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Sunday, November 28 2021
Tiếng Việt
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Date 07/10/2021-13:51:00 PM
Launch Ceremony of ADB Ventures – Supporting Impact Start-ups
(MPI) - The Ministry of Planning and Investment and the Asian Development Bank (ADB) jointly launched the ADB Ventures – Supporting Impact Start-ups (ADB Ventures) Project on October 7th, 2021. The two-year ADB-funded project (2021-2023) is expected to increase accessibility to venture capital for innovation and start-ups.

The impact of the Fourth Industrial Revolution (4IR) has spread widely in all sectors of socio-economic life. In addition, the global start-ups community have faced many difficulties due to the COVID-19’s impact. The investment capital, especially venture capital inflows into the Asia-Pacific region in general and Vietnam in particular have decreased.

Deputy Minister Tran Duy Dong had a speech at the Ceremony. Photo: MPI

Deputy Minister Tran Duy Dong at the opening said that according to the Vietnam Innovation and Tech Investment Report 2020 recently co-published by the Vietnam National Innovation Center (NIC) and the Do Ventures, if 2019 was a successful year for Vietnamese tech start-ups when attracting a record amount of investment capital of USD 861 million, an increase of nearly double compared to 2018, the total investment capital flowed into Vietnamese start-ups in the first half of 2020 falling from USD 284 million to USD 222 million in the same period last year.

To solve the problems of innovative and start-up enterprises, the MPI and ADB have jointly researched and developed the Technical Assistance Project “Supporting Impact Start-ups” (ADB Ventures) funded by the ADB and NIC as the project Owners.

According to the MPI’s direction, the ADB Ventures aims to help innovative start-ups access to aid and investment capital as well as business development skills. The project priorities are those operating in the sectors of clean technology (cleantech), finance (fintech), agriculture (agritech) and healthcare (healthtech).

The project encourages enterprises to increase access to venture capital in Vietnam and other ADB’s member countries through technical assistance, this reduces some market risks for innovative start-ups to develop solutions that create positive impacts on climate change and gender equality.

Deputy Minister Tran Duy Dong highly appreciated and thanked the ADB for supporting and coordinating with the MPI, specifically NIC to carry out this Project. He said that the ADB is one of Vietnam's top development partners thanks to its significant contribution in providing financial support, sharing knowledge and policy advice to the Government. He believed that the ADB Ventues would achieve goals as stated and contribute to assisting innovative and start-up firms in developing the solutions that create positive change to achieve sustainable development goals in Vietnam.

Country Director of the ADB in Vietnam Andrew Jeffries. Photo: MPI

At the launch event, Andrew Jeffries, Country Director of the ADB in Vietnam gave a brief introduction of the ADB Ventures. With a budget of USD 1 million for Vietnam in 2 years (2021-2023), the ADB Ventures will support innovative and start-up firms access to aid and investment capital as well as business development skills.

The ADB formally established the ADB Ventures in January 2020 with the vision of building a leading impact technology investment platform in the Asia Pacific. The ADB Ventures aims to help promising early-stage innovators scale-up their impact across Asia. It supports and invests in solutions that save energy, reduce waste, agricultural carbon emissions and make people, communities, and industries more resilient to the impacts of climate change.

He said that the ADB Ventures has had a headquarters in Vietnam before. From 2015-2020, the ADB with funding support from the Australian Government and in partnership with the MPI, managed a Hanoi-based regional technical assistance called the Mekong Business Initiative (MBI). The MBI supports small and medium-sized enterprises and start-ups in promoting public-private dialogue on the digital economy, supporting innovation by launching support programs and improving access to finance by promoting financial technology. Dominic Mellor, Director of the MBI, is now a Principal Investment Specialist and Director of the ADB Ventures.

Vietnam will participate in the implementation of two technical support components, namely the ADB Ventures Lab and ADB Ventures SEED. Via the two components, the ADB Ventures will support startups reduce market risks, connect them to potential customers and help them pilot their technical solutions in new markets.

ADB Ventures Lab will coordinate with the leading innovators to match technology solution providers. Meanwhile, the ADB Ventures SEED will offer USD 200,000 non-refundable technical assistance aid to each selected enterprise for pilot technology solutions in new markets. These enterprises are mainly selected from Component 1 for assessment in order to reduce potential venture investment risks.

As an agency of developing innovation and start-up ecosystem; supporting and improving enterprises’ innovation and digital transformation, the NIC will coordinate with the ADB to search and select potential businesses operating in Vietnam that meet the Project's conditions. The Project is expected to achieve 15 viable ideas for the ADB Ventures Lab and 10 innovative businesses will receive funding from the ADB Ventures SEED.

NIC and Genetica signing to cooperate under the witness of Deputy Minister Tran Duy Dong and ADB Country Director in Vietnam Andrew Jeffries. Photo: MPI

At the event, the Leading SEA Genes Decoding Center built by Genetica and the NIC will be located in Vietnam. As stated by Deputy Minister Tran Duy Dong, the MPI highly appreciated the cooperation between the NIC and Genetica in developing the leading SEA genes decoding center as well as in promoting innovation in Vietnam.

NIC Director Vu Quoc Huy said that one of the MPI’s goals is to promote innovation and start-up ecosystem, pave a way for research and development, facilitate for Vietnamese scientific community and innovative firms. The establishment of the Leading SEA Genes Decoding Center will create numerous advancements and contribute to building Vietnam as a leading innovation and start-up ecosystem./.

Bao Linh
Ministry of Planning and Investment

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