Ministry of Science and Technology initiates start-up atmosphere

Illustrative image (Source: VNA)

A workshop on building a start-up atmosphere in Vietnam was held in Hanoi on August 13 by the Ministry of Science and Technology (MoST) to share experience and measures to develop an entrepreneurial environment in Vietnam.

According to Minister of Science and Technology Nguyen Quan, a start-up atmosphere is a new concept for the nation, requiring initial building steps.

Along with the development of legal mechanisms for risky investments and start-ups, the MoST and related ministries and sectors will generate a conducive environment to create start-up businesses capable of competing with those in developed countries, said Quan.

Vietnam will also establish a high-risk investment fund for advanced technology in accordance with the Law on Advanced Technology as well as create hedge funds in other economic sectors to support start-up companies.

The MoST has developed a national innovation system and centres for technology innovation to tap the creative potential of each individual, enterprise and organisation.

At the workshop, successful enterprises from the Silicon Valley in Vietnam project and start-up enterprises in the biology and health field from Oxford shared experiences and contributed opinions to the formation of a start-up atmosphere in Vietnam.

Kicked off in 2013, the Silicon Valley in Vietnam project is is designed to help Vietnamese hi-tech business startups upgrade their products.-VNA