The event drew the participation of member of the Party Central Committee (PCC), Deputy Prime Minister Vu Duc Dam; PCC member, Minister of Planning and Investment Nguyen Chi Dung; PCC member, Minister of Science and Technology Chu Ngoc Anh; PCC member, Chairman of the Hanoi People’s Committee Nguyen Duc Chung.
In attendance were representatives of more than 100 domestic and international venture funds, namely, Softbank Vision Fund, CyberAgent Ventures, Mekong Capital, 500 Startups Vietnam, DT&I, IDG Ventures Vietnam, and VinaCapital Ventures.
The event also saw the presence of representatives of international corporations, such as Google, Visa, BCG Digital Ventures, One Championship, and Lotte, among others.
According to the Organizing Board, this marked the first time the Venture Summit has been held in Vietnam.
The event aims to attract investors and promote the image of Vietnam as a potential destination for creative entrepreneurs; introduce Vietnam’s business environment, start-up ecological system and the Government’s startup support policies.
The summit also provided a dialogue platform between the Vietnamese government and major international venture funds. Accordingly, discussions focused on startups’ needs in terms of financial technology, artificial intelligence and e-commerce among others, thus promoting exchange and cooperation among governments and venture funds in building the entrepreneurial ecosystem of Vietnam.
An annual report on the startup movement last year by Topica Founder Institute shows that Vietnamese start-ups received as many as US$889 million in 92 deals last year, tripling that in 2017.
Currently, Vietnam records 40 local venture funds. Many domestic large-scale groups have invested in the startup ecosystem, namely, FPT, Viettel, Vingroup, CMC, CenGroup.
Notably, VinaCapital Group has launched a new venture investment fund, called VinaCapital Ventures, worth a total of US$100 million, while Vingroup has set up a VND2 trillion (US$85.6 million) supporting fund for startups and science and technology research.
Deputy PM Vu Duc Dam speaks at the summit.
Addressing the event, Deputy PM Vu Duc Dam appreciated the organization of the summit and expressed his belief that the event would bring a new development for start-up businesses.
He stressed the need to continue improving business environment, creating breakthroughs in information technology (IT) development, and IT application; paying special attention to education, science and technology in an effort to attract additional venture funds.
Deputy PM Vu Duc Dam hoped that venture funds would renew and enhance cooperation with investors so as to develop start-up businesses.
Domestic start-up enterprises need to strengthen connection with each other with the Government’s support, he hoped, believing that Vietnamese startups would make strong changes, contributing to the country’s economic development.