Investments in startups rising sharply

Vietnam’s startup ecosystem has gradually formed and developed over time, but still faces certain limitations, with a shortage of public information leading to duplication of activities, while few representatives participate in international networks, a conference entitled “Connecting overseas experts with the national innovation ecosystem” held on December 4 heard.

In terms of growth and scale, investment in startups in Vietnam reached over $1.3 billion in 2021, ranking it third in ASEAN. The country boasts two unicorn startups - VNG and VNPay - and eleven others valued at over $100 million, including Momo, Tiki, and Topica. A record $1 billion and more in venture capital has been invested into the ecosystem this year.

However, lawmakers, analysts, and business insiders acknowledge there are shortcomings in the startup ecosystem in Vietnam. The conference therefore aimed to attract tech experts and overseas intellectuals to offer recommendations and initiatives on tech application and building an innovative startup ecosystem to support recovery and ensure the sustainable development of the national economy.

The conference also touched on the need among localities and startup support organizations for practical experience, and sought recommendations on building mechanisms and policies from expats.
A representative from the Office of Project 844 on supporting national innovative startup ecosystems (at the Ministry of Science and Technology), announced a network of associations of intellectual expats supporting innovation and technology commercialization. Twenty-one presidents of overseas Vietnamese intellectual associations from 15 countries and territories are participating in the network.

It is expected to provide updated information to the overseas Vietnamese and domestic intellectual community and pass on information about the strengths of overseas experts and intellectuals for potential joint activities.