Abivin crowns start-up world cup champions hinh anh 1Cassie Nguyen, chief operation officer of Abivin, receives the award when Abivin are crowned winners of the Start-up World Cup 2019 in San Francisco, United States. (Photo: Techfest Vietnam)

Hanoi (VNA) - Vietnamese logistics application service provider Abivin has beaten rivals from 40 countries to win the Start-up World Cup 2019.

The company were crowned champions on May 17 in San Francisco, the United States, and won 1 million USD worth of future investment into the firm.

Abivin topped Vietnam’s start-up and innovation contest Techfest Vietnam 2018 and was nominated by the Ministry of Science and Technology to take part in the start-up world cup.

The Vietnamese firms had to beat competitors from 40 countries including Japan, America, Brazil, India, China and the Republic of Korea.

Start-up World Cup is an annual global start-up contest launched by the US-based firm Fenox Ventures, luring the participation of Silicon investors and worldwide start-up companies. The contest is the final of 40 countries’ start-up winners.

Abivin will spend the 1 million USD to invest in research and development (R&D) to produce artificial intelligence (AI) products for the logistics sector so that travel time is cut and costs are saved for logistics firms, Pham Nam Long, founder of Abivin, said.

After four years of operation with its product Abivin vRoute – the application that can project a travel route at the lowest cost for trucks in a few seconds, maximise the truck’s working capacity and help truck firms save 40 percent of labour and fuel costs – Abivin has proved Vietnamese start-up businesses are capable of producing high-quality Vietnamese outputs for the international market.

Abivin was trained and fostered by the Vietnam-Finland Innovation Partnership Programme – Phase 2 (IPP2), which is run by the Ministry of Science and Technology.

The Hanoi-based business appeared in domestic competitions like Shark Tank Vietnam and Techfest Vietnam 2018 and were invited to compete in international contests such as Rice Bowl Start-up Awards and Start-up World Cup 2019.

Thanks to its improvements, Abivin has made Vietnamese start-up businesses more popular to the world and assured the quality of the Vietnamese start-up community to global investors.

There are three core factors that have helped Abivin succeed, according to Long.

At the time of rapid development of the logistics sector, Abivin found a way to use AI technology to solve problems.

The company also has devoted managers and officers from the beginning when the business had difficulties in gaining reputation, market share and customer trust.

“Especially, the support of the Government, the Ministry of Science and Technology and specialists helped Abivin connect to both domestic and international start-up communities to improve its business operation,” Long said.

Working and competing with global leading start-up firms, global investors and specialists were the opportunity needed for Abivin to grow, he added.

Abivin plans to expand its market in Hanoi and Ho Chi Minh City when seeking opportunities in Myanmar, Singapore, Thailand and Indonesia. - VNA