June 20, 2016
As mentioned in last week’s article, since late last year there has been an increase in the number of Vietnamese startups, and also in the degree of interest from the Central and Provincial Governments as well as the private sector.
There is now a Vietnam Startup Foundation combining the skills and mentoring from successful private business owners and managers as well as the government, operating as an NGO. The Ho Chi Minh City University of Economics and Law has teamed up with the HCMC Young Business People’s Association to support young students interested in participating in Start Up Competitions.
Ho Chi Minh City has recently launched a US $1.34 million start up fund for students at the HCMC National University and the University of Economics and Law to help support them in starting up their own businesses.
The New Party Secretary of Ho Chi Minh City, former transport Minister Dinh La Thang has also been quoted as saying that he would like to see Ho Chi Minh City become a startup hub in Vietnam.
As well as Information Technology, a major focus of the Vietnam Startup Foundation will be to support start ups in high technology agriculture.
Over the years I have spent in Vietnam, I have not seen a lack of creativity, but I have seen a lot of good ideas fail because of a lack of business planning and looking at what the consumer actually wants rather what business owners think they should have.
Hopefully with new support being given to startups and the mentoring that is available, Vietnam is ready to embark on a new era of successful creative entrepreneurs.