Innovation and start-ups are driving forces for Vietnam’s long-term economic development. The government has created numerous incentives to encourage start-ups with export and technology support.

In 2020, start-up projects continue to benefit from the government’s support program for students and the Prime Minister’s Decision  on national innovation and start-up ecosystem support by 2025. Vietnam expects to become a start-up nation in the regional and world network of start-ups. Deputy Chief of the National Start-up Program’s Organization Board, Pham Ngoc Tuan, highlighted the priorities for boosting innovation and luring investment: “We need to improve our start-up network and expand start-up support activities nationwide to attract business support. A legal foundation to encourage start-ups will be put in place to promote a start-up and innovation ecosystem.”

Da Nang city has followed Hanoi and Ho Chi Minh City in its movement to incentivize start-up models, focusing on fostering talent, networks, culture, capital, and institutional reform. Deputy Minister of Science and Technology, Tran Van Tung, said: “Da Nang is a hub that could connect with neighboring regions to provide start-ups with consultants, investors, designated work, places, and information connectivity.”    

During its ASEAN Chairmanship this year, Vietnam intends to promote exchanges between local and regional start-ups. ASEAN, with more than 60% of its population under the age of 35, is a promising place for start-ups. As the President of the Vietnam Chamber of Commerce and Industry, Vu Tien Loc, explains: “Start-ups should be society’s thematic spirit this year as Vietnam chairs ASEAN. The ASEAN Business Advisory Council (ABAC) 2020 start-up proposal will create an ASEAN start-up network to leverage local start-up experience and models in the region. We will contribute to ASEAN through our start-up projects.”