Techfest 2019 to connect Vietnamese start-ups with the world

Techfest 2019 will be co-organised by the Ministry of Science and Technology and the People’s Committee of northern Quang Ninh province in HaLong city from December 4–6. (Photo: Techfest Vietnam)

Hanoi (VNA) – The national innovative start-up day Techfest 2019 is expected to connect the Vietnamese start-up ecosystem with the region and the world, said Deputy Minister of Science and Technology Tran Van Tung at a press briefing on November 19.

The event would become a platform to integrate manpower, new technologies and financial resources, he said.

Techfest 2019 will be co-organised by the Ministry of Science and Technology and the People’s Committee of northern Quang Ninh province in Ha Long city from December 4 – 6.

This biggest annual event for the innovative start-up community in Vietnam will present an overall picture of the Vietnamese start-up eco-system, bringing Vietnamese start-up to the next level.

The event is expected to introduce and promote products and services from innovative start-ups and connect them with the world, making Vietnam one of the leading countries in the region in this sector.

At least 250 start-ups, nearly 200 domestic and foreign investors, and 150 big corporations, groups and incubators will attend a series of Techfest 2019 activities including conferences, seminars, start-up competitions and technology exhibitions.

The event is expected to result in more than 300 investment matches.

According to the National Agency for Technology Entrepreneurship and Commercialisation Development, in the first ten months of this year, total investment for start-ups in Vietnam reached more than 500 million USD. The figure is expected to grow and exceed the 889 million USD recorded in 2018.

Deputy Minister Tung, who is also head of Techfest 2019’s organising committee, told reporters that five years after the first Techfest was held, the Vietnamese innovative start-up ecosystem has developed.

Deputy Minister of Science and Technology Tran Van Tung speaks at a press briefing announcing Techfest 2019 on November 19. (Photo: VietnamPlus)

To prepare for Techfest 2019, start-up activities have been implemented at ministries, sectors, political and social organisations, and at provincial and regional levels across the country. 

“The Vietnamese start-up ecosystem must also share and integrate with global ecosystem. This year, the Ministry of Science and Technology has taken Vietnamese start-ups to visit Silicon Valley, and to participate in start-up days in the Republic of Korea and Singapore,” Tung said.

Highlighting the significance of interaction with the world, he said start-ups that won prizes at national contests would receive support to attend international start-up days, visit Silicon Valley and the Republic of Korea, Israel and Japan to learn from their experience.

“I hope this interaction will help Vietnamese start-up initiatives grow and attract investment from foreign investors,” he said.

Like in previous years, there will be a high-level policy dialogue on eco-system start-up innovation to be attended by leaders of the Government and Ministry of Science and Technology. This year's dialogue is expected to attract international organisations and representatives from ASEAN countries.

To promote links among different stakeholder groups in localities' start-up ecosystems with national ecosystems as well as create and spread the entrepreneurial spirit among young people, before the main event in Quang Ninh, a series of local Techfest events have been held in many different localities across the country, including in northern mountainous areas, the Red River Delta, the Central Highlands and the Mekong Delta.

Within the series of Techfest International 2019, Techfest Vietnam in the US was held in September with the goal of connecting start-ups, overseas Vietnamese communities as well as supporting and promoting start-ups in Vietnam and abroad.

Spanning four years from 2015 until now, Techfest Vietnam has attracted 15,000 attendees, 2,000 start-ups and more than 1,000 investment deals.

Last year, there were some 160 in-depth investment matches before and during the event with total investment of up to 7.86 million USD./.