From November 26-28, the Ministry of Science and Technology collaborated with the People’s Committee of Hai Phong city to organize TechFest Vietnam 2024, with the theme “Joining Hands to Develop the Innovative Startup Ecosystem.”
The event reaffirmed the strategic vision, leadership, and guidance of the Government and the Prime Minister in strongly promoting science, technology, and innovation in general and the innovative startup ecosystem in particular.
At the same time, it inspired and motivated the innovative startup community, demonstrating a strong commitment to international integration and contributing to enhancing Vietnam’s prestige and influence on the global stage.
According to Mr. Huynh Thanh Dat, Minister of Science and Technology, over the past decade, Vietnam’s innovative startup ecosystem has developed robustly, fostering the emergence of pioneering businesses that apply new technologies and business models, ready to compete in the global market.
In 2024, Vietnam’s Global Startup Ecosystem Index rose two ranks, from 58th to 56th (5th in Southeast Asia and 12th in the Asia-Pacific region).
The country’s Global Innovation Index has also consistently improved over the years. From its early beginnings, Vietnam’s innovative startup ecosystem has risen to become a shining star, not only in the region but also globally.
With a thriving innovative startup ecosystem, Vietnam is emerging as one of the dynamic new economies and a development hub for innovative startups in the Asia-Pacific region. The intelligence and creativity of Vietnamese people have been steadily asserting themselves and reaching out to the world.
The picture of Vietnam’s innovative startup ecosystem in 2024 is highlighted by approximately 4,000 innovative startups, including 2 unicorns and 11 startups valued at over $100 million.
The country has more than 1,400 startup support organizations, 202 co-working spaces, 208 investment funds, 35 business promotion organizations, 79 incubators, and about 170 universities and colleges participating in innovative startup activities.
More than 20 creative startup centers have been established locally and nationwide. In 2023, Vietnam attracted $529 million in venture capital for innovative startups, indicating its growth potential and attractiveness to international investors.
“TechFest Vietnam 2024 is a significant milestone, marking the 10-year journey of the development of Vietnam’s innovative startup ecosystem,” said Minister Huynh Thanh Dat. “This is an opportunity to reflect on our achievements, evaluate the challenges we have overcome, and collectively plan for the future. Vietnam’s innovative startups will continue to advance, reaching out to the region and the world.”
Speaking at the opening ceremony of TechFest Vietnam 2024, Prime Minister Pham Minh Chinh emphasized that the Party and State always attach great importance to science, technology, and innovation, considering it one of the top national policies for rapid and sustainable development. Startups are seen as a new growth driver, creating new productive forces for development in the new era.
Along with the achievements, the Prime Minister frankly pointed out the limitations and shortcomings that need to be addressed, including the fact that Vietnam’s innovative startup ecosystem is still in its formative stage, lacking the resources to accelerate and grow stronger; there is a lack of support in the procurement and use of innovative startup products at both national and international levels; slow innovation in thinking, and a lack of breakthrough achievements; the concept of innovative startups and support for them is not yet standardized; there is a lack of interest and support from large corporations and businesses; and the space and infrastructure for piloting and experimenting with new technologies do not meet practical needs, especially in high-tech and emerging fields.
Prime Minister Pham Minh Chinh outlined several key tasks and solutions to be implemented in the near future to promote the innovative startup ecosystem, including: focusing on perfecting the innovation and entrepreneurship institutional framework; identifying priority areas, emphasizing the creation of new productive forces and strategic fields such as green economy, digital economy, circular economy, and pioneering technologies like artificial intelligence and semiconductor chips; developing high-quality human resources and promoting innovative startup movements; and enhancing international integration in innovative startups.
“Startups need the joint efforts and unity of the entire political system and the community, with the people and businesses as the center, subject, goal, and driving force. Special attention and support should be given to young entrepreneurs. Startups must dare to think, dare to do, accept risks, be pioneers, take action, surpass themselves, and dedicate themselves for the benefit of the nation and the country’s bright future,” emphasized the Prime Minister.
Prime Minister Pham Minh Chinh affirmed that the Government will create all favorable conditions to support and promote the development of the innovative startup ecosystem. This includes directing the review and completion of strategies, mechanisms, policies, and solutions to strongly promote innovation and startups, with a spirit of creating all conveniences and protecting the legitimate rights and interests of the community, businesses, investors, and people.
Speaking at TechFest Vietnam 2024, Mr. Nguyen Van Tung, Chairman of the People’s Committee of Hai Phong city, stated that the collaboration with the Ministry of Science and Technology to organize the National Innovation and Startup Day in Hai Phong holds great significance, especially on the occasion of the 10th anniversary of the TechFest Vietnam journey.
The event contributes to the development of the nation’s innovative startup ecosystem and promotes the growth of Hai Phong’s own innovative startup community.
TechFest Vietnam 2024 presents an opportunity to connect, build trust, and shape future strategies, propelling Vietnam into a new era of national advancement.
Additionally, TechFest Vietnam 2024 featured a series of activities related to innovative startups, notably an exhibition of startup products and services, attracting over 250 booths from technology startups, more than 100 booths from local creative products, and over 40 booths from foreign businesses.
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