Hanoi (VNA) – The Vietnam Venture Summit 2019 was held in Hanoi on June 10 as a platformfor policy dialogue between the government and international venture funds.

The event, which was co-organised by theMinistry of Planning and Investment, the Ministry of Science and Technology,and the Golden Gate Ventures, saw the attendance of Deputy Prime Minister VuDuc Dam.

According to the Ministry of Planning and Investment,the start-up ecosystem in Vietnam is developing with the operation of over 40venture investment funds, doubling the figure in 2015.

Many big Vietnamese groups, such as FPT,Viettel, Vingroup, CMC and CenGroup, have participated in venture investment.

The countryis now home to over 40 incubation establishments, business promotionorganisations and 60 co-working spaces.

Compared toother regional countries, the start-up ecosystem in Vietnam remains young.However, it started drawing big attention from international venture investmentfunds thanks to infrastructure, policy institutions, finance, investmentcapital sources, market and culture have been gradually improved.

The summitcreates an opportunity to connect the Vietnamese Government with internationalinvestment funds to develop the country’s current start-up ecosystem.

According toTopica Edtech Group, the flow of investment in Vietnamese start-upsreached 889 million USD in 2018, three times higher than that of the US in 2017(around 291 million USD).

Minister ofPlanning and Investment Nguyen Chi Dung said with abundant technological humanresources along with a dynamic and potential market, the Vietnamese innovativestart-up community is growing strongly in both quantity and quality.

Many start-upfirms in Vietnam have reached out the region and beyond, he said, taking theexample of ABIVIN, a start-up that provides AI-powered supply chain optimismthat won the Start-up World Cup competition in 2019 with a one-million-USDprize.

The Vietnamese Government is sparing no effortto build and implement policies to improve the start-up ecosystem and createoptimal conditions for start-ups to promote innovation, he added.

The Government has assigned the Ministry ofPlanning and Investment to build a national strategy on the Fourth IndustrialRevolution and a national innovation centre as well as connect Vietnamesetalents through the Vietnam innovation network, Dung said.-VNA