Domestic firms urged to engage more in Vietnamese startups

Domestic corporations are urged to invest more in Vietnamese startups which has mostly drawn attention from foreign venture capital investors, heard at a talk on investment prospects in the innovative startup market in Ho Chi Minh City.

Tuesday, January 11, 2022 10:09

Domestic firms urged to engage more in Vietnamese startups ảnh 1

Illustrative photo. (Source: VNA)

HCM City (VNA) – Domestic corporations are urgedto invest more in Vietnamese startups which has mostly drawn attention fromforeign investors, heard at a talk on investment prospects in the innovativestartup market in Ho Chi Minh City.

The event was hosted by Saigon Innovation Hub (Sihub) incollaboration with Viet Lotus JSC on January 10 afternoon.

Innovative startups in Vietnam mostly rely on their owners’self-support and foreign resources, said Pham Hong Quat, head of theNational Agency for Technology Entrepreneurship and Commercialisation Development.Data shows that investment in Vietnamese startups hit a record high of over 1.3billion USD last year but a majority of the funding came from foreign ventures.

Domestic resources, though abundant, have not beenunleashed, Quat said, urging that Vietnamese high-performing corporations will betterengage in innovation and tech startup projects in the country.

Domestic firms urged to engage more in Vietnamese startups ảnh 2

Nhập mô tả cho ảnh

These corporations, which are the country’s largestresources, mainly use imported technologies while many local technologies havefailed to get commercialised, he noted. “So we all expect major Vietnamesecompanies will be the ones to “order” solutions from startups and the first touse the products.”

Investment into Vietnamese startups nosedived by 60 percentto 317 million USD in 2020 from 861 million USD due to impacts of COVID-19. The figure bounced backstrongly to a record high of more than 1.3 billion USD last year.

Vietnam is home to 3,800 startups but only 100 of them wereable to raise funding annually on average. In 2021, just 147 projects succeededin funding raising even though there are 200 capital ventures in the country.

During the event, Sihub and Viet Lotus signed an agreementto boost the development of ecosystem for innovative startups in the comingtime./.

VNA

#Vietnamese startups #innovation #startups #domestic investment #foreign capital ventures #Vietnam #Vietnam News #Vietnam Plus #Vietnam News Agency

See more

Exporters diversify orders to reduce reliance on single market

16/05/2025 01:29

Facing the risks posed by trade barriers and potential reciprocal tariffs from the US, many businesses have proactively shifted their market strategies, stepped up trade promotion, and diversified their orders to reduce reliance on a single market.

A customer buys petrol at a station in Hanoi. (Photo: VNA)

Government proposes 2-pp VAT reduction on select goods and services until 2026

16/05/2025 00:09

A 2-percentage-point reduction in the value-added tax (VAT) for goods and services will lead to a decrease in state revenue by approximately 121.74 trillion VND (over 4.69 billion USD) over the proposed period. This includes an estimated 39.54 trillion VND in the second half of 2025 and 82.2 trillion VND in 2026.

A roundtable discussion with Francophone businesses interested in investing and doing business in Vietnam, Paris, May 14. (Photo: VNA)

Francophone businesses ready to embrace new investment opportunities in Vietnam

15/05/2025 19:22

Many Francophone businesses expressed interest in upcoming opportunities and outlined their expectations for deeper cooperation and future investment in Vietnam.

Spokeswoman of the Ministry of Foreign Affairs Pham Thu Hang (Photo: VNA)

Vietnam, US hold conductive trade negotiations: Spokesperson

15/05/2025 18:37

She affirmed that Vietnam has been actively and proactively promoting balanced and sustainable trade and investment cooperation with the US on the basis of effectiveness, frankness, equality, mutual respect, and mutual benefit.

Petrol prices up in latest adjustment

15/05/2025 15:40

E5 RON92 petrol is now capped at 19,180 VND (0.74 USD) per litre, up 403 VND from the previous adjustment, while RON95-III petrol costs 19,594 VND per litre, up 415 VND.

Harvest season in Can Tho city. Vietnam is projected to become the world’s second – largest rice importer in 2025-26. (Photo: VNA)

Vietnam forecast to become world’s second-largest rice importer by 2025–26

15/05/2025 15:25

Vietnam’s rice exports reached a record 9.04 million tonnes in 2024, up 11 percent year-on-year, with an increase of 21% in value to reach 5.7 billion USD. Meanwhile, rice import totalled 3.7 million tonnes last year.

Delegates at the groundbreaking ceremony. (Photo: VNA)

Ba Ria-Vung Tau: New phase of luxury resort project kicks off

15/05/2025 15:20

The nearly 1 billion USD subdivision includes a system of 5-star hotels, resort villas, entertainment facilities, a casino, and an international convention and exhibition centre, with more than 6,000 rooms, serving over 18,000 guests at the same time.

At the forum held by the Dan viet newspaper (Photo: VNA)

High-speed rail project spurs call for domestic supply chain development: Forum

15/05/2025 14:35

Only about 20 Vietnamese companies can nearly meet the technical, technological, and financial requirements of the demanding North-South high-speed rail project.

Deputy Director of the Department of Taxation Dang Ngoc Minh (centre) at the working session with Deputy Assistant Secretary for International Tax Affairs at the US Department of the Treasury Rebecca Burch. (Photo: VNA)

Vietnam, US conduct technical talks on double taxation avoidance deal

15/05/2025 11:28

As of April 30, 2025, Vietnamese investors injected 1.36 billion USD in 252 projects in the US, mainly in scientific and technological services, real estate business, and manufacturing and processing industries.

High-quality robusta coffee of the Central Highlands (Photo: VNA)

Quality, branding, sustainability essential for Vietnamese coffee to go global: Insiders

15/05/2025 10:18

With proactive business measures, market expansion policies, and improved product quality, Vietnam's coffee industry is still expected to achieve export turnover of around 7 billion USD in 2025.

Reference exchange rate down 30 VND on May 15

15/05/2025 09:14

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,219 VND/USD and the floor rate 23,722 VND/USD.

As of the end of March, nearly two million households and individual business owners nationwide were still paying taxes under the lump-sum method. (Photo: VNA)

Abolishing presumptive tax ensures greater fairness and transparency: experts

15/05/2025 08:40

Under the Politburo's Resolution 68-NQ/TW, the presumptive tax model is to be completely phased out by 2026. The goal is to narrow the financial and accounting gap between household businesses and micro or small enterprises, and to gradually transition household businesses into entities with proper governance structures.

Trucks carry imported/exported goods at Huu Nghi border gate in the northern province of Lang Son. (Photo: VNA)

New Vietnam-China int'l road transport route opens

15/05/2025 04:08

Compared with previous routes, the new corridor saves each truck approximately one day in transport time and reduces costs up to 1,000 CNY (over 138 USD).

The 2025 Vietnam International Electronics and Smart Appliances Expo (IEAE) will be held in HCM City from May 29 to 31. (Illustrative photo: ieae.com.vn)

HCM City to host int'l electronics, smart appliances expo

15/05/2025 01:22

Spanning over 10,000 s.q.m, the exhibition will gather more than 350 enterprises from Vietnam and China. It will showcase a wide range of products across the consumer electronics and smart home appliance sectors, offering direct access to manufacturers and promoting trade links.