Prime Minister Pham Minh Chinh urged the business community, investors, and the public to actively participate in practical startup activities at the opening ceremony of 2024 Techfest Vietnam on November 27.

Speaking at the event titled 'Joining Hands to Develop the Innovative Startup Ecosystem", Chinh said that each innovative startup should serve as a "nucleus of innovation," contributing to new momentum for the economy and asserting Vietnam's intelligence and resilience on the international stage.

Prime Minister Pham Minh Chinh speaks at the event. Photos: Vietnam News Agency

He emphasized the importance of organizations that support innovative startups in acting as bridges, connecting entrepreneurs with essential resources. These organizations should regularly update their support models, utilizing technology and big data to assess, develop, and monitor startups.

"They need to accompany and support businesses from the idea stage to scaling up and international expansion to create a sustainable innovative startup ecosystem," he said.

Chinh reiterated the crucial role of innovative startups in enhancing productivity, improving product quality, driving breakthrough changes, and creating new markets and industries.

He said that the success of innovative startups depends on the collective efforts and consensus of the political system, communities, and businesses, with a particular focus on citizens and youth as the central force and primary resource for the country's future.

"The government will create favorable conditions to support and promote the development of the innovative startup ecosystem. This includes reviewing and refining strategies, mechanisms and policies to strongly boost innovation and protect the legitimate rights and interests of enterprises, investors and people," Chinh said.

He said the government aims to create a transparent institutional framework, seamless infrastructure, and smart governance to facilitate innovative startups and ensure a stable and long-term policy environment. Supporting measures will include housing, visa regulations, and preferential funding for innovative startups.

Minister of Science and Technology Huynh Thanh Dat.

According to Minister of Science and Technology Huynh Thanh Dat, his ministry is collaborating with other ministries and local authorities to advise the Government and Prime Minister on improving the legal framework and designing appropriate support mechanisms. These efforts aim to create a conducive environment for innovative startups to thrive in the global business landscape.

The minister highlighted the importance of international cooperation to diversify resources, enabling innovative start-ups to access and absorb advanced technologies from around the world, supported by both domestic and multinational corporations as well as global investment funds.

Dat pointed to a decade of progress that has seen Vietnam’s innovative startup ecosystem flourish, fostering the emergence of disruptive companies that leverage new technologies and business models and are ready to compete in the global marketplace.

Techfest 2024, which runs from November 26-28 in the northern city of Haiphong, features nearly 150 activities, including a high-level policy forum on innovative startups themed "From Local to International," an exhibition of innovative startup products and services, the Vietnam Innovative Startup Talent Search competition, and others. This year's Techfest aims to attract around 8,000 participants, 1,500 more than in 2023.

The event serves as a platform to explore mechanisms and policies, promote collaboration and investment opportunities, and connect resources and partners to advance the innovative startup ecosystem. It will also showcase technologies, products and services that will allow startups to shape their strategies for the future and propel Vietnam into a new era of growth.

The opening ceremony of the event.

Since its inception, Techfest Vietnam has attracted 21,000 participants, over 450 investors, and more than 1,400 innovative startups, facilitating over 800 domestic and international investment connections.

Vietnam currently has around 4,000 innovative startups, including two unicorns and 11 companies valued at over US$100 million. The country is home to more than 1,400 startup support organizations, 202 coworking spaces, 208 investment funds, 35 business accelerators, 79 incubators, and approximately 170 universities and colleges involved in innovative startup activities.

In 2024, Vietnam’s global startup ecosystem index rose by two positions to 56, ranking fifth in Southeast Asia and 12th in the Asia-Pacific region. Additionally, its global innovation index improved by four places from 2022, now ranking 44th out of 133 economies