The Vietnam Venture Summit 2019 was held in Hanoi on June 10 as a platform for policy dialogue between the government and international venture funds.
The event, which was co-organised by the Ministry of Planning and Investment, the Ministry of Science and Technology, and the Golden Gate Ventures, saw the attendance of Deputy Prime Minister Vu Duc Dam.
According to the Ministry of Planning and Investment, the start-up ecosystem in Vietnam is developing with the operation of over 40 venture 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 country is now home to over 40 incubation establishments, business promotion organisations and 60 co-working spaces.
Compared to other regional countries, the start-up ecosystem in Vietnam remains young. However, it started drawing big attention from international venture investment funds thanks to infrastructure, policy institutions, finance, investment capital sources, market and culture have been gradually improved.
The summit creates an opportunity to connect the Vietnamese Government with international investment funds to develop the country’s current start-up ecosystem.
According to Topica Edtech Group, the flow of investment in Vietnamese start-ups reached 889 million USD in 2018, three times higher than that of the US in 2017 (around 291 million USD).
Minister of Planning and Investment Nguyen Chi Dung said with abundant technological human resources along with a dynamic and potential market, the Vietnamese innovative start-up community is growing strongly in both quantity and quality.
Many start-up firms in Vietnam have reached out the region and beyond, he said, taking the example of ABIVIN, a start-up that provides AI-powered supply chain optimism that won the Start-up World Cup competition in 2019 with a one-million-USD prize.
The Vietnamese Government is sparing no effort to build and implement policies to improve the start-up ecosystem and create optimal conditions for start-ups to promote innovation, he added.
The Government has assigned the Ministry of Planning and Investment to build a national strategy on the Fourth Industrial Revolution and a national innovation centre as well as connect Vietnamese talents through the Vietnam innovation network, Dung said.