Techfest 2024 highlights local strengths in developing creative startup ecosystems
A high-level policy forum on creative startups from local initiatives to global ambitions, taking place in the northern port city of Hai Phong on November 26, underscored Vietnam’s readiness to embrace and implement international cooperation toward building a sustainable and globally-connected startup ecosystem.
At the forum in Hai Phong on November 26 (Photo: VNA)
Hai Phong (VNA) – A high-level policy forum on creative startups from local initiatives to global ambitions, taking place in the northern port city of Hai Phong on November 26, underscored Vietnam’s readiness to embrace and implement international cooperation toward building a sustainable and globally-connected startup ecosystem.
As part of this year’s National Innovative Entrepreneurship Day (Techfest Vietnam 2024), the forum attracted a large number of domestic and international participants to two key discussions on leveraging local advantages to develop creative startup ecosystems and multilateral collaboration for going global.
At the event, Deputy Minister of Science and Technology Hoang Minh highlighted that Vietnam had risen two places in the 2024 Global Innovation Index, now ranking 44th among the 133 countries and economies. It is noteworthy that Vietnam has consistently ranked among the top three countries globally with innovation performance surpassing its development level for 14 consecutive years. This underscores its efficiency in transforming input resources into tangible innovation outcomes.
Vietnam’s venture capital scene has rebounded strongly after the COVID-19 pandemic amid regional and global changes. In 2024, the country climbed 27 spots in terms of venture capital deals, ranking 50th out of the 133 countries and economies, reflecting a significant improvement in both the investment environment and the quality of Vietnamese startups.
Minh assessed that Vietnam’s startup ecosystem has successfully transitioned from its nascent phase to a second stage marked by expansion and integration with global ecosystems.
The deputy minister said that the priority now is to enhance the legal framework, creating policies that align with the essence of innovative entrepreneurship and enabling cities to thrive.
He recommended establishing specific mechanisms and policies for the groups of innovative startups and of small- and medium-sized enterprises (SMEs), which represent two distinct approaches to business development. Creative startups often focus on breakthrough innovations, developing new products or business models by leveragin🎉g mobilised social resources. Meanwhile, SMEs usually operate with existing products and are oriented towards optimising and expanding these offerings to generate steady profits. Unlike creative startups, they tend to avoid high-risk strategies, prioritising sustainable growth over rapid scaling./.
The TECHFEST Vietnam 2024 National Creative Startup Talent Search Competition announced its winners on November 26 in Hai Phong city, with the top teams recognised for their innovative solutions in healthcare and sustainable green development.
The Ministry of Science and Technology (MoST) held an event in Hanoi on April 19 to respond to the World Creativity and Innovation Day (April 21), aiming to enhance public awareness of the role of creativity and innovation in socio-economic development and calling for organisations and individuals to join hands in promoting innovation activities.
With its biodegradable bioplastics product made from organic waste and technology exclusively patented, BUYO Bioplastics became the champion of the National Innovation Technopreneur Contest TECHFEST Vietnam 2023.
Vietnamese businesses, particularly small and medium-sized enterprises (SMEs), must embrace digital and AI transformations to remain competitive and achieve sustainable growth, experts said.
Under the European Union (EU)’s global initiative on Chemical, Biological, Radiological, and Nuclear (CBRN) Risk Mitigation Centres of Excellence (CoE), Vietnam has implemented numerous projects aimed at strengthening national capacity in detecting, preventing, and preparing for CBRN-related threats.
The course aims to promote knowledge exchange between scientific and educational schools from different countries, while deepening participants’ expertise in modern technology and technical education. It comprises two main specialisations of electronics-automation and nuclear technology.
ANTARA and VNA can design global-scale cooperation programmes or joint media campaigns, demonstrating the comprehensive strategic partnership between Vietnam and Indonesia, as well as the cooperation between the two national news agencies.
As Vietnam’s digital transformation accelerates, both the frequency and severity of cyberattacks are growing. The National Cybersecurity Association (NCA) reported that in 2024 alone, there were some 659,000 separate cybersecurity incidents, impacting around 46.15% of government agencies and businesses.
A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
