Techfest Hanoi 2023 will run from October 12 to 14. Nguyen Hong Son, director of Hanoi's Department of Science and Technology, spoke with Hanoimoi Newspaper about the event.

What are the notable highlights of the Capital Region Startup and Innovation Festival 2023?

Techfest Hanoi draws large crowds. Photo: Techfest

Techfest Hanoi 2023, a startup and innovation festival of the capital region, will be held in Hanoi from October 12 to 14.

With the theme "Hanoi aglutinates the Capital Region - Innovation and Development", the event is organized by the Hanoi People's Committee and the Ministry of Science and Technology in cooperation with the provinces in the Capital Region, including Hanoi, Vinh Phuc, Thai Nguyen, Bac Giang, Bac Ninh, Hung Yen, Hai Duong, Ha Nam, Hoa Binh and Phu Tho.

The festival is expected to drive the development of the startup and innovation ecosystem in the capital region, with Hanoi as the nucleus. It aims to leverage the region's opportunities, trends, and collaborative strengths to drive socio-economic development.

The event will feature an exhibition of startup and innovative projects, technology demonstrations, and business matchmaking with 120 booths representing startup companies, science and technology enterprises, universities, research institutes, incubators, technology incubation parks, investment funds, and other components of the startup and innovation ecosystem in Hanoi and the provinces within the Capital Region.

There will be the Forum for Promoting Hanoi's ESG-oriented Innovation Ecosystem and the Youth Startup and Innovation Forum; two workshops will also be held during Techfest Hanoi 2023, focusing on the topics of science, technology and innovation businesses, and improving logistics and connectivity for the capital region.

As part of the festival, the Hanoi Startup and Innovation Competition 2023 will be held for the first time.

What do the organizers of this event want to achieve?

Techfest Hanoi 2023 is expected to attract the interest and participation of agencies, organizations, business communities, experts, engineers, scientists, students and residents in the capital region. The event aims to raise awareness of science and technology, digital transformation, and startup innovation.

The activity also aims to build, connect, and enhance the capabilities of entities within the startup and innovation ecosystem of the Capital Region, including large corporations, pioneering technology companies, small and medium-sized enterprises, innovative startups, supporting organizations and individuals, investors, experts, science and technology organizations, research institutes, universities, and government agencies.

Moreover, based on practical experience combined with digital transformation, the event aims to create breakthroughs in approaches and strategies for building a vibrant startup and innovation ecosystem. It will foster an unlimited digital space for innovation and support the development of the science and technology market in the capital region and Hanoi.

How would you describe the current startup and innovation ecosystem in Hanoi?

Nguyen Hong Son, Director of the Hanoi Department of Science and Technology

In recent years, Hanoi's startup and innovation activities have experienced vibrant and robust growth. The city has shown great interest and provided guidance to promote the development of the startup and innovation ecosystem. In addition, there has been support and promotion from the Ministry of Science and Technology and other relevant agencies, contributing to the progressive development of the ecosystem.

Currently, there are about 1,000 innovative startups in Hanoi, representing a significant proportion of the total 3,800 startups nationwide. To help these businesses access professional training and incubation programs, the capital region has established startup support organizations such as business incubators and business promotion agencies.

There are now 32 business incubators in Hanoi, accounting for 38.1% of the total nationwide, and another 14 organizations providing business support programs, accounting for 40% of the national total. Workshops, forums, seminars, investment connections, and training courses on startups and innovation are regularly organized and contribute to the growth of the ecosystem.

From 2016 to date, startups and innovative companies in the city have successfully raised nearly $1 billion in 99 capital deals. These figures have shown consistent growth in recent years, reflecting the community's active participation in the development of the ecosystem.

The startup and innovation support activities have had some positive impact on building the innovation ecosystem. However, there is a lack of networking and information about the ecosystem. This practical need highlights the importance of linking and connecting the entities within the ecosystem, resulting in investors struggling to find innovative startups, and startups not fully understanding the policies and key points of policy support.

What measures is Hanoi taking to drive its startup and innovation ecosystem?

To develop Hanoi's startup and innovation ecosystem, the city will take several key measures:

Connectivity: Hanoi will establish connections between online platforms related to the city's, nation's, and other localities' startup and innovation ecosystems. In addition, efforts will be made to transform each university and research institute into an innovation hub to facilitate the provision and connection of resources within the ecosystem.

Hanoi Innovation and Incubation Center: The city will establish and operate the Hanoi Innovation and Startup Center, which will serve as a nucleus to pool resources both domestically and internationally. This center will focus on human resources and financial support for innovative start-ups.

Communication and promotion: Hanoi will intensify communication efforts to promote the entrepreneurial spirit in society. The aim is to generate interest, participation and investment in innovative entrepreneurship. The city will work to build an entrepreneurial culture, especially among the youth, to increase the number of innovative start-ups. In addition, efforts will be made to connect startup communities and various components of the ecosystem.

Central government support: Hanoi will leverage the support and resources provided by the central government, with a particular focus on cooperation with the Ministry of Science and Technology and the Ministry of Planning and Investment.

By implementing these measures, Hanoi aims to foster a thriving startup and innovation ecosystem, promote collaboration and resource sharing, and create an enabling environment for entrepreneurial activities.

Thank you!