Techfest promotes Vietnam’s startup ecosystem

Introducing the management board for Vietnam’s startup ecosystem project

Techfest Vietnam is an annual event held by the Ministry of Science and Technology, which brings together all the components in the startup ecosystem. What did the ministry prepare for the event?

The Ministry of Science and Technology saw Techfest Vietnam 2016 as the great event and a national startup festival with the participation of guests, investment funds, and startup businesses.

Techfest Vietnam 2016 attracted about 2,000 attendees, including 100 domestic and foreign investors and 100 startups. In addition to seminars to share information and experience between professionals, guests and attendees, a new activity connecting 100 businesses with 200 candidates who wish to work for these startups was organized.

The Ministry of Science and Technology cooperated with ministries and departments to prepare for the event. It was also an opportunity to review and assess the national startup movement and startups associated with creative innovation, contributing to confirming the role of science and technology in the country’s socioeconomic development.

In particular, the Ministry of Science and Technology in coordination with ministries, departments and localities informed about the event in order to prepare well for contents and themes to opening and closing ceremonies.

What were the significance and expectations of Techfest Vietnam 2016?

Techfest Vietnam 2016 brought an important significance in creating a festival where startups can now meet potential customers, domestic and foreign investors, experts, organizations and the media.

In addition to strengthening connection between Vietnamese outstanding startups and domestic and foreign investors, and sharing information and experience among the components in the startup ecosystem, the event also aimed at introducing startup programs as well as outstanding scientific and technological products.

With the goal of connecting startups with domestic and foreign investors, creating and developing the startup ecosystem, we were eager to engage the attention and participation of the majority of society. In particular, we would like to earmark foreign investment capital sources for the national startup movement and startups associated with creative innovation.

Could you tell us about the effectiveness of Techfest Vietnam 2015?

Techfest Vietnam was organized for the first time in 2015 with the participation of nearly 1,000 people and around 50 domestic and foreign investors. Techfest Vietnam 2015 recorded connections and relatively large investments of more than US$1 million.

Even for those who have already made successful startups such as Finland, the first organization of a startup festival only attracted about 300 people. Therefore, Vietnam achieved remarkable results for Techfest 2015.

Startup activities have witness significant growth since the first organization of Techfest Vietnam 2015. The government realizes that Vietnam needs to study and follow successful startup countries such as Israel. Therefore, 2016 is seen as a national startup year.

The project on developing the national ecosystem for startups by 2025 attracts the attention of the public. Could you tell us more about the project?

The project on developing the national ecosystem for startups by 2025 approved by the prime minister is critical, aiming at building the startup ecosystem in Vietnam. The approved contents focus on resolving difficulties in mechanisms and policies, earmarking resources, building a national e-portal for startups to provide information on technologies, inventions, standards, intellectual property rights and new business models and strengthening propaganda.

Vietnam has not had any official documents on the national ecosystem for startups. Therefore, the legal system lacks many regulations for startups based on creative innovation such as support from the state budget for failure in startups or other financial problems.

Mechanisms and policies for startups such as preferential tax policies are needed to help investors feel secure when investing in the startup ecosystem. Therefore, we hope that the basic contents of the project will make startups successful.