Press Releases | March 11, 2019

Techfest 2018 opens in Da Nang

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The national startup day, “Techfest 2018”, opened on November 29 in the central city of Da Nang in the presence of Prime Minister Nguyen Xuan Phuc and other senior government officials.

The online newspaper Vietnam News (VNS) quoted the Prime Minister as saying in his address to the opening ceremony that “the government is strongly committed to protecting intellectual property rights and providing capital to help young people realize their startup dreams in the future.”

He stressed that startup programs will help the country reach its target of annual per capita income standing at $18,000 by 2045, when Vietnam celebrates the 100th anniversary of its independence.

The government leader said startup programs in Vietnam have achieved good results, with 93 Vietnamese startups going worldwide, but the figure still has room to grow.

Innovation in startup programs is seen as a valuable resource.

“News and information related to startups and innovation has been among the top keywords searched for on Google in Vietnam recently,” he added. “This clearly shows that startups and innovation have found major interest among Vietnamese people. Startup programs and centers have been established at colleges and universities and included in the curriculum. The government also introduced Project 844 to support startup ideas among students and young people two years ago.”

The Prime Minister also urged young people and students to think big and take risks in turning their desires and dreams into business startups.

He said the government plans to build a national framework to promote and set up key centers in Hanoi, Ho Chi Minh City and Da Nang to boost connectivity, innovation, and entrepreneurship.

During the three-day event, entitled “Innovation, From Here to Global”, 4,500 participants took part in a series of activities to connect investors with enterprises, according to VNS.

The annual event, hosted by the Ministry of Science and Technology in cooperation with other ministries and socioeconomic organizations, was first held in 2015 and has attracted 40 investment foundations creating 40 business incubator centers and 60 co-working spaces nationwide.

According to a recent report, Vietnam has 3,000 innovative startup businesses and the figure will increase to 5,000 by 2020.

TechFest 2015 saw $1 million in commitments from investors, which increased to $4 million in 2017.