Đà Nẵng summit connects startups with investment funds

May 31, 2024 - 22:54

The Đà Nẵng Venture and Angel Summit (DAVAS) 2024 kicked off in the central city on Friday, aiming to create a chance for startup projects to access investors and investment funds.

The Đà Nẵng Department of Science and Technology and KILSA Global sign a cooperation deal at the Đà Nẵng Venture and Angel Summit (DAVAS) 2024 on Friday. — VNA/VNS Photo

ĐÀ NẴNG — The Đà Nẵng Venture and Angel Summit (DAVAS) 2024 kicked off in the central city on Friday, aiming to create a chance for startup projects to access investors and investment funds.

The two-day event also aims to connect elements of the local startup ecosystem and help form a community of angel investors and venture funds in Đà Nẵng.

Held for the first time in the city, it gathers about 10 large domestic and foreign investment funds, including Quest Ventures, Do Ventures, TheVentures, TRIVE Singapore, BK Fund, and FundGo, along with about 30 startup projects and businesses.

Dương Hoàng Văn Bản, Deputy Director of the municipal Department of Science and Technology, said Đà Nẵng has been working hard over the past years to develop the local startup and innovation ecosystem. It is coordinating with the Ministry of Science and Technology to establish a national startup support centre in the city.

The startup and innovation system of Đà Nẵng is growing, and some local startups have succeeded in raising millions of US dollars in capital, he noted, adding that the city hopes more major enterprises, investment funds, angel investors, experts, and scientists will come to support startups.

James Tan, a representative of Quest Ventures, considered Đà Nẵng one of the localities with good performance in connecting and helping startups raise capital, citing the presence of many big enterprises at DAVAS 2024 and their readiness to buy the services and products of startups.

He expressed his hope that the city will continue to successfully attract many large firms to the local startup and innovation network.

Đà Nẵng is home to many universities and institutions specialised in training and seeking research and innovation talents, which is also a considerable resource for it to develop startups and innovation, according to Tan.

Activities at DAVAS 2024 include raising capital for startup projects and companies, connecting investors and startups, holding three investment forums on startup and innovation, signing a cooperation deal between the municipal Department of Science and Technology and KILSA Global, and launching an innovation cooperation space of Quest Ventures in Đà Nẵng. — VNS

Hải An Transport issues $20m worth of convertible bonds to 4 investment funds

SSI Securities Corporation has successfully advised Hải An Transport and Stevedoring JSC’s issuance of convertible bonds worth VNĐ500 billion (US$20.38 million) to four investment funds.

Economy

SSC warns fraudsters are impersonating local investment funds

The State Securities Commission (SSC) advises investors to check and compare information before trading or investing according to information on websites or accounts on social networks.

Economy

Large bond investment funds' NAV hit three-year low

The confidence of investors is at such a low level that many are willing to sell corporate bonds at any cost to collect money at a high discount.

Economy

Most investment funds in Việt Nam record negative performance in H1

Amid the market's downward movement, most investment funds in Việt Nam recorded negative performance in the first six months of this year.

SIB Connect 2024 empowers social impact businesses for sustainable growth

Economy

ADB raises growth forecast for Việt Nam to 6.6 per cent in 2025

Economy

The first and most modern logistics park in Việt Nam is inaugurated

Economy

Food industry exhibition opens in HCM City

Economy

Việt Nam to spend US$1.7 billion on meat imports

Economy

Banks allowed to extend debt repayment for Typhoon Yagi-affected customers to 2027

More on this story

Economy

Gold fever in Việt Nam

Over the past month, the gold market has been the talk of the town. Domestic gold prices have kept hitting new peaks, leading to a surge in trading activities. Gold bullion, gold rings, and gold jewellery have been the central focus for traders during this period. Experts have pointed out several factors causing the surges in gold prices, and the government has stepped in to try to untangle the situation.

Economy

VN-Index ticks down, foreign investors continue net selling

Benchmark indices moved in different directions on Friday as blue-chip stocks saw a withdrawal in capital while the foreign bloc continued net selling.

Economy

Central bank demands lending rate cuts, growth target to be met

The central bank aims to cut lending rates by 1-2 per cent, with a focus on supporting economic recovery and growth drivers, emerging sectors, green transitions, circular economy and social housing.

Economy

Vietnamese fruit exports boom, lychee crop faces declined output

Việt Nam's fruit and vegetable exports rose 28.1% to $2.59 billion in the first five months of this year.

Economy

MoIT looks into low rice bids as possible sign of competition law violations

Some Vietnamese rice export companies have won bids at prices lower than the export price on the world market, prompting questions about potential violations of the competition law.

Economy

PM orders building of financial plan for 2026-2030

Prime Minister Phạm Minh Chính has recently signed a directive on a financial plan for the 2026-2030 period.

Economy

Khánh Hòa introduces local investment potential, opportunities to US firms

A delegation of the south-central coastal province of Khánh Hòa led by Secretary of its Party Committee Nguyễn Hải Ninh attended a seminar between Vietnamese businesses and US firms, investment funds and groups in New York during their working visit to the US from May 29-30.