Connecting ventures and innovative businesses in Binh Dinh province

Experts and ventures discussed the best ways to call for investment

On August 25, the Ministry of Planning and Investment's National Innovation Centre (NIC) held a workshop on connecting ventures and innovative businesses in Binh Dinh province to catch up with Industry 4.0 trends.

The representative of the Young Business People Association of Binh Dinh analysed the overview of the situation and the capital demand of local innovative businesses to follow sustainable development strategies and create high-tech and competitive products.

Vu Hong Chien, director of the Quy Nhon AI Centre, told about his experience in FPT Group saying, "The innovation process in an enterprise should start by optimising and innovating at all levels, and large-scale, complex innovation goals need to be divided through the application of technology."

Tran Manh Truc, representative of Do Ventures commented that successful pitches for capital calls include: Determining the value of the company and estimating the necessary capital; listing potential investors and planning an approach; preparing presentation materials; approaching and meeting potential investors; negotiating and appraising; and disbursing and post-investment reports.

"The identification and preparation are extremely important conditions for startups to receive capital from investors," said Truc.

The workshop on connecting ventures and innovative businesses in Binh Dinh province took place on August 25

Pham Thi Thu Hang, chairwoman of innovation platform BambuUP, revealed some opportunities for startups and innovative firms.

"Over the last two years, businesses are welcoming the solutions of startups, which are a good foundation for Vietnam to go ahead with innovation. Moreover, there are some movements related to innovation in every business to push five-fold in their speed and three-fold in productivity, as well as save 20-30 per cent of investment costs.

Hang cited the innovation ecosystem in Singapore, which is considered one of the 10 best in the world. The unicorns in Singapore are all closely connected and provide innovative services to traditional businesses in Singapore. For instance, Trax is a platform specialising in data analysis for retail segments, managing goods in supermarkets automatically to save personnel, and administration costs. This tech unicorn had a valuation of $1.3 billion for the latest funding in 2021.

"In Singapore, they have promoted and demonstrated the benefits of open innovation network through the connection between startups and businesses, opening up great opportunities for startups to develop and promote innovation," said Hang.

At the workshop, the implementation of a business supporting programme between NIC and Crif D&B Vietnam Co., Ltd. was announced which aims to support businesses in carrying out digital transformation, optimising their operations, and creating new values for businesses, thereby contributing to the socioeconomic development of Binh Dinh province.

NIC, Binh Dinh Department of Planning and Investment, and Binh Dinh's Ho Chi Minh Communist Youth Union also announced their collaboration in promoting innovation in Binh Dinh.

This event marks the first step in building and supporting the innovation ecosystem in Binh Dinh aimed at attracting more startup activities from domestic and foreign venture funds and contributing to Binh Dinh's economy.

NTU bringing research and innovation to Vietnam Singapore is creating new cooperation models between education and business in Vietnam. Prof. Lam Khin Yong, senior vice-president at Nanyang Technological University, talked with VIR’s Nguyen Huong about experiences and solutions to promote research and innovation in both universities and businesses.

Vietnam among Southeast Asia's Startup Golden Triangle With Singapore and Indonesia, Vietnam is one of the three countries forming Southeast Asia's Startup Golden Triangle, according to the venture capital fund Golden Gate Ventures.

Improving innovation in Vietnam through PII The public sector innovation index (PII) will contribute to strengthening innovation as well as promoting the development of the private sector and improving the competitiveness of the economy.