(VOVWORLD) - Innovative startup movements have been booming in Vietnam in recent years. Experts say that technology start-ups in Vietnam are mostly run by young, ambitious, and innovative people who dare to face challenges. Together with the Government’s supportive policies, the companionship of businesses, centers to support innovation start-ups, and experienced instructors, many digital technology startups have achieved success.
 VNLife is a unicorn of diverse fintech ecosystem. (photo: DealStreetAsia) |
Like other countries, technology has attracted a large number of Vietnamese startups. Over the years, several initiatives and start-up projects in the field of technology have succeeded and built their trademark in the Vietnamese startup community. They have offered various technology innovation services and solutions for businesses of other sectors to shift from face-to-face to online business, apply IT solutions on management and operations, and optimize technology in production to create breakthrough values.
Experts say that Vietnam is in a time of golden population with young people who are eager to learn, explore, and create new things. In a rapidly developing digital world, a lot of young people are interested in creating technology startups.
Associate Professor, Dr. Nguyen Binh Minh, Director of the Center for Technology and Digital Economy of the Hanoi University of Science and Technology, said: “We have advantages of human resources as we are in the period of golden population with more young people. Young people learn quickly and adapt to new technology quickly. Foreign businesses have seen this advantage when they come to Vietnam. This is a sufficient condition."
"The necessary condition is the quality of human resource for digital technology startups which we have not offered well. We have set up the Center for Technology and Digital Economy to help young people and students brainstorm initiatives and incubate their products. The Center integrates information technology and economics to prepare human resources for digital technology businesses,” said Minh.
Vietnam has been recently ranked 48 out of 132 economies in the Global Innovation Index 2022 by the World Intellectual Property Organization (WIPO), which puts it in the group of developing countries with the highest innovation capacity and ranks it number 4 in Southeast Asia.
Vietnam’s innovative startup ecosystem is ranked 54th in the world and 12th in the Asia-Pacific region in the Global Startup Ecosystem Index by the global startup research company StartupBlink in 2022.
 Momo, a super payment & Finance app |
In Vietnam, there are “unicorns”, which are enterprises with a value of over 1 billion USD, such as MoMo, Sky Mavis, VNG, and VNLIFE. This positive sign shows that Vietnam is accumulating conditions to become the future Unicorn Farm to help transform startups from work horses to billion-dollar unicorns.
Unleashing young people’s creativity and innovation will promote a new generation of startups, especially in the e-commerce ecosystem, fintech, logistics, blockchain, and gaming, in the next 2-3 years, said Nguyen Van Dung, Head of the Community Development Village (Comvil).
This is mandatory to gather resources for the national innovation startup program.
“Startups have created applicable technology products and trends which are not simply just ideals or demos. Many projects have a certain number of customers and proved their feasibility. Vietnamese startups have caught up with the global trend, and produced specific products to meet market demands. I once supported a project to create a mind-controlled hand using brainwaves. Only a few agencies in the world can roll out such technologies. Or a Vietnamese startup has recently successfully created green hydrogen. These are extremely difficult technologies that only a few billion-dollar corporations can produce,” Dung said.
As the digital technology startup movement is booming in Vietnam, even students can take advantage of the internet resources to create their own projects and products.
Startup support programs and models have been effectively implemented, said Mr. Dung. “We have launched a number of activities to support students and young people, who are knowledgeable, youthful, and ambitious to start a business. We have collaborated with universities to inspire the students and train them to have a long-term orientation. We can take business people to universities to talk with students, so the students can learn what businesses want and have more specific perception and initiatives for digital technology startups.”
The Vietnamese government is focusing on improving young people’s basic knowledge on how to start and develop a business. Startups are offered incentive policies to access sources of capital and logistics to distribute their products. These macro-policy factors will help young startups assert their confidence on the path of starting a business, especially in digital technology.