Specific activities need to support startups: Deputy PM hinh anh 1 Deputy Prime Minister Vu Duc Dam addresses the event (Photo: VNA)
Hanoi (VNA)Deputy Prime Minister Vu Duc Dam has urged ministries and sectors to conduct specific activities to realise Government’s policies of encouraging startups whose development is considered a chance for Vietnam to speed up growth and narrow down development gap with other countries.

Opening the Vietnam technology startup festival (TechFest Vietnam 2016) in Hanoi on November 12, the Deputy PM held that the startup community is a hub to introduce new products, new market segments and customers as well as unheard-of ideas, with close relations to technology, especially IT.

Along with high risk, startups also have high potential of producing highly valuable products with strong competitiveness, he said, adding that the Government has designed various support policies for the community.

Meanwhile Minister of Science and Technology Chu Ngoc Anh noted that in the wake of the trend and potential of technology and innovation enterprises, the Party and State have focused on the expansion of science-technology market and encourage creativeness startups.

Vietnam ’s stable creativity index in the recent two years has made the country among top ASEAN countries in the field, said the minister, but pointing that the development of science-technology market has yet to match full potential of domestic supply and demand sources.

He also held that the young startup ecosystem is promising, attracting the regional startup community with an increase number of investors and business incubators, along with more completed legal corridor for startup activities.

In the future, the ministry will work more closely with other ministries, sectors and startup organisations to assist startups at home and abroad to connect components of the ecosystem and learn experience from the international startup community, he said.

The 2012-2016 period is a flourishing stage of startup with considerable rise in both quantity and quality of incubators. Currently, the country has 1,800 startup enterprises, along with 21 incubators and seven business accelerators.

The TechFest Vietnam 2016 attracted about 2,000 participants, including 100 Vietnamese and foreign investors and 100 startup enterprises.

A number of activities will also be held to connect domestic and international investors with startups, honour outstanding startup firms and linking Vietnam ’s startup ecosystem with international ecosystem.

Meanwhile, startup firms will also have chance to recruit human resources from 200 applicants attending the event.-VNA