Business

Overseas Vietnamese help local startups

Many overseas Vietnamese have returned to Vietnam to start their business as they see high potential and good economic growth.
Overseas Vietnamese help local startups ảnh 1Startups introduce their products at a event held in HCM City (Source: VNA)

HCM City (VNS/VNA) - Many overseas Vietnamese have returned to Vietnamto start their business as they see high potential and good economic growth.

Phung Cong Dung, Chairman of the Overseas Vietnamese Committee in Ho Chi Minh City,told Viet Nam News that many people who have been successful in their career inother countries have invested in businesses here.

Many young overseas Vietnamese have also returned with many experiences andbroad knowledge to set up businesses, especially in HCM City.

City authorities, including the Department of Science and Technology, haveprovided preferential policies on innovation to assist business startups, Dung said. 

Many conferences, such as the one held on June 11 by the committee, helpoverseas Vietnamese connect with young people who have ideas for startups. Atthe conference held yesterday, young people presented their startup ideas toinvestors.

Peter Hong, who is Vietnamese-Australian, and vice chairman of the board of theBusiness Association of Overseas Vietnamese (BAOOV), said that many foreignerscome to the country to start businesses.

“Overseas Vietnamese have more advantages, such as the native language and adeeper understanding about culture and laws of Vietnam,” he said. "It isalso very important that they comply with laws and understand tariffs."

Danny Vo Thanh Dang, vice chairman of BAOOV, said that he returned to Vietnamfrom Singapore in 2008 because of Vietnam's economic growth.

Dang provides counselling on brand names and startups. He said that startupsshould not only help Vietnamese customers but others around the world, andshould change consumers’ behaviour as the ride-hailing service Grab has done.

Startups should also have a deepunderstanding about the needs of each market, Dang said, adding that theyshould also connect with many enterprises to seek opportunities.

“It's very important that they build a brand name, which will help withpromotion and advertising,” he added.

According to the Department of Science and Technology, nearly 15 per cent ofenterprises in the city are science and technology companies.

There are 75 universities and colleges, more than 270 research institutes andcentres with more than 125 labs, and more than 20,000 scientists. - VNS/VNA
VNA
#overseas Vietnamese #economic growth #preferential policies #local startups #Business Association of Overseas Vietnamese #Vietnamplus #Vietnam News #Vietnam News Agency
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