TECHFEST 2024 hears innovative startup ecosystem solutions

Speaking at the forum, Hoang Minh, Deputy Minister of Science and Technology, said, "The goal of developing the startup ecosystem is to create a favourable environment for developing innovative enterprises. Therefore, the support system requires legal frameworks, policies, and strong support entities that serve to mobilise, and optimise resources from local and central ecosystems, private sectors, and even international sources."

Hoang Minh, Deputy Minister of Science and Technology. Photo: MoST

Le Khac Nam, Vice Chairman of Haiphong People’s Committee, said, "The city has established an organisation dedicated to supporting startups. The Science Technology Development and Innovation Centre, operating under the Science and Technology Department, plays a central role by leading startup activities in Haiphong while also supporting the development of startup ecosystems in localities across the Red River Delta region."

At the forum, participants engaged in two main discussion panels. The first panel saw representatives from regions in Vietnam and South Korea with similar industrial backgrounds discuss how to turn challenges into opportunities and find solutions for the future, developing local economic strategies closely linked with startup innovation based on unique strengths.

Photo: MoST

The second panel saw delegates propose innovative resource management solutions between Vietnam and international partners, and private and public sectors.

According to the MoST, numerous startup support units have emerged nationwide, from private and public sectors to international organisations, under diverse models. Nearly 20 localities have established startup support centres and almost 100 incubation facilities and business promotion organisations are operational, backed up several international startup centres opening branches or innovation spaces across Vietnam.

Since implementing the Resolution 844, 'Supporting the National Innovative Startup Ecosystem', and launching TECHFEST, Vietnam has dramatically improved its global ranking. From being the second least dynamic startup ecosystem among six major ASEAN countries, Vietnam has risen to 44^th out of 133 countries in the 2024 Global Innovation Index report, advancing four positions since last year and two positions since 2022.

The 2024 Startup Blink global startup ecosystem ranking index revealed that Vietnam's startup ecosystems in cities like Hanoi, Ho Chi Minh City, and Danang have shown significant improvements and continued growth, pushing Vietnam to 56^th place worldwide, advancing two positions compared to 2023 and surpassing Armenia.

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