Policy environment important to start-ups: US official hinh anh 1Illustrative photo (Source: VNA)

Hanoi (VNA) – Sharing the US’s experience in business development, senior advisor to the US Secretary of State David Thorne said the first important thing is a favourable policy environment.

Speaking at a press conference in Hanoi on March 7 following a n event to promote links in innovation and creativity between Vietnam and the US, Thorne stressed the importance of policies to allow the application of knowledge acquired in education to business reality, as well as of clear and effective measures to protect intellectual property.

An equitable and effective economic arbitration system is also necessary for developing the business ecosystem in Vietnam, he said.

Vietnam has a young, talented and dynamic population, which is a great potential and the important thing is how to realise this potential, according to Thorne.

The senior advisor to the US Secretary of State said his visit is part of the US programme to assist ASEAN countries, including Vietnam, in promoting the business and innovation spirit.

He said the discussions with Deputy Minister of Science and Technology Tran Van Tung gave him a deeper understanding about the challenges to business and innovation activities in Vietnam.

He made clear that finance is a big hurdle to start-ups not only in Vietnam but also in other countries. But in Vietnam, the problem is bigger due to a lack of legal framework on venture investment, he said, adding that he has suggested some possible support to Vietnam in this field.-VNA