Vietnam's innovation start-up ecosystem investment forecasted to hit $2 billion

At the current turning point, Vietnam's open innovation ecosystem needs fulcrums so that innovative start-ups, domestic and foreign businesses and investors will fully grasp new innovation trends, and at the same time discover new opportunities for co-operation and investment, so that the country can rise to the top in the region in terms of open innovation readiness.

The launch and signing ceremony for the Report on Vietnam Open Innovation Ecosystem 2022.- Photo vneconomy.vn

In order to continue the mission of elevating and connecting the entire innovation start-up ecosystem, the Vietnam Open Innovation Ecosystem Report 2022 was launched after its first release last year with many remarkable results, receiving more than 800 start-ups registered, over 2,000 downloads and reached over 25,000 individuals in 20 countries.

Under the theme InnoNation (a combination of Innovation and Nation), the report expresses BambuUP's aspiration and vision for an innovative Vietnam co-created by "residents", which are startups, businesses, investors, institutions, innovation-promoting organisations.

Pham Thi Thu Hang, Chairman of the Board of Directors of BambuUP Innovation Connection Platform said at the launch ceremony: "The report is a source of information to help promote co-operation opportunities between businesses and start-up companies; help open investment from domestic and foreign investors into the innovation ecosystem; and help the Government and local authorities plan policies to support the start-up ecosystem and innovation."

The information is researched, collected and aggregated from official research sources combined with statistics.

In particular, the content of this year's report is supported by more than 60 leading experts in economic fields inside and outside Vietnam, including more than 20 village heads and co-heads from Techfest Vietnam 2022.

Speaking at the event, Le Hoang Uyen Vy, director of Do Ventures, the representative for the investment fund's partners, emphasised that she believed that innovative businesses were the driving force of the digital economy when accounting for nearly 8 per cent of the national GDP.

“With constant efforts, especially from the founders, ecosystem support units such as BambuUP, innovative startup advisors, central and local governments, investment figures for Vietnam’s innovation startp ecosystem this year will be even bigger,” said Vy.

The launch and co-operation signing ceremony for the Report on Vietnam Open Innovation Ecosystem 2022 took place last week.

The report was released under the auspices of the National Agency for Technology Entrepreneurship and Commercialization Development (NATEC) and the National Startup Support Center of Vietnam (NSSC), and implemented by BambuUP.

It is expected to be officially released at the end of November at the Vietnam National Innovation Day Techfest 2022 in two formats of print and soft copy.

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