(MPI) – On June 10, 2019, Vietnam Venture Summit 2019, initiated by the Ministry of Planning and Investment, was organized in collaboration with the Ministry of Science and Technology and Golden Gate Ventures Investment Fund to continue creating connections with domestic and international investment funds that are interested in the business and start-up environment in Vietnam. This is the first time the Summit has been held in Vietnam.
Photo: Duc Trung (MPI)
Attending the forum there were Deputy Prime Minister Vu Duc Dam, Minister of Planning and Investment Nguyen Chi Dung, Minister of Science and Technology Chu Ngoc Anh, Minister of Information and Communication Nguyen Manh Hung, representatives of ministries, branches and localities, and especially it gathered more than 100 domestic and foreign investment funds, including many influential funds in the world such as Softbank Vision Fund, CyberAgent Ventures, Mekong Capital, 500 Startups Vietnam, DT&I, IDG Ventures Vietnam, VinaCapital Ventures, etc. along with representatives of international corporations such as Google, Visa, BCG Digital Ventures, One Championship, Lotte, etc.
With abundant technological human resources, dynamic and potential markets, the Vietnamese innovative startup business community is growing strongly in both quantity and quality. Many startup enterprises have high levels of technology and innovation, without repeating business models and ideas that have been deployed in other countries. Many Vietnamese startup enterprises are reaching out to the region and the world, receiving investment from many international capital flows. Typically, ABIVIN became the winner of the Start-up World Cup 2019 champion with a prize of 1 million USD. However, innovation associated with the growth and development of Vietnam is still not commensurate with the potential, there are many spaces that have not been exploited and utilized to develop.
To achieve the goal of renovating the growth model based on innovation, the Government of Vietnam is making efforts in formulating and implementing various policies to complete the innovation ecosystem, facilitating utmost favorable conditions for innovation to develop. Currently, the Ministry of Planning and Investment is assigned by the Government to formulate the National Strategy on Industrial Revolution 4.0, build the National Innovation Center and connect Vietnamese talents through the Vietnam Innovation Network, thereby to promote innovation activities in the country.
In the process of implementing the assigned tasks, the Ministry of Planning and Investment commits to collaborate closely with related parties in researching, advising and proposing supportive solutions and tools to assist the development of the Vietnam’s Innovation Ecosystem, in which, proposing 03 main action programs, including: Focusing on building quality human resources for the innovation economy, supporting innovation activities in enterprises and unfreezing capital flows for innovation activities.
Minister Nguyen Chi Dung said that for the first action program, the Ministry of Planning and Investment has cooperated with relevant ministries and agencies to establish the Vietnam Innovation Network in 2018. This activity has achieved initial important successes in gathering more than 100 Vietnamese technological talents around the world to get ready, connect, and cooperate with domestic research institutions, technology experts and the business community to solve technical problems together, solve the challenges of the economy. This is a high-quality human resource for Vietnam's innovation activities. Since then, the network has been significantly expanded with a diversity of activities, organizing a series of VietAI training events to nurture domestic artificial intelligence talents.
In the coming time, in parallel with continuing to implement domestic training activities together with partner organizations, Vietnam will expand the network through the introduction of scholarship programs to select and bring the Vietnamese talents seeds to train at leading schools in the world.The idea of establishing the Vietnam Global Innovation Fund is being formed to perform these activities and initially received the attention and support of many relevant subjects.
For the second action program, the Ministry of Planning and Investment will promote innovation activities in enterprises, linking Start-ups with large enterprises to solve specific problems, at the same time, supporting to bring innovation in production and business activities, improving productivity and product quality of enterprises.
Vietnam Venture Summit is one of the initial activities of the third action program to unfreeze investment capital. With this event, for the first time in Vietnam, many regional and international venture capital funds attended to discuss the opportunities that the Vietnamese market offers to investors as well as advise the Government solutions to solve problems to unfreeze capital flows. This is part of a great strategy to bring Vietnam's innovation ecosystem to a new level.
As the Minister of Planning and Investment, Minister Nguyen Chi Dung shared three main commitments with the investor community. Firstly, commits to regular dialogue and discussion with the venture capital community, working closely with relevant ministries and agencies to develop appropriate solutions, quickly solve obstacles to unfreeze and constantly enhance capital inflows into Vietnam's innovation ecosystem; at the same time, summarizing the organizational experience for the Summit to become an annual event of the venture capital community. At this Forum, investors will announce the total expected investment capital for the Vietnamese creative startup community in the next 3-5 years.
Secondly, through the National Innovation Center and initiatives to develop human resources and innovate in enterprises, commits to support start-ups so that they have more opportunities to access funding sources for appraised Start-ups, connected and supported by domestic and foreign innovation ecosystems, for better development conditions and for the investors community to have access to more quality investment opportunities.
Thirdly, through a network of organizations in the innovation ecosystem, commits to utmost supporting the innovation community as a dynamic, cohesive and high-quality community in Vietnam and other countries so that every participant has the opportunity to learn, improve their skills in finding financial resources to have conditions to develop, improve their technology ideas, especially intensive technologies. The Ministry of Planning and Investment submitted the National Innovation Center Scheme to the Prime Minister for approval, Minister Nguyen Chi Dung said.
Vietnam Venture Summit 2019 held on June 10, 2019, in Hanoi and on June 12, 2019, in Ho Chi Minh City with the participation of the Government Leaders, demonstrates the role of creation and goodwill of the Vietnamese government towards domestic and international innovation start-up funds./.