US Ambassador to Vietnam Ted Osius was visiting a pavilion on innovation and start-ups
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Deputy Minister of Science and Technology Tran Van Tung noted that the Prime Minister has recently approved a project to support the innovation startup ecosystem through 2025. He pointed out the attraction of foreign investment as the biggest challenge for startups and proposed the Government devise particular policies to assist investors in the field.
This is the second innovation promotion forum hosted by Arizona State University, following the first event in 2015. A similar forum is scheduled to take place in the Mekong Delta city of Can Tho on November 3. A start-up is a type of enterprise that can scale up quickly, based on intellectual property, technology and an innovative business model. Under the national start-up development project, the Government will provide legal and financial support for around 2,600 start-ups across the country over the next decade.
Speaking at the event, US Ambassador to Vietnam Ted Osius stressed that innovation and creativeness is necessary for the future of both countries, expressing his hope that the event will foster the spirit of innovation and creativeness in Vietnam as well as the development of a start-up business community in the country.
In the context of integration, Vietnam needs strong enterprises, which are supported to further develop in a propitious start-up and innovation and creativeness ecosystem. Vietnam has strived to improve policies to assist the development of a start-up ecosystem in Vietnam, thus encouraging private sectors to set up venture capital funds, these aims at creating a convenient legal and financial climate to step up development of technology and business incubators, and the arrangement of start-up training courses, as well as supporting start-up groups in forming high-growth innovation and creativeness enterprises.
Vietnam is willing to learn experience from other countries in creating a connection of aid sources in the field, to help the country keep pace with modern technology trends in the world. Through the event, Vietnam hopes for enhanced connection and experience-exchange between US firms, venture capital funds and Vietnamese start-up enterprises, in building start-up ecosystem.
