09:11 | 11/06/2019 Investment
The Vietnam Venture Summit 2019, the first of its kind, debuted in Hanoi on June 10.
|Participants discuss at the summit|
Hosted by the Ministry of Planning and Investment, the event aims to provide a platform between for dialogue between the Vietnamese government and major international venture funds.
Domestic start-ups received as many as US$889 million in 92 deals last year, tripling that in 2017, according to an annual report by the Topica Founder Institute.
Minister of Planning and Investment Nguyen Chi Dung said there were over 3,000 start-ups in Vietnam last year, the third highest in Asia.
However, creative innovation activities associated with growth and development in Vietnam are still not in line with their potential, and many areas have not been exploited and utilised to develop, the Minister said, adding that there should be more policies to improve the ecosystem of innovation as well as create favourable conditions for innovation and development.
According to Minister of Science and Technology Chu Ngoc Anh, it is necessary to build an active start-up ecological system, that helps promote innovation and encourage domestic firms to form venture funds.
Discussions at the event also focused on support and demand in financial technology, artificial intelligence and e-commerce, as well as experience in expanding business operations globally.