Vietnam innovative startup ecosystem reaches out to the world

Ta Lan
Chia sẻ
(VOVWORLD) - Techfest Vietnam 2024, a festival of innovative startups, is now taking place in Hai Phong city. The theme of this year’s Techfest Vietnam is "10-year journey – global integration".
Vietnam innovative startup ecosystem reaches out to the world - ảnh 1Pham Hong Quat, Director of the Department of Market and Business Development, the Ministry of Science and Technology (photo: VOV)

Techfest, the largest annual event for the Vietnamese innovative startup community, raises public awareness of the role of innovation and startups in sustainable socio-economic development, and encourages the community to get involved in start-up activities.

Pham Hong Quat, Director of the Department of Market and Business Development at the Ministry of Science and Technology, said at the Techfest launch ceremony in Hanoi last week that the event aims to integrate Vietnam's innovative startup ecosystem regionally and internationally for social impact, green growth, and sustainable development.

“This year’s theme focuses on new high-tech, green transformation, digital transformation, and the circular economy. These topics are of international interest. We plan to organize a summit of innovative startups to talk about success stories and address regional and global challenges such as climate change and COVID-19,” said Quat.

According to the Ministry of Science and Technology, Vietnam’s innovative startup ecosystem has created a generation of businesses capable of accessing the global market. Mr. Quat said a National Innovation Center has been established in Hanoi, Da Nang, and Ho Chi Minh City.                                

“In the eyes of investors and experts, Vietnam's innovative startup ecosystem is an attractive market with a dynamic and creative young generation that adapts quickly to new business models. COVID-19 disrupted value chains and market development, but Vietnamese businesses maintained connections and international cooperation. We have shifted from an offline to an online model. With smart agricultural models, smart services, and smart training, we have achieved a quick recovery in all fields and Vietnam is appealing to regional and global investors,” said Quat.

Vietnam has 3,800 startups, 11 of them worth more than 100 million USD and 3 worth more than 1 billion. 200 venture capital funds, including 40 domestic funds, are invested in startups in Vietnam.