Vietnam to unveil first-ever overview of its innovative startup ecosystem

The Ministry of Science and Technology (MoST) announced that it will release a comprehensive report on Vietnam’s innovative startup ecosystem for the first time at the National Innovation Startup Day (Techfest) 2024, taking place in the northern port city of Hai Phong from November 26 to 28.

According to MoST, Vietnam’s innovative startup ecosystem has developed robustly, creating a new generation of businesses operating on intellectual property and possessing the capacity to access global markets.

Its ecosystem was ranked 56th this year in the Global Startup Ecosystem Index Report from StartupBlink. Hanoi and Ho Chi Minh City were included in the top 200 global startup cities.

Vietnam’s Global Innovation Index (GII) has continually improved since 2017, rising from 59th in 2016 to 44th in 2024. Its GII 2024 results featured three top global rankings, including, for the first time, the Creative Goods Export index.

Furthermore, venture capital investment in the country sees positive growth, reflected in the improvement of the Venture Capital Deal Index from 77th in 2022 to 50th in 2024, and the Venture Capital Funding Deal Index from 54th in 2021 to 44th in 2024.

Regarding the scale and attraction of investment in Vietnamese startups, Mr. Pham Hong Quat, Head of the National Agency for Technology Entrepreneurship and Commercialization at MoST, said Vietnam emerged as a bright spot during the Covid-19 pandemic, successfully addressing many specific challenges. Along with its policy framework, its response to the pandemic involved contributions from technology startup businesses.

Moreover, immediately after the pandemic subsided, Vietnam maintained investment inflows from both domestic and foreign sources. Foreign investment funds continued to pour capital into local startups in various sectors, including commerce, tourism, and training, and particularly in education, with online training solutions.

E-commerce technology solutions integrated with logistics, and online buying and selling platforms of Vietnamese tech startups continue to attract significant funding. Healthcare and wellness platforms also attracted substantial investment from investors.