Promoting innovative startups to realize strategic breakthroughs
Vietnam identifies promoting innovative start-ups as important solutions to realize strategic breakthroughs and in-depth growth model innovation.
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The delegation of the Ministry of Science and Technology worked in Korea within the framework of the Knowledge Sharing Program (KSP) on developing innovative startup ecosystems. Photo: VGP
Techfest is an annual initiative organized by the Ministry of Science and Technology since 2015, is the largest series of activities bringing together the domestic and foreign innovation startup community in Vietnam. In 2019, for the first time, the international Techfest was held in the United States, South Korea and Singapore to promote the image of an open and dynamic Vietnamese startup ecosystem; is a bridge connecting typical Vietnamese businesses and innovative start-up support organizations with resources in the world.
In 2023, after a period of recovery from the COVID-19 pandemic, on April 13, Techfest International returned to Korea - one of the countries with the strongest growing innovation startup ecosystem in the world. Asia-Pacific region and has a close partnership with Vietnam's ecosystem. The event also contributes to building and developing the comprehensive partnership between Vietnam and Korea.
Deputy Minister of Science and Technology Tran Van Tung said that the Vietnamese Government determined to improve the investment and business environment, enhance national competitiveness, and strongly develop enterprises in terms of both quantity, size and quality, promoting enterprise restructuring, promoting innovative start-ups are important solutions to realize strategic breakthroughs, innovating in-depth growth models on the basis of application of modern technologies, increase labor productivity, effectively use resources and improve the autonomy of the economy.
In recent years, Vietnam's innovation startup ecosystem has had a positive development direction through the support and promotion of the Government, venture capital investment in startups in Vietnam increased by 9 times in 2021 compared to 2015 to more than 1.5 billion USD.
The report of the World Intellectual Property Organization (WIPO) recognizes that Vietnam is among the countries that have made the greatest progress over the past decade. The 2022 Global Innovation Index (GII) report released by WIPO also shows that Vietnam ranks 48th out of 132 countries and economies, holding the third position in Southeast Asia, after Singapore. (7th) and Thailand (43rd).
Vietnam currently has more than 1,400 organizations capable of supporting startups, of which 196 co-working zones, 69 business incubators and 28 business promotion organizations have been established. The number of venture capital funds that consider Vietnam as a target market or have operations in Vietnam is currently 108, of which 23 have Vietnamese legal entities and 23 are pure Vietnamese funds.
International TECHFEST in Korea was held on the occasion of the delegation of the Ministry of Science and Technology led by Deputy Minister Tran Van Tung to visit and work here within the framework of the Knowledge Sharing Program (KSP) on develop an innovative startup ecosystem. The program is a cooperation activity between the Governments of the two countries with non-refundable aid from the Korean Government to the Vietnamese side to improve the development capacity of the innovative startup ecosystem.
This KSP program has 3 component projects: Research on Vietnam - Korea innovative startup ecosystem, research on investment mechanism for Vietnamese enterprises through pilot technology evaluation system, assist in developing strategies to improve NSSC's start-up support capacity.