$815 million ready for Vietnamese startup projects

November 25, 2020 | 11:00
About 33 venture funds stand ready to pour $815 million into into Vietnamese startups at the Vietnam Venture Summit 2020 today.
815 million ready for vietnamese startup projects
$815 million from 33 venture funds committed to investing in Vietnamese startup projects

Today, Vietnam Venture Summit (VVS) 2020 with the theme “Going Digital” has just taken place in Hanoi with the participation of nearly 1,000 representatives of ministries, agencies, funds, and startups.

Compared to the summit last year, VVS 2020 has gathered half again as many venture funds as last year who committed twice as much in funding to invest in startups.

At the summit, Minister of Planning and Investment Nguyen Chi Dung said that the pandemic has totally changed the innovation landscape. The crisis revealed some shortcomings of startups, even the largest ones across the world. Startups seem less resilient to economic fluctuates.

However, in addition to some businesses facing challenges, others seem to flourish in the disrupted environs, like online meeting apps, online teaching, e-commerce, and delivery.

"Flexibility and resistance are key, not only for startups and businesses but also for authorities, organisations, and every person, to seize opportunities and do business and investment," the minister said.

The socioeconomic development strategy for 2021-2030, drafted by the Ministry of Planning and Investment (MPI), points out two breakthroughs in the time coming, including sci-tech, innovation, and human development.

Additionally, Decree No.94/ND-CP governing the incentives for the National Innovation Centre (NIC) has been issued to create a more conducive environment for research and development (R&D), business, and investment activities.

The NIC located in Hoa Lac Hi-Tech Park on an area of 3.5ha will be a gathering place for all big technology companies, providing laboratory and testing for developing new ideas and concepts. The establishment of the NIC will provide a focus point for innovative ideas and build a complete innovation ecosystem, connect all stakeholders in the ecosystem, and enjoy favourable conditions to strengthen research and sales.

815 million ready for vietnamese startup projects
$815 million ready for Vietnamese startup projects

At VVS 2020, the MPI also introduced one more creative idea to boost linkages with local and foreign venture funds. Accordingly, the startups that these funds invest in will be welcomed at the NIC and enjoy all incentives stipulated in Decree No.94. Therefore, the NIC expects to mobilise billions of dollars into Vietnamese startups.

Additionally, the MPI is also ready for human resources for innovation activities. Vietnam Innovation Network has expanded its presence in countries such as Germany, Japan, Australia, the US, and Canada, with the participation of thousands of Vietnamese intellectuals who are ready to join R&D and innovation activities in Vietnam.

"Besides these specific actions, as Minister of Planning and Investment, three commitments set forth at the VVS 2019 have already been carried out, including maintaining discussion and connection of innovation ecosystem, establishing particular incentives for innovation, as well as mobilising and gathering all resources for startups," the minister added

Vietnam Venture Summit 2020 plays a key role in motivating innovative enterprises, finding solutions and opportunities for Vietnam's innovation ecosystem to integrate into the global market. The summit creates opportunities to bridge investors with startups and innovators who have unique and potential ideas. Through the summit, with the support of ministries, departments, sectors, domestic, and foreign experts, Vietnamese innovation enterprises will find directions and reach success in the time to come.

Held in the form of live seminars combined with online streaming to overseas investors, the contents are expected to be discussed at the summit include (i) Unicorns and Unicorn hunters: A Startup and Investor Perspective; (ii) Edtech: A Promising Space in Vietnam; (iii) Fintech and Payment in ASEAN; (iv) Logistics in ASEAN.

In the summit framework, there will be activities connecting innovative businesses such as startup-pitching and business-matching, where potential startups will be connected with more than 100 investment funds to attend the programme and introduce their ideas on the event day. VVS 2020 creates a great opportunity for startups with outstanding ideas that have been selected through a series of competitions in the past to meet and exchange directly with giant investment funds in the region and the globe.

By Nguyen Huong

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