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Startup projects need a connection to grow. Photo: T.D.

Investment of $US 90 million for creative startups

According to Prof. Dr. Nguyen Ky Phung, the Deputy Director of Ho Chi Minh City's Department of Science and Technology, the city has more than 350,000 businesses, contributing an average of 22% of GDP annually, one third of industrial output, one third of the total budget revenues and one fourth of the total export turnover of the country. Regarding sector structure in GRDP, the service sector accounts for 58.26%; the industry and construction sector account for 24.78%; and agriculture accounts for 0.81%.

Compared with the whole country, the city has more than 25% of the resources in the field of science and technology, the number of active enterprises is 50%, the number of enterprises in the field of innovation and science-technology accounts for 42 % and 15%, respectively. Ho Chi Minh City has hi-tech parks, hi-tech agricultural parks, Quang Trung Software Park, Biotechnology Center, Institute of Computational Science and Technology, 45 universities and 30 colleges, over 125 laboratories, and 270 scientific and technological organizations.

The city currently has more than 760 startup companies operating in a variety of sectors, accounting for more than 42% of the country's startups. More than 46% (350 startups) have been participating in the support programs of innovative start-ups in the city. Of these, 222 startups (63%) have been supported incubation in 10 state incubators from 2011 to date. In addition, about 49% of startup companies found sponsors and investors. In 2016 and 2017, HCM City spent $US 90 million on creative start-ups. In addition, it spent more than $US 45 million to invest in the development of science and technology. This is also a potent force to push for innovation and startups in the city.

However, studies show that Vietnamese enterprises in general and HCM City enterprises in particular are interested in innovation, but they mainly serve short-term goals. Most surveyed enterprises do not invest much in research and development. Instead, when there are new ideas about a product, they will order the design and production with their supply partners (manufacturers in foreign countries). In particular, in the context of the difficult disbursement of funds, the startup companies in Vietnam in general and Ho Chi Minh City in particular lack foreign language skills, lack connection between science and business. This is a great barrier for startups and global expansion.

To start a successful business

It is important to promote international cooperation for innovative startups, to help businesses, individuals and organizations speed up the process of technology innovation and improve product quality, thereby supporting innovative startup companies. Mr. Gibs Song (the US), investment expert from Big Basin Capital, advised Vietnamese startups to seize opportunities; look for partners to work together in a prolonged way; develop the idea into reality, launch the product available as soon as possible.

Mr. Nguyen Francis Tuan Anh, the senior expert in charge of software development in Southeast Asia, Microsoft Vietnam, said that the State must coordinate with businesses to bring Vietnamese creativity and intelligence to foreign countries. "Vietnamese startup companies can completely match the world if we build a good business and have both domestic and foreign businesses. At the same time, the enterprises must build a business ecosystem and have the combination of investors and the State.

In addition, the key factor in starting a business is human beings. Ms. Le Diep Kieu Trang, the Director of Facebook Vietnam, former Misfit Wearables strategist, said that in order to sell products in more than 50 countries, there is a need for human resources in Vietnam. According to Ms. Trang, at the time of its founding, instead of looking for engineers in Silicon, Misfit Wearables decided to move to find people in Vietnam. They were Vietnamese researchers and engineers who studied in the US, UK, Canada and other excellent students from universities. They brought together ideas and skills to market solid products for Misfit Wearables. Currently the products are sold in most prestigious retail systems worldwide.

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This proves that the human resources of Vietnam are very good, bringing good ideas for the development of business. On the other hand, the potentiality of overseas Vietnamese experts on science and technology is very large. Many Vietnamese people are well educated in advanced countries with high technology and management experience. Therefore, mobilizing intellectual and scientific resources of many people to contribute to the countryside is being promoted by the Overseas Vietnamese Committee, which is reflected in Startup Vietnam's local and international forums.