Vietnamese startups explore Silicon Valley

09:23 | 05/11/2019 Science - Technology

(VEN) - The Ministry of Science and Technology has initiated a series of events to connect investment for Vietnamese startups in many countries. The highlight of this activity was Techfest Vietnam, which took place in the US for the first time. The September 13th gathering at Hero City in California’s Silicon Valley brought together 300 Vietnamese expatriates, experts, investors and representatives of the innovative startup ecosystem of the two countries.

vietnamese startups explore silicon valley

Led by Deputy Minister of Science and Technology Tran Van Tung, the Vietnamese delegation visited world technology giants including Amazon and Google to hear about startup ecosystem development in Silicon Valley.

During the events, the Ministry of Science and Technology of Vietnam signed memoranda of understanding with new key partners in the US, such as Ai20x (a prominent incubation center), Pegasus Tech Venture (the organizer of Startup World Cup), and Stripe Inc (a company that supports startups in exploring the US market) to support the Vietnamese startup ecosystem. In addition, other organizations in the fields of finance, business acceleration and ecosystem took part in the program, including Tim Draper University’s Hero City, Republic, 500 Startups, and Founder Institute, which promise to create opportunities for startups from Vietnam.

After networking with approximately 50 venture companies and angel investors from the US, startups participated in Techfest Vietnam in the US on September 13. The event attracted an estimated 300 attendees, including Vietnamese expatriates, representatives of Vietnam’s startup ecosystem and American investors and experts.

In addition to pitching startup activity, one of the most important events was a panel devoted to the “Silicon Valley - Vietnam Ecosystem Connection”, where representatives of the two countries discussed opportunities to promote investment and develop startup ecosystems.

Techfest Vietnam in the US is the launch of Techfest Vietnam 2019 that will take place in December in Vietnam’s northeastern province of Quang Ninh. The event will include 200 exhibition booths in such fields as finances, technology, markets, human resources, and support services, and one-to-one investment matching with more than 200 domestic and international investors. In addition, seminars and forums with nearly 6,000 attendees will also be held with featured technology demonstration and an Innovative Technoprenuer Contest.

According to statistics of Echelon Magazine (Singapore), Vietnam currently has more than 3,000 startup businesses, an increase of 1,200 from 1,800 in late 2015. In 2018, Vietnam’s startups attracted investment capital worth US$890 million, more than triple that in 2017.

Techfest Vietnam is the biggest annual event for the innovative startup community in Vietnam, organized by the

Ministry of Science and Technology within the framework of the “Initiative for startup ecosystem in Vietnam - ISEV”

(National Program 844).

Quynh Nga