VCCI hosts 2024 startup festival

The Vietnam Chamber of Commerce and Industry (VCCI) and the National Startup Advisory Council (VSMA) on December 14 organized the 2024 Startup Festival series.

This marks the 22nd year that VCCI has held the National Startup Project Development Program, which has so far witnessed the participation from tens of thousands of young entrepreneurs, youth, and students nationwide.

The participating projects are companies and businesses that have been in operation for no more than 5 years, have been implemented in practice and generated revenue; have products and services, have the potential to develop, have sales, and have the ability to expand the domestic and international markets. The projects also involve technological or innovative elements, create social impact, transition to a circular economy model, and aim for a green economy.

Speaking at the event, Mr. Bui Trung Nghia, Vice President of VCCI, stated that Vietnam is currently possessing a vibrant startup ecosystem, attracting the participation of innovative startups and small and medium-sized enterprises. It also draws the broad participation of universities, research institutes, investment funds, and international support organizations.

According to Mr. Nghia, in 2024, for the first time, Vietnam's innovative startup ecosystem ranked 56th in the Startup Blink's Global Startup Ecosystem Index. Hanoi and Ho Chi Minh City were in the top 200, and Da Nang city was in the top 1,000 global startup cities.

To date, Vietnam's innovative startup ecosystem stands out with approximately 4,000 innovative startup companies. Venture capital investment in Vietnam continues to thrive, with the index of venture capital deals improving from 77th (in 2022) to 50th (in 2024), and the index of deals receiving venture capital funding from 54th (in 2021) to 44th position (in 2024).