Techfest 2024 highlights local strengths in developing creative startup ecosystems
A high-level policy forum on creative startups from local initiatives to global ambitions, taking place in the northern port city of Hai Phong on November 26, underscored Vietnam’s readiness to embrace and implement international cooperation toward building a sustainable and globally-connected startup ecosystem.
At the forum in Hai Phong on November 26 (Photo: VNA)
Hai Phong (VNA) – A high-level policy forum on creative startups from local initiatives to global ambitions, taking place in the northern port city of Hai Phong on November 26, underscored Vietnam’s readiness to embrace and implement international cooperation toward building a sustainable and globally-connected startup ecosystem.
As part of this year’s National Innovative Entrepreneurship Day (Techfest Vietnam 2024), the forum attracted a large number of domestic and international participants to two key discussions on leveraging local advantages to develop creative startup ecosystems and multilateral collaboration for going global.
At the event, Deputy Minister of Science and Technology Hoang Minh highlighted that Vietnam had risen two places in the 2024 Global Innovation Index, now ranking 44th among the 133 countries and economies. It is noteworthy that Vietnam has consistently ranked among the top three countries globally with innovation performance surpassing its development level for 14 consecutive years. This underscores its efficiency in transforming input resources into tangible innovation outcomes.
Vietnam’s venture capital scene has rebounded strongly after the COVID-19 pandemic amid regional and global changes. In 2024, the country climbed 27 spots in terms of venture capital deals, ranking 50th out of the 133 countries and economies, reflecting a significant improvement in both the investment environment and the quality of Vietnamese startups.
Minh assessed that Vietnam’s startup ecosystem has successfully transitioned from its nascent phase to a second stage marked by expansion and integration with global ecosystems.
The deputy minister said that the priority now is to enhance the legal framework, creating policies that align with the essence of innovative entrepreneurship and enabling cities to thrive.
♔ He recommended establishing specific mechanisms and policies for the groups of innovative startups and of small- and medium-sized enterprises (SMEs), which represent two distinct approaches to business development. Creative startups often focus on breakthrough innovations, developing new products or business models by leveraging mobilised social resources. Meanwhile, SMEs usually operate with existing products and are oriented towards optimising and expanding these offerings to generate steady profits. Unlike creative startups, they tend to avoid high-risk strategies, prioritising sustainable growth over rapid scaling./.
The TECHFEST Vietnam 2024 National Creative Startup Talent Search Competition announced its winners on November 26 in Hai Phong city, with the top teams recognised for their innovative solutions in healthcare and sustainable green development.
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