Delegates to the Vietnam Business Summit (Photo : VNA) Da Nang (VNA) - Too many regulations, too much paper work, too many rules anda lack of capital are among difficulties startups in the Asia-Pacific regionare facing, said a US delegate to the Vietnam Business Forum (VBS).
Talking to aVietnam News Agency reporter on the sidelines of the event, which took place inthe central city of Da Nang on November 7, Virginia B. Foote, President andCEO of Bay Global Strategies, emphasised the importance of startups to any economy,adding that it is necessary to set up a regulatory regime to facilitate theiractivities.
“Part ofwhat we are working on is to help get smaller sums of capital available tostartups or groups of startups working together and help each other to getaccess to loans and capital,” she shared.
According toher, it’s hard for the government to help startups because they know betterwhat they want than the government does.
“To mostlynot regulate them, the government needs to sometimes get out of the way,” saidVirginia.
She alsosuggested set up an environment where startups are free to experiment.
Virginia,who used to be the chair of the American Chamber of Commerce in Vietnam,appreciated the VBS’ theme “Vietnam: We Mean Business.”
“With this theme, Vietnam sends a message that Vietnam opens for businesses,welcomes businesses, is working to grow the economy and bring in internationalstandards and open the door to the world,” she said.
RegardingVietnam’s investment potential, she said most foreign investors in Vietnam,which has attracted foreign investment for 20 years, have done very well.
“Vietnamreputation is quite good,” she said, adding that the country has joined tradeagreements and continually raised standards for doing business.
It not onlyattracts foreign investment but also helps domestic investors, according toher.
Initiated by Vietnam, the VBS was part of the ongoing APEC 2017 EconomicLeaders’ Week in Da Nang city from November 6-11.
Established in 1989, APEC comprisesAustralia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan,the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru,the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, andVietnam.
It represents 39 percent of the world population, 57 percentof the world GDP and 47 percent of the total trade.-VNA
Talking to aVietnam News Agency reporter on the sidelines of the event, which took place inthe central city of Da Nang on November 7, Virginia B. Foote, President andCEO of Bay Global Strategies, emphasised the importance of startups to any economy,adding that it is necessary to set up a regulatory regime to facilitate theiractivities.
“Part ofwhat we are working on is to help get smaller sums of capital available tostartups or groups of startups working together and help each other to getaccess to loans and capital,” she shared.
According toher, it’s hard for the government to help startups because they know betterwhat they want than the government does.
“To mostlynot regulate them, the government needs to sometimes get out of the way,” saidVirginia.
She alsosuggested set up an environment where startups are free to experiment.
Virginia,who used to be the chair of the American Chamber of Commerce in Vietnam,appreciated the VBS’ theme “Vietnam: We Mean Business.”
“With this theme, Vietnam sends a message that Vietnam opens for businesses,welcomes businesses, is working to grow the economy and bring in internationalstandards and open the door to the world,” she said.
RegardingVietnam’s investment potential, she said most foreign investors in Vietnam,which has attracted foreign investment for 20 years, have done very well.
“Vietnamreputation is quite good,” she said, adding that the country has joined tradeagreements and continually raised standards for doing business.
It not onlyattracts foreign investment but also helps domestic investors, according toher.
Initiated by Vietnam, the VBS was part of the ongoing APEC 2017 EconomicLeaders’ Week in Da Nang city from November 6-11.
Established in 1989, APEC comprisesAustralia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan,the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru,the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, andVietnam.
It represents 39 percent of the world population, 57 percentof the world GDP and 47 percent of the total trade.-VNA
VNA
