Hoang Quoc Quyen, CEO of Vinfast Service, (centre, right) speaks at the Vietnam Young Leaders Forum in Ho Chi Minh City on December 14. (Photo: VNA)

HCM City (VNA) - Start-ups should grasp market trends and make solid preparations in terms of planning and resources to ensure their future success, said participants at the Vietnam Young Leaders Forum in Ho Chi Minh City on December 14.

Nguyen Ba Diep, Vice Chairman of MoMo, a leading mobile payment company, said next year would see “many changes in the digital services market, especially in fintech, with many new models emerging.”

Vietnam’s fintech market was still young, and the market would gradually develop when there are many start-ups, he said.

Technology had brought big changes to many sectors including education and training and finance, he added.

“Start-ups must always innovate to stay afloat in the market because your successful models today can be imitated by other start-ups, so you need to be innovative and creative to come up with new models.”

Quyen said start-ups usually developed products and services for customers in big cities like Hanoi and HCM City. This should change and they should focus more on exploiting markets in provinces and rural areas.

Delegates also emphasised the need for start-ups to collaborate with large firms during the development process.

The two should work together to leverage their strengths and develop together, they said.

Hoang Quoc Quyen, CEO of Vinfast Service, said start-ups often hesitated to reach out to large companies and wanted them to be “more active in contacting leaders of ‘elephants’.”

Organised by the Business Start-up Support Centre (BSSC) in collaboration with the Young Businesspeople Association of HCM City, the forum, themed “Start-up 2019: What’s Next?,” attracted over 500 delegates, including company chiefs and university students.

The forum aimed to create opportunities for young leaders to learn from successful Vietnamese start-ups. This would inspire entrepreneurship and a positive mindset in the younger generations.-VNA