TechFest Vietnam 2016 helps boost startup movement
A two-day startup festival (TechFest Vietnam 2016) that concluded in Hanoi on November 13 attracted nearly 170 investors and more than 3,000 visitors, according to the organisers.
Deputy Prime Minister Vu Duc Dam (left) visits a booth at the event. Photo: VNA
Hanoi (VNA)🃏 – A two-day startup festival (TechFest Vietnam 2016) that concluded in Hanoi on November 13 attracted nearly 170 investors and more than 3,000 visitors, according to the organisers.
Speaking at the closing ceremony, Deputy Minister of Science and Technology Tran Van Tung said that the event helped to develop a startup ecosystem in Vietnam.
Participants discussed issues hindering the growth of the startup community following the suggestions of Deputy Prime Minister Vu Duc Dam, he said.
Various seminars and conferences were held, while international programmes and projects sponsoring startups and investment funds in Vietnam were also honoured. An exhibition was held to showcase new products of more than 100 startups.
Nineteen outstanding startups who won a contest at the event will be offered a visit to Silicon Valley in the US.
Minister of Science and Technology Chu Ngoc Anh said that TechFest Vietnam 216 showed the development of the knowledge-based economy.
He called for support from the Government, ministries, sectors, localities and investors to startups, which he said would contribute to sustainable economic development.
The introduction of a Steering Committee for a project to support the startup ecosystem during the event was an important milestone for the expansion of the startup community, he said.
Through the event, the ministry also affirmed its determination to coordinate with other ministries, sectors and localities to synchronise legal frameworks and create favourable conditions for startups, investors and startup support organisations.
According to the Ministry of Science and Technology, Vietnam is the world’s third most attractive country for venture capital funds.
Currently, the country has 1,800 startups, 21 incubating facilities and seven business accelerators.
This year was considered a good year for startups, as many Vietnamese startups have received big investments.
Lozi, a social network for trading of clothing and electronics, is among successful startups. It currently has 400,000 users with revenue of about 50,000 USD per month.
The US venture capital seed fund 500 Startups decided to form a 10 million USD fund to invest in 100-150 startup projects in Vietnam. The sum will be increased to 100 million USD over the next five years.
More than 20 foreign venture capital funds are also operating in Vietnam, including IDG Venture, Cyber Agent Venture and Vina Capital.-VNA
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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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy Prime Minister Vu Duc Dam (left) visits a booth at the event. Photo: VNA
