Vietnam startup 4.0 – connecting for new opportunities

At the event, participants discussed new opportunities for startups and innovations, sci-tech application, digital transformation, and AI in the Industry 4.0 era.

According to Vu Quoc Huy, head of the National Innovation Centre, the Vietnam’s startup ecosystem has been strongly growing.

The Vietnam startup 4.0 forum held on October 19

In 2021, the total investment in startups in Vietnam reached a record high at $1.4 billion, nearly quadrupling from that in 2020 and six folds higher than in 2019. Vietnam also has two more tech unicorns, namely Sky Mavis and Momo.

Many countries such as Israel, Japan, China, and South Korea have been developing into a powerhouses thanks to development and promotion of innovation and startup activities. Despite having small area and population with 9.4 million people, in 2021, Israel ranked the third worldwide in the number of tech unicorns (17), while the threshold in the US was 45 and 25 in China.

Sharing the country’s experience about startups, Maayan Ben Tura, deputy Ambassador of Israel to Vietnam said that there are many startups in Israel valued up to a billion US dollars, which classifies as a unicorn. Israel also has many technology incubators across the country to best support startups.

Dr. Vu Tien Loc, president of the Vietnam International Arbitration Centre and honorary president of the National Association of Entrepreneurship, noted businesses and entrepreneurs are important in helping the country escape the middle-income trap to become a developed country. To make this happen, innovations and startup activities should be further promoted, transforming the economic development towards an innovation-driven model.

In 2017, the Vietnam Startup 4.0 Forum was held for the first time. Since then, the event has attracted thousands of businesses and became an important event for startups in Vietnam.

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