According to Topica Founder Institute’s annual report on investment in Vietnam’s startups in 2018, Vietnamese startups received US$889 million investment in 928 deals from domestic and foreign investment funds in 2018, tripling the total compared to 2017 and six times higher than that in 2016.

Deputy PM Vu Duc Dam speaks at the Vietnam Ventures Summit 2019.

Vietnam's startup ecosystem has also seen impressive growth in the number of businesses, when increasing from 400 startups in 2012 to 3,000 startups in 2018, the third largest growth rate in Asia.

Many Vietnamese startups have high level of technological innovation without repeating business models and ideas that have been implemented in other countries. So far, many large corporations such as FPT, Viettel, Vingroup, CenGroup, and others have officially participated in venture investment.

There are more than 40 business incubators and business promotion organisations and 60 joint working spaces throughout the country. The entrepreneurial ecosystem in Vietnam has received strong attention in terms of policy, infrastructure, financial institutions and support services.

Startup and innovation culture is increasingly encouraged among young people and has become the national entrepreneurial spirit. Since 2009, the Ministry of Science and Technology and the Ministry of Planning and Investment have initially built the foundation for the startup ecosystem. Amid this movement, there are optimistic opinions that Vietnam's innovation economy will boom in the future, promising to be an attractive market for venture investors.

Determining creativity and innovation the most important growth driver in the industrial revolution 4.0, the Government is trying to implement incentive policies, create optimal conditions for startup development and improve venture investment mechanisms so that capital flows can be poured into startups in the most convenient and effective ways.

With the role of coordinating and creating a legal framework and policies in support of startups, the Ministry of Planning and Investment has made important commitments to the investor community.

Some of the commitments are regular dialogues and discussions with venture capitalists and closely coordination with relevant units to implement appropriate measures to facilitate investment flows. The ministry also committed the creation of favourable conditions for startups to have access to funding and development opportunities through the National Innovation Centre and resource development initiatives.

According to experts, besides these commitments, Vietnam should nurture domestic resources by not letting them going abroad to seek investment and set up their business.

Portal launched for start-up community

The Ministry of Science and Technology in cooperation with Nexus FrontierTech Company has officially launched a new portal for tech start-ups – vntechpedia.com.

Korean start-ups seek investment opportunities in Vietnam

An event was held in Ho Chi Minh City on June 3 to help start-ups from the Republic of Korea (RoK) to seek investment opportunities in Vietnam.

One Commune One Product start-up programme launched in Ho Chi Minh City

Deputy Prime Minister Vuong Dinh Hue attended a ceremony on January 8 in Ho Chi Minh City to kick off a student start-up programme under the One Commune One Product (OCOP) initiative.

Journey to inspire start-up spirit among youngsters

A journey titled ‘I love my country’ will be launched for 100 students and young people who have developed creative start-up projects and ideas from November 17-28.

“Freshwater pearl oyster farming and culture” model enters final round of “first national start-up contest for rural youth”

(BGO) – The Ho Chi Minh Communist Youth Union on September 24 announced the shortlist of 10 start-up ideas to the final round of “the first National Start-up Contest for Rural Youth 2018”, including the model of “Freshwater pearl oyster farming and culture” of Truong Dinh Tung (born 1992) in Dao Luoi hamlet, Dong Hung commune (Luc Nam district, Bac Giang province).

Source: NDO