Vietnam's innovation startup ecosystem is dynamic, highly open, and ready to integrate with international standards, according to Tim Pallas, Australia's Treasurer and Minister for Trade and Investment.

Tim Pallas made the remarks at the 2023 International Techfest, co-hosted by Monash University, the Vietnamese Ministry of Science and Technology (MoST), and the National Agency for Technology, Entrepreneurship and Commercialization Development.

The event was part of a working visit to Australia by a Vietnamese delegation led by Minister of Science and Technology Huynh Thanh Dat to attend the Global Entrepreneurship Congress 2023 in Victoria this week.

Techfest, Vietnam’s largest annual event for innovative start-ups, was held for the first time in Melbourne, Australia, on September 20 to mark the 50th anniversary of diplomatic relations between the two countries and to introduce Vietnamese innovative startups to the global market.

Tim Pallas, Australia's Treasurer and Minister for Trade and Investment. Photo: VNA

Minister Tim Pallas emphasized the great potential of cooperation between the two countries to boost the economy through innovative startups.

At the 2023 International Techfest, Vietnamese startups had the opportunity to meet with Australian venture capital companies such as Magic Edutech Group, Cyberkid, VSEC, Hana Gold, and Treeotek, where, according to Tim Pallas, they exchanged experiences and discussed how to improve their support for startups to create a favorable environment in both countries.

For his part, Vietnamese Minister of Science and Technology Huynh Thanh Dat said that the 2023 International Techfest was held in Australia, a country with an advanced and dynamic startup ecosystem, to promote deeper cooperation by connecting the nations' businesses.

"On the occasion of the 50th anniversary of diplomatic relations between Vietnam and Australia, we brought Techfest to Australia to support Vietnamese entrepreneurs in this country and introduce Vietnamese enterprises to Australian partners," Dat said at the opening ceremony.

Vietnamese Minister of Science and Technology Huynh Thanh Dat delivers his speech at Techfest in Australia. Photo: VNA

"The International Techfest in Melbourne marks a new step forward for Vietnam's innovative startup ecosystem in the global playground. We are determined to build an open ecosystem and encourage foreign incubators and startups to test new technologies, replicate models, develop markets, and seek investment capital, especially in food production, green technology, and circular economy," Dat said.

He stressed that Techfest is also the platform for Australian companies to enter the Vietnamese market. It's also a bridge to connect local businesses and organizations with international resources around the world.

"We call on overseas Vietnamese, intellectuals, entrepreneurs, technology experts and foreign startups to come to Vietnam and work with the country's partners to solve local and global challenges while promoting sustainable development," the Minister added.

The Vietnamese side expressed its willingness to participate responsibly in providing innovative solutions to economic, social and sustainable development issues worldwide. It encouraged international experts and enterprises to coordinate with domestic enterprises to solve the country's problems.

Members of the Vietnamese delegation and Australian representatives attend the 2023 International Techfest organized in Australia. Photo: VNA

According to Pham Hong Quat, head of the National Agency for Technology Entrepreneurship and Commercialization Development, Vietnam has about 3,000 innovative start-ups, three valued at over US$1 billion and 11 at over US$100 million.

He cited the World Intellectual Property Organization's 2022 Global Innovation Index Report, which ranked Vietnam 48th out of 132 countries, placing its economy in the top four among Southeast Asian nations, and rated it as having the highest innovation capacity among developing countries. This is a testament to a vibrant ecosystem with great potential for cooperation and development.

Techfest is the largest annual event series for innovative startups in Vietnam, bringing together experts and reputable organizations from home and abroad to provide guidance for the development of the ecosystem.

Since 2019, organizing Techfest in countries with developed innovation ecosystems has become an important direction for MoST to promote the country's startups globally and attract investment from other countries. So far, Techfest has been held in countries such as the US, South Korea, and Singapore.