Wednesday, October 26 2016


VN sees boom in country's start-ups

Update: June, 10/2016 - 11:41
Illustrative Image. — Photo

Gia Lộc

HCM CITY — The start-up culture in Việt Nam has taken off since last year, with more young people eager to start businesses as the Government and local organisations have offered more favourable conditions.

Phạm Duy Hiếu, CEO of Startup Việt Nam Foundation, said the number of young people starting businesses and receiving venture capital had doubled compared to last year.

Associate Professor Nguyễn Tiến Dũng, rector of the University of Economics and Law, said many young people had signed up to take part in competitions offered by the HCM City Young Business People Association, the city’s Enterprise Association and the university’s Startup Club.

“The competitions help students experience reality and encourage them to pursue and commercialise their idea,” Dũng said.

Most graduates want to have a stable job, but many other ones are willing to take the risk to start their own businesses, he said.

Last Thursday, the university’s students, for instance, filled all 500 seats at the school’s auditorium to hear South Australia Governor Lê Văn Hiếu speak about entrepreneurship and startup skills.

Dũng’s students, especially those enrolled at the faculty of business administration and marketing and e-commerce, have many startup ideas.

For example, one student won a contest with her product, a loofah that can be used as a sponge. Several other students are trading safe seafood.

The university is also providing knowledge about business and law to students involved in startups and is contacting enterprises to seek investment funds.

Startup funds

A new startup fund worth VNĐ10 billion (US$444,444) is now available for students at Việt Nam National University-HCM City and the University of Economics and Law.

Dũng said that HCM City has a dynamic market as well as assistance from the business community and local government for young people to start up their businesses.

The city’s Party Committee Secretary Đinh La Thăng earlier this year set a target of turning the city into a startup hub.

On May 17, the HCM City Startup Investment and Innovation Fund was launched to provide capital for young startups in all fields, especially technology-oriented businesses.

Hiếu of Startup Việt Nam Foundation said that Deputy Prime Minister Vũ Đức Đam had recently approved an enterprise assistance programme which would help startups.

About 80 per cent of the assistance provided by the foundation is for startups in high-technology agriculture. There are now five startups in the field, he said.

The foundation also has incubation programmes for startups to help them with their vision and mission. It also connects them with successful enterprises and scientists in the incubation stage.

The startups are also introduced to venture investment funds, are given guidance on financial management and building human resources, and entering domestic and foreign markets.

“Startups must make a great effort to achieve success,” Hiếu said.

The elements of success for startups are new ideas as well as products, love of discovery, and a readiness to confront adventure and risk.

Young people do not lack good ideas, but they must listen to the market demand via customers to develop their products and services, he said.

“Startups also need successful enterprises as a counsellor and investor. When startups succeed, they will help businesses’ research and development,” Hiếu said.

He said the Government should create new policies as soon as possible to create favourable conditions for startups and venture capital funds.VNS



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