Building a connected, dynamic, and creative APEC Startup Community

(VOVWORLD) - The APEC Ministerial Meeting on Small and Medium Enterprises has wrapped up in Ho Chi Minh city. The meeting’s theme “Enhancing Micro, Small, and Medium Enterprises’ Competitiveness and Innovation in the Digital Era” reflected Vietnam’s wish to strengthen SMEs.
Building a connected, dynamic, and creative APEC Startup Community - ảnh 1 Photo:

Small and medium enterprises account for 97% of all enterprises and generate 60% of all jobs in Asia Pacific serving as an important resource for the region’s growth, innovation, and creativity. The Resolution of the 5th Plenum of the 12th Party Central Committee states that the private economic sector is becoming a primary driver of the socialist-oriented market economy. Deputy Minister of Science and Technology Tran Van Tung urged Vietnamese SMEs to embrace advances of the 4th industrial revolution: “The internet has spread throughout all sectors and areas. We are late comers so we need to take advantages of the 4th industrial revolution. We can develop and connect the platforms and databases of each ministry and sector to serve national management. The internet connection promises profound changes in the near future.”

Experts and Ministers of APEC economies agreed to strengthen management, promote technological reform, improve financial access, seek markets, and ensure a favorable climate environment for SMEs. Economist Tran Du Lich said: “We need to change the mindset on state management of startup to create an entrepreneurship environment. Entrepreneurship comes from innovation and we cannot set any conditions on innovation. Creating an entrepreneurship environment means creating an environment of innovation and creativity.”

At the meeting, Vietnam shared its experience in building a startup ecosystem to help SMEs participate in the global supply chain. Pham Thi Thu Hang is Secretary General of the Vietnam Chamber of Commerce and Industry: “At this forum, policy makers of APEC, startup supporters, startups, and the startup community in general shared their experience and made recommendations to APEC ministers for developing a healthy startup ecology.”

APEC’s 21 members make up 57% of global GDP and 50% of global trade. The meeting created opportunities for APEC members to share experience, initiatives, and support tools to build a connected, dynamic and innovative APEC Startup Community.