI development, thematic seminars on future technology trends and investment visions, applications of blockchain and AI in business, the Super Vietnam PitchFest, as well as forums for blockchain and AI.
Deputy Prime Minister Vu Duc Dam addresses the event (Photo: VNA)
