The Hanoitimes - Ministries and sectors should conduct specific activities to realise Government’s policies of encouraging startups, Deputy Prime Minister Vu Duc Dam stressed at the Vietnam technology startup festival (TechFest Vietnam 2016) in Hanoi on November 12.
The Vietnam technology startup festival (TechFest Vietnam 2016) was held in Hanoi on November 12.
Speaking at the opening ceremony, Deputy Prime Minister Vu Duc Dam highlighted that the startup community is a hub to introduce new products, new market segments and customers as well as unheard-of ideas, with close relations to technology, especially IT.
Deputy Prime Minister Vu Duc Dam speaks at the festival.
Along with high risk, startups also have high potential of producing highly valuable products with strong competitiveness, he said.
The Deputy Prime Minister stated that the Government has designed various support policies for the community.
He also urged ministries and sectors to conduct specific activities to realise Government’s policies of encouraging startups whose development is considered a chance for Vietnam to speed up growth and narrow down development gap with other countries.
Addressing the event, Minister of Science and Technology Chu Ngoc Anh noted that in the wake of the trend and potential of technology and innovation enterprises, the Party and State have focused on the expansion of science-technology market and encourage creativeness startups.
Deputy PM Vu Duc Dam discussed with a startup enterprise at TechFest Vietnam 2016. Photo by Ha Thanh
Vietnam ’s stable creativity index in the recent two years has made the country among top ASEAN countries in the field, he said.
However, the minister hold that the development of science-technology market has yet to match full potential of domestic supply and demand sources.
Minister Anh also said that the young startup ecosystem is promising, drawing the regional startup community with an increase number of investors and business incubators, along with more completed legal corridor for startup activities.
In the coming time, the ministry will work more closely with other ministries, sectors and startup organisations to assist startups at home and abroad to connect components of the ecosystem and learn experience from the international startup community, he said.
The 2012-2016 period is a flourishing stage of startup with considerable rise in both quantity and quality of incubators.
The country now has 1,800 startup enterprises, along with 21 incubators and seven business accelerators.
The TechFest Vietnam 2016 attracted about 2,000 participants, including 100 Vietnamese and foreign investors and 100 startup enterprises.
An array of activities will also be organised to connect domestic and international investors with startups, honour outstanding startup firms and linking Vietnam’s startup ecosystem with international ecosystem.
Besides, startup enterprises will also have a chance to recruit human resources from 200 applicants joining the event.