Supporting Vietnamese startups during the COVID-19 pandemic
With the efforts of the Government and related organizations, Vietnamese startups have many opportunities to make a breakthrough despite the COVID-19 pandemic.
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| Ha Noi fully supports the development of startups. |
Completing policies and legal corridors
In recent years, there have been many guidelines and policies to support and develop the startup ecosystem as well as to promote innovative startup activities in Viet Nam in general and in Ha Noi in particular.
On August 11th, 2021, the Ha Noi People’s Committee issued Plan 185/KH-UBND to implement Program No.07-CTr/TU of the Hanoi Party Committee on “Promoting the development of science, technology and innovation in Ha Noi from 2021 to 2025”.
Besides propagating and disseminating the Program’s content, the Ha Noi People’s Committee will study and propose to the Central Government to complete policies and laws on science, technology and innovation in line with the market mechanism and international practices; especially the management mechanism and financial policies as well as to allow Ha Noi to implement mechanisms and test new policies, first of all, policies that promote the application, transfer of new technologies and attract social resources to invest in science, technology and innovation.
In addition, the relevant ministries, departments and branches also actively listen to and remove difficulties and problems in terms of start-up policies.
At the workshop “Connecting and promoting overseas Vietnamese resources for innovative startup in Viet Nam” taking place on July 16, 2021, many Vietnamese startups had the opportunity to raise their proposals with the Ministry of Science and Technology.
Specifically, Mrs. Le Diep Kieu Trang, CEO at Arevo, an automated 3D printing company using carbon fiber reinforced polymer structures (CFRP), pointed out that the policies supporting research and development (R&D) in Viet Nam have not been synchronized in a number of areas.
Especially when “3D printing from carbon fiber” is a new form of high technology in Viet Nam which has not been recognized in the policies.
The completion of policies and legal corridors for the development of innovative startups have helped the startup community continue to grow despite the COVID-19 pandemic.
Promoting investment in potential projects
According to Mr. Pham Hong Quat, Director of the National Agency for Technology Entrepreneurship and Commercialization Development (NATEC), there have been so far more than 3000 startups with two unicorns (VNG, VNPay) and 11 startups valued at over 100 million USSD (MoMo, Tii, Topica Edtech, etc.) in Viet Nam.
More than 200 investment funds, 100 business promotion organizations, incubators and 30 large domestic enterprises and corporations participate in supporting startup activities, making financial investments for startups, becoming their customers and partners as well as sharing experiences, providing professional advice, connecting to expand markets, leading and motivating startup activities.
Notably in 2021, the venture capital investment in Viet Nam’s innovative startup ecosystem reached a record of more than 1 billion USD.
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| Startup investment has seen remarkable growth in 2021. (Photo: NATEC) |
In Viet Nam, Ha Noi is considered an innovation hub, with more than 70% of science and technology institutions, universities and research institutes of the country and 14 national key laboratories accounting for 82% of the national laboratories.
Another advantage is that the leading scientists living and working in Hanoi comprise more than 65% of the total number of scientists in the country.
In particular, in early 2021, the National Innovation Center (NIC) was officially started at Hoa Lac Hi-Tech Park.
In addition to the above advantages, over the past time, Ha Noi has affirmed its role as Viet Nam's leading center of science - technology and innovation with many solutions to support innovative startups.
Some prominent names can be mentioned such as the Hanoi Information Technology and Innovation Business Incubator (HBI-IT) under the Department of Information and Communications or the Food Business Incubator managed and developed by the Business Support Center under the Department of Planning and Investment.
Organizations and business associations in Ha Noi have also formed startup centers and clubs that have been operating very effectively.
These are very good platforms for startups to develop.
Connecting intellectual resources, expatriate experts
Recognizing the desire to improve the expertise and skills of startups, the National Agency for Technology Entrepreneurship and Commercialization Development under the Ministry of Science and Technology in coordination with the State Committee on Overseas Vietnamese under the Ministry of Foreign Affairs directed the implementation of the Global Mentoring Program for V-Startups.
The program is organized in the form of one-on-one mentoring between Vietnamese experts in technology/innovative startup from the U.S., Germany, Australia, the UK, Japan, etc. in many fields (Fintech, Edtech, Agritech, etc.) and selected innovative startups.
After only a short period of time, the program attracted more than 50 overseas experts to register as Mentors and 62 Vietnamese startups to register as Mentees.
This is the premise to establish a Network of Intellectual Associations to support Innovation and Technology Commercialization. This network will contribute to promoting the connection between the overseas intellectual community and the innovation startup ecosystem in the country.
Mr. Pham Quang Hieu, Deputy Foreign Minister, Chairman of the State Committee on Overseas Vietnamese, said that through the Network, state management agencies can promote resources as well as listen to feedback from overseas Vietnamese about problems when participating in the innovation startup ecosystem in Viet Nam.
On the side of the Ministry of Science and Technology, Mr. Tran Van Tung, Deputy Minister, affirmed that the establishment of the Network will help promote the intellectual connection of overseas Vietnamese experts and intellectuals, optimizing resources to promote innovation and startup in the country, enhancing the great unity of the whole nation.
The COVID-19 pandemic has posed many challenges for startups in the world in general and Viet Nam in particular, such as creating new products and services that can be provided to customers in conditions of limited touch and distance.
However, this can also be considered as a transformation opportunity for Vietnamese startups, promoting digital transformation and creating a wave in the market.
If combined with the support from the Government and related organizations, certainly innovative startups in Viet Nam will not only overcome the difficult context but also operate effectively and grow strong.
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