Optimal conditions given to venture investors: Deputy PM
The Government welcomes and will create optimal conditions for venture investors to operate in Vietnam, stated Deputy Prime Minister Vu Duc Dam at the second Vietnam Venture Summit 2020 (VVS) in Hanoi on November 25.
Deputy Prime Minister Vu Duc Dam addresses the event (Photo: VNA)
Hanoi (VNA) – The Government welcomes and willcreate optimal conditions for venture investors to operate in Vietnam, stated DeputyPrime Minister Vu Duc Dam at the second Vietnam Venture Summit 2020 (VVS) inHanoi on November 25.
The official noted that after a year with strong rise in thefunding of startup in Vietnam at 800 million USD in 2019, this year the fundingis likely to reach only 200 million USD.
However, the startup community of Vietnam has seen progress asmany startups have been placed in the same position with their foreign peers inproviding services in many areas such as transportation and e-commerce, hesaid.
Citing Vietnam’s success in controlling the COVID-19pandemic with a modest healthcare system and technology, Dam questioned thestartup community on their willingness and capacity to do the same.
He held that many startups, despite their lower technologycompared to their foreign rivals, have managed to rise to the world by becomingmore practical, developing new business models with new operation methods.
From the experience in combating the pandemic, he stressedthat the community strength is significant, especially in a world withunpredictable changes.
The Government’s efforts and the joining hands of thecommunity will help build a database that is helpful for business community,including startups, the official stated.
He also advised domestic startups to become more confidentand foster their linkage to made bigger steps forwards, creating newmotivations for the faster and more sustainable growth of the nation./.
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The Vietnam Venture Summit 2020, the second event of its kind, got underway in Hanoi on November 25, providing a dialogue platform between the Vietnamese Government and major international venture funds.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
Deputy Prime Minister Vu Duc Dam addresses the event (Photo: VNA) 
