The innovative startup ecosystem in Ho Chi Minh City is oriented into becoming a regional-scaled one.
The Office for National Program No.844 – Initiative for Startup Ecosystem in Vietnam (ISEV) has just introduced the first map for the national innovative startup ecosystem 2021. This map is a collection of hundreds of organizations, agencies and businesses, both domestic and international, state and private, which are taking part in establishing the national ecosystem.
Vietnam 2021 Map for National Innovative Startup Ecosystem includes many sectors, selected based on such criteria as great contribution to innovative startup activities, enthusiastic participation in National Program No.844 to ensure a diversity in professions and fields.
In the middle of the map is the part for 30 outstanding startups with impressive achievements lately. Around it are five sectors of network, talent, capital, support, and service.
The map is expected to help international partners easily locate and contact prominent organizations in the current ecosystem. It is frequently updated to precisely reflect the sustainable growth of the national ecosystem in the upcoming year.
At present, National Program No.844 is aiding intermediary organizations in their activities to support startups like incubation, business promotion, investment attraction, necessary service provision (media coverage, human resources training).
ISEV is formed in accordance with Decision No.844/QD-TTg by the Prime Minister, clearly affirming that innovative startup is a new business model based on exploiting Intellectual Property, advanced technologies, and with an operation time of less than 5 years from the first business permit certificate date.
This national program aims at creating a favorable environment for the creation and growth of new enterprises with high growth potential based on Intellectual Property, technologies, new business models; quickly perfecting the legal system to support innovative startups; and forming a national innovative startup portal.
The program estimates that in 2025, there will be 2,000 startup projects incubated, 600 startup businesses created, and 100 enterprises successfully attracting investment from venture capitalists via purchasing or merging, with a total value of around VND2,000 billion (approx. US$86.8 million).
Statistics from Echelon Magazine (Singapore) reveal that in 2020, Vietnam owns 3,000 innovative startups, a double of the quantity in 2015.
By Ba Tan – Translated by Thanh Tam