Vietnam commits to support start-up business

Prime Minister Nguyen Xuan Phuc (fourth from right) and other guests open the 2018 TechFest in Đà Nẵng.- VNS Photo Cong Thanh

That was the message from Prime Minister Nguyen Xuan Phuc at the opening ceremony of the national start-up day ‘Techfest 2018’ in the central city on Thursday.

He stressed that start-up programmes will help the country reach its target of each person earning US$18,000 per year by 2045 when Vietnam celebrates the 100th anniversary of the Independence.

Phúc said start-up programmes in Vietnam have achieved good results with 93 Vietnamese start-ups worldwide, but the figure still has room to grow.

He said the innovation in start-up programmes is seen as a valuable resource.

“News and information related to start-ups and innovation has been among the top key words searched for on Google in Vietnam recently.

“It clearly shows that start-up and innovation have become major interest among Vietnamese people,” Phuc said.

“Start-up programmes and centres have been established at colleges and universities and included in the curriculum. The Government also introduced the Project 844 to support start-up ideas among students and young people two years ago.”

The PM also urged young people and students to think big and take risks in turning their desires and dreams in business start-ups.

He said the Government plans to build up a national framework to promote and set up key centres in Hanoi, HCM City and Da Nang to boost connectivity, innovation and entrepreneurship.

He said the Government will work hand-in-hand with young people to build Vietnam as one of the most prosperous countries in the world.

The TechFest 2018, entitled ’Innovation, From here to Global’, has 4,500 participants taking part in a series of activities to connect investors with enterprises.

The annual event, which began in 2015, has attracted 40 investment foundations creating 40 business incubator centres and 60 co-working spaces nationwide.

According to a latest report, Vietnam has 3,000 innovative start-up businesses, and the figure would increase to 5,000 by 2020.

The 2015 TechFest earned US$1million commitment from investors before increasing to $4 million in 2017.

The event continues today with start-up contests, discussions, exhibitions and business matching.