Sci-Tech

Techfest 2024 connects venture capital funds, local start-ups

An innovative start-up investment conference was held on November 27, focusing on the cooperation between venture capital funds, supporting organisations, start-up incubators to promote the development of innovative startups.

Pham Hong Quat, Director of the Department of Market and Business Development under the Ministry of Science and Technology, speaks at the event. (Photo: VNA)
Pham Hong Quat, Director of the Department of Market and Business Development under the Ministry of Science and Technology, speaks at the event. (Photo: VNA)

Hanoi (VNA) – An innovative start-up investment conference was held on November 27, focusing on the cooperation between venture capital funds, supporting organisations, start-up incubators to promote the development of innovative startups.

The event was part of the National Innovative Entrepreneurship Day (Techfest Vietnam 2024).

Speaking at the event, Pham Hong Quat, Director of the Department of Market and Business Development under the Ministry of Science and Technology, said that Vietnam's innovative startup ecosystem is on the verge of strong development, but the sector is going through somewhat of a downswing at the moment.

According to a report by global market data analysis platform Tracxn, total investment in Vietnamese technology startups has decreased by 52.7%, from 98.5 million USD in the first six months of 2023 to 46.5 million USD in the same period this year. This figure underscores the urgent need to improve the quality and strengthen the resilience of start-ups through close cooperation between investors and supporting organisations.

He noted that building a sustainable ecosystem requires not only capital but also effective partnerships which improve the quality of startups and help them develop with a long-term vision.

Quat mentioned some orientations in promoting innovative start-up investment connections such as organising intensive training programmes, connecting investment funds directly with innovative start-up support centres to help start-ups better prepare for the fundraising and development process.

He suggested investors focus more on areas with long-term development potential and positive impacts on society such as green technology, energy and logistics.

Participants at the conference were informed about solutions to promote the sustainable development of the innovative startup ecosystem in Vietnam; the key role of incubators and innovative startup support centres; international experience in building the capacity of innovative start-up support organisations in Singapore, the participation of international venture capital funds in the Vietnamese market, and recommendations for further cooperation./.

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