MUFG and NIC jointly propel Vietnam’s startup ecosystem

In early January, Vietnam’s National Innovation Centre (NIC) and Japan’s MUFG entities consisting of MUFG Bank, MUFG Innovation Partners, Bank of Ayudhya (Krungsri), and Krungsri Finnovate signed an MoU pledging to work together to nurture and promote Vietnam’s innovation and startup ecosystem.

Startups of various sizes will benefit from the partnership between MUFG and Vietnam’s National Innovation Centre

Under the MoU, the organisations will collaborate on an array of promotion activities such as business matching fairs and investment and knowledge exchange seminars. This agreement will allow all parties to unveil a promising and exciting roadmap for startups to grow in Vietnam, fostering a new era of economic and technological progression.

This partnership will facilitate efforts to introduce Vietnamese startups to global markets while encouraging promising tech firms from around the world and in Asia, to make headway in Vietnam. It will also encourage business and investment flows between ASEAN countries like Vietnam and Thailand with Japan, thereby diversifying the regional economic landscape.

The tie-up will facilitate efforts to get Vietnamese startups onto a global stage

Vietnam is increasingly deemed attractive as an investment destination, specifically for startups, and there is a clear trend towards further development. There are many Japanese companies interested in Vietnamese startups, especially in e-commerce, cars, healthcare, gamification, and logistics. Furthermore, with the recent elevation of bilateral ties between Vietnam and Japan, it is believed that Japanese investors are continuing to accelerate their expansion in Vietnam.

The NIC, led by the Ministry of Planning and Investment, is a hub for innovation with a mission to promote digital innovation at a national level and develop the country’s tech ecosystem.

MUFG Bank, with its unrivalled network globally and longstanding presence in Vietnam, has laid a solid foundation to support customers’ growth.

As a gateway connecting Vietnam with the world, MUFG Bank has promoted Vietnam to multinational corporates and investors globally and within Asia, fostering real economic growth and the development of sound and robust capital markets.

Kojima Masao, regional head of MUFG Bank Vietnam, said that the three important pillars outlined by Vietnam as its growth trajectories including green transition, digital transformation, and infrastructure are interconnected and indispensable to the country’s modern sustainable development.

“Digital technologies can optimise resource use, decreasing costs of producing green energy, and align between economic efficiency and the environment, all contributing to a green transition. Startups with technological applications to solve social and environmental problems will lead the new front,” Kojima said.

The new agreement will offer new value for enterprises

With its strong track record in environmental, social, and governance financing and deep commitment to promote carbon neutrality both from within and across society, MUFG will provide value to enterprises and startups, Kojima added.

The expertise and experience MUFG together with its partner bank relationships, subsidiaries, and affiliates form the basis of its unrivalled network and competitive advantages. Through the collaboration with the NIC, both parties will utilise and complement each other’s strengths.

Collaboration is expected to reach new horizons as technology startups from the likes of Thailand, Japan, and Vietnam come together, creating a powerful network that will stimulate constant expansion and technological progress.

Along with the significant step for the promotion of Vietnamese innovations globally, it also bridges foreign startups to bring their operations to Vietnamese soil, Kojima explained, thus creating an environment teeming with potential and setting the stage for a vibrant, innovative, and globally connected startup culture in Vietnam.

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