Tech start-ups on the rise in VN

Ngoc Huynh

HCM CITY (Biz Hub) — Start-ups in the technology sector are on the rise in the world and Viet Nam is no exception, delegates told a seminar in HCM City on August 13.

Many Vietnamese young people started their businesses by developing technologies that are applied in various sectors, including education, healthcare, agriculture, they said.

According to Dinh Ba Tien, head of the HCM City University of Natural Sciences’ Information Technology Faculty, start-ups in the technology sector have not faced barriers, while technology provides opportunities to expand to the world market.

Many fields in daily life need to apply technological solutions to cut back costs and time.

Tien urged young people to relentlessly stay up to date on the technology trends in the world market, and choose proper solutions to deploy in Viet Nam.

With their knowledge and ability, Viet Nam’s young generation is expected to create tech products to meet the market’s demand and boost the development of local businesses further as well as contribute to addressing the shortcomings of the country.

Start-ups have been booming in Viet Nam in recent times, with about 1,000 tech start-up projects each year. A start-up ecosystem, which includes venture capital, angel investors, accelerators, incubators, government funds, businesses, and others, has also developed to support start-ups.

Truong Ly Hoang Phi, director of the Business Start-up Support Centre (BSSC), said the centre provided start-ups with support in terms of finance, branding, mentoring and start-up connection activities.

The centre would organise a Start-up Exchange later this month to enable start-ups to present their projects to attract investment, she said.

Dang To Loan, deputy director of Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB), which is the co-founder of the HCM City Startup Investment and Innovation Fund, said the bank set aside specific programmes to support feasible and high growth potential start-up projects.

Le Hai Binh, deputy chairman of the Viet Nam Ecommerce Association (VECOM) and founder and chairman of Mat Bao Corp, said his company had accompanied start-ups for many years as an angel investor, saying that it was willing to support feasible start-up projects.

Nguyen Huu Thong from Mobiphone Service Company region 3 said education, medical and agricultural sectors were high potential sectors for tech start-ups, adding that his company was also willing to co-operate with promising start-ups.

At the seminar, Binh suggested start-ups should learn from the failures of other companies to avoid repeating the mistakes.

Organised by VECOM, BSSC, and, the seminar themed Tech Start-up was expected to help provide young start-ups with new directions in starting their businesses as well as connect them with successful start-ups and potential investors. — VNS

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