$14 million invested in start-ups at Techfest

December 09, 2019 - 02:13

$14 million invested in start-ups at Techfest

HA NOI, VIETNAM - Media OutReach - 9 December 2019 - Around US$14 million in investment was pledged during the national innovative start-up day, Techfest 2019, in Hạ Long City, Quảng Ninh Province.

A series of seminars were organised by 12 technology villages during the three-day event.

The event attracted 250 foreign investors and experts, and nearly 300 start-ups, with the support of VinTech City, Vietcombank and several other donors.

The first prize in the National Innovation Talent Contest for Start-ups was awarded to MultiGlass, a start-up providing smart technology to help people with disabilities use computers.

The smart communication device combines iris recognition technology and Artificial Intelligence.

MultiGlass will represent Việt Nam at the Start-up World Cup 2020 in San Francisco, US.

At the Techfest closing ceremony on Friday, Deputy Minister of Science and Technology Trần Văn Tùng said the ministry would continue to assist the innovative start-up eco-system and support local eco-systems.

He highlighted the determination of ministries and sectors to create favourable conditions through a legal framework for start-ups, incubators and foreigners seeking investment opportunities in Việt Nam.

The opinions given by domestic and foreign investors and experts at Techfest would be studied to improve the start-up environment, he said.

Phạm Đức Nghiêm, deputy general director of National Agency for Technology Entrepreneurship and Commercialisation Development and director of Việt Nam Climate Innovation Centre (VCIC), said the Vietnamese innovative start-ups have been increasing dramatically in both quantity and quality.

“Việt Nam innovation investment market has become more attractive to international investors. This has been shown through the success of the International Investment Matching Forum hosted by VCIC and International Investment Matching Village within the framework of Techfest 2019 with more than 250 matching sessions and about $14 million of interested investment, which increased more than 1.5 times compared to Techfest 2018,” he said.