Vietnam needs to create ample resources for innovative startups: Official

There should be links among Vietnam’s ecosystems to rationalize resources for innovative startups, Kinh te & Do thi quoted Deputy Minister of Science and Technology Tran Van Tung as saying at the forum titled “Connecting resources to support innovative startups” in Hanoi on November 28.

It is necessary to promote connections for the ecosystem to make effective use of startup support resources, Deputy Minister Tung emphasized.

Deputy Minister of Science and Technology Tran Van Tung speaks at the forum. Photo: Kinhtedothi.vn

He said Vietnam has abundant human resources and there is much room for growth which would be fully tapped if scientific and technological achievements are applied. Therefore, Vietnam needs policies to encourage creativity and dedication of its citizens, as well as to attract talented people at home and abroad.

Currently, more than 1,400 organizations in Vietnam are supporting startups. So far, 196 co-working areas, 69 business incubators and 28 business promotion organizations have been established. Some 108 venture capital funds consider Vietnam a target market. These numbers have been steadily increasing in recent years.

“We need to promote the connections among these organizations, especially enhance the linkage among the State - Schools - Businesses to develop creative hubs and co-working areas for supporting startups,” said the deputy minister.

However, Vietnam is still short of manpower for innovative startup ecosystem, Mr. Tung added, the human resources for this ecosystem are not only startups entrepreneurs, but also consultants, experts and successful businesspeople who want to support startups.

“If we get all these resources together, we can complete the ecosystem and support its development,” the deputy minister stressed.

At the forum, Ms. Caitlin Wiesen, representative of United Nations Development Program (UNDP), emphasized the need of incubating and counseling startups to develop ideas.

Especially, the connection needs to be made among startups, Ms. Caitlin Wiesen said, adding that facilitating connection between local and foreign organizations will create important products which can support for the community.