The program is organized by the Ho Chi Minh City People's Committee in coordination with the Ministry of Science and Technology, with the theme "Promoting national resources - Enhancing the Vietnamese innovation and startup ecosystem to integrate internationally" in 2023.

Also attending were Nguyen Van Nen, Politburo member, Secretary of the Ho Chi Minh City Party Committee; Huynh Thanh Dat, Party Central Committee member, Minister of Science and Technology; Nguyen Chi Dung, Party Central Committee member, Minister of Planning and Investment; Phan Van Mai, Party Central Committee member, Chairman of the Ho Chi Minh City People's Committee; experts, scientists, innovative enterprises, investors, etc.

Prime Minister Pham Minh Chinh attends the Techfest - Whise Imprint program in 2023

Venture capital investment is back on the rise

At the program, Minister of Science and Technology Huynh Thanh Dat said that in recent years, the Vietnamese innovation startup ecosystem has been developing positively. The StartupBlink Global Startup Ecosystem Ranking Index in 2023 also showed that the ecosystems of cities in Vietnam such as Hanoi and Ho Chi Minh City have improved and continued to grow, ranking Vietnam 58th in the world. After Covid-19, attracting venture capital in Vietnam has grown again, with 634 million USD in 2022 and reaching nearly 500 million USD in the first half of 2023.

The Minister of Science and Technology emphasized that the country currently has nearly 200 co-working spaces, about 70 business incubators, 30 business promotion organizations and 108 venture capital funds. However, the most important resources supporting startups and innovation are favorable legal corridors, incentive mechanisms and policies; appropriate financial resources and close links between businesses and universities/research institutes.

The Minister of Science and Technology believes that the scale and operational efficiency of the national startup and innovation ecosystem will increasingly expand and improve the quality of operations, attracting more and more domestic and foreign resources, making increasingly practical contributions to the goals of economic and social development.

Prime Minister Pham Minh Chinh and Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen with leaders of ministries, branches and Ho Chi Minh City at the Techfest - Whise Imprint program in 2023

Important growth drivers

Speaking at the program, Chairman of the Ho Chi Minh City People's Committee Phan Van Mai said that Ho Chi Minh City has identified startups and innovation as important growth drivers and has implemented many solutions, such as: Supporting access to capital, markets, technology and high-quality human resources; creating a favorable, transparent and healthy competitive business environment; raising public awareness of the importance of startups and innovation.

"HCMC has built a dynamic startup ecosystem, ranked 114/1,000 cities with dynamic ecosystems globally, and ranked 3rd in the ASEAN region in terms of ecosystem value. This demonstrates HCMC's commitment to building an environment that supports innovation" - Chairman of HCMC People's Committee Phan Van Mai informed.

Chairman of Ho Chi Minh City People's Committee Phan Van Mai speaks at the Techfest - Whise Imprint program in 2023

According to the Chairman of the Ho Chi Minh City People's Committee, recently, with Resolution 98 of the National Assembly, Ho Chi Minh City is actively implementing preferential policies for science and technology development, promoting innovation and startups, such as tax exemptions and support policies. Ho Chi Minh City is preparing to launch the Center for Startup and Innovation Support; preparing a project to establish the Institute of Advanced Technology and Innovation; the Center for Revolution 4.0, with the role of a nucleus connecting research and development centers and innovation into a sustainable cooperation network... These preparations are the premise towards developing Ho Chi Minh City into a creative urban area on par with the region in the next 10 years.

“With these outstanding policies, along with existing and improving foundations, Ho Chi Minh City is determined to become the most dynamic startup and innovation center in Southeast Asia and the region,” emphasized Mr. Phan Van Mai.

In 2023, Vietnam will rank 46th out of 132 countries and economies in global innovation, 4th in the ASEAN region and among the top developing economies. Ho Chi Minh City is in the 81-90 group of the Top 100 emerging startup markets globally. Investment in startups and innovation still maintains a relatively good development level compared to the ASEAN region with 56 projects, total investment of 500 million USD.

Currently, Vietnam has over 3,000 startups; over 140 universities and research institutes organizing startup and innovation activities with incubators, centers and clubs supporting startups. Many large enterprises, corporations and overseas Vietnamese have actively participated in the startup and innovation ecosystem in Vietnam.

At the program, Prime Minister Pham Minh Chinh pointed out that startups and innovation are inevitable and objective trends, strategic choices; there are both opportunities and advantages, as well as difficulties and challenges; the important thing is to have perseverance, courage and intelligence to maximize opportunities and advantages, and resolve difficulties and challenges.

According to the Prime Minister, Vietnam must consider startups and innovation as one of the important political tasks, contributing to strongly promoting economic growth, improving competitiveness and production and business efficiency, increasing labor productivity, and opening up new development space.

"We must strongly innovate thinking, awareness, and actions in accordance with practical conditions, along with outstanding institutions, mechanisms, and preferential policies, in order to build Vietnam into an attractive destination for startups and innovation in the region and the world; an attractive place for testing creative startup ideas or business models; put startups and innovation at the center, create the best conditions for businesses to develop; and create a mechanism for close connection between startups, investors, and experts," the Prime Minister emphasized.