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ADB Ventures offers Vietnamese startups 1 million USD for 2021-2023

The ADB Ventures - Supporting Impact Startups, a joint project between Vietnam National Innovation Centre (NIC) and the Asian Development Bank (ADB), has been launched, offering 1 million USD for Vietnam between 2021 and 2023.
ADB Ventures offers Vietnamese startups 1 million USD for 2021-2023 ảnh 1At the event (Photo: Ministry of Planning and Investment )

Hanoi (VNA) -  The ADB Ventures - Supporting Impact Startups,a joint project between Vietnam National Innovation Centre (NIC) and the AsianDevelopment Bank (ADB), has been launched, offering 1 million USD for Vietnam between 2021 and 2023.

At the launching ceremony on October 7, Deputy Minister ofPlanning and Investment Tran Duy Dong stressed that the project will contributeto solving the problem of capital for the operation of innovative and start-upenterprises in Vietnam.

The project prioritises those operating in the sectors ofclean energy, finance, agriculture, and health, helping them access finance andbuilding business skills. It encourages entrepreneurs to develop technologicalsolutions that can produce positive changes to climate change and genderequality.

Dong said he believes the ADB Ventures will realise itstargets in contribution to assisting innovative and startup firms in developing thesolutions as well as Vietnam in achieving it sustainable development goals.

Vu Quoc Huy, director of the NIC, said the centre will workwith the ADB in searching and selecting potential firms operating in Vietnamthat meet the project’s requirements.

Vietnam will participate in the implementation of two technicalsupport components, namely the ADB Ventures Lab and ADB Ventures SEED. Via thecomponents, ADB will help startups reduce market risks, connect them topotential customers, and help them pilot their technical solutions in newmarkets.

It is expected that there will be 15 viable business ideastested in the ADB Ventures Lab, and ten innovative Vietnamese enterprises receiving assistance of up to 200,000 USD each in the ADB Ventures SEED./.
VNA
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