The festival for innovative startups held in Hanoi on November 25 is expected to raise endogenous resources to promote Hanoi’s development, Kinh te & Do thi quoted Secretary of the Hanoi Party Committee Vuong Dinh Hue as saying.

The event aims to create opportunities for innovative startups to get access to foreign venture funds and introduce Hanoi’s image as an attractive investment destination during the Covid-19 pandemic, Mr. Hue said.

Secretary of the Hanoi Party Committee Vuong Dinh Hue speaks at the event. Photo: Kinhtedothi.vn

In terms of innovative start-ups, the municipal government is determined to improve its innovative startup ecosystem and make it the leading one in the country by 2025, among the top of ASEAN by 2035 and in Asia's leading group by 2045, the Party chief stressed.

He added that the youth plays an important role in promoting innovation and application of science and technology in all fields of socio-economic life as they have access to modern scientific applications early on.

The city's Party chief called on the young people in the city to keep focusing on scientific research, realizing their aspirations to innovate, finding new solutions to the city’s issues to make Hanoi an innovation city and a startup city.

“Hanoi’s leadership will always support the youth in the journey of innovative startups,” Mr. Vuong Dinh Hue said.

He noted that Hanoi will also build a "Capital Initiative Network" and promote the role of "Creative City" to closely get managers, intellectuals and businessmen together to solve specific issues in the capital city’s development process.

VinaCapital Ventures VietChallenge contest raises US$1.7 billion fund

At the Innovation Festival, the startup competition ‘Vinacapital Ventures Vietchanllenge (V3 Track)’ was co-organized by VinaCapital Ventures and the Ho Chi Minh Communist Youth Union in Hanoi with the total prize value up to VND5 billion (over US$216,000).

Secretary of the Hanoi Party Committee Vuong Dinh Hue and Minister of Information and Communications Nguyen Manh Hung awarded the winners of the V3 Track Innovation Contest Final. Photo: Kinhtedothi.vn

The venture capital platform TREKKRS.ASIA and an investment connection for innovative startups in ASEAN worth US$1.7 billion was also launched at the event.

V3 Track is designed with special criteria to find startups that provide products, services, technology solutions and find funds, investors and big sponsoring institutions for them.

The event saw the attendance of 23 leading groups in the region and 154 investment funds, 10 associations of overseas Vietnamese students, 20 universities and 783 startups coming from regional economies such as Malaysia, Vietnam, Thailand, Singapore, Indonesia, South Korea and Taiwan.

VietChallenge is an annual startup competition for entrepreneurs from all over the world, hosted by the Association of Vietnamese Students and Professionals in the United States.

This is a non-profit organization with a passion to empower entrepreneurs in Southeast Asia and around the world, connecting them with investors, mentors and bringing their innovative ideas to the market.

At the Innovation Festival, participants joined a technology demonstration and a seminar on Digitalization of Start-up Investment in ASEAN.