The Hanoi Innovation Summit aims to build a bridge between global leaders and Southeast Asia’s booming innovation ecosystem, eyeing innovating for inclusion and sustainability in emerging economies. The event, taking place at the National Convention Centre, welcomed over 3,000 delegates including Minister of Planning and Investment Nguyen Chi Dung, Hanoi Party Committee Secretary Hoang Trung Hai, and Chairman of the Hanoi People's Committee Nguyen Duc Chung.
Speaking at the event, Chairman Nguyen Duc Chung applauded the role of the summit in connecting investors, experts, and international startups together, promoting the spirit of entrepreneurship in Hanoi in particular and Vietnam in general. He expressed his expectation that the Vietnamese startup community can contribute to the significant and promising socio-economic growth of Vietnam in upcoming years. Hanoi is committed to creating an attractive, safe, and effective environment for investors, investment funds, and startups from around the world.
Minister of Planning and Investment Nguyen Chi Dung emphasised that completing the startup ecosystem is one of the Government's top priorities at the moment. MPI is in the process of urgently finalising its startup strategy by the end of this year. This is the basis for localities to develop their strengths and take advantage of the opportunities from Industry 4.0. MPI will continue to expand the network to connect with Vietnamese experts working overseas to return home and contribute to the nation's development. The establishment of the first national startup centre in Hanoi will also offer a gathering place for experts as well as promote innovation activities throughout the country.
On behalf of EuroCham, Vice Chairman Nguyen Hai Minh said he appreciates the innovative spirit of the Vietnamese Government, which is fostering the development of the startup community and innovation and creating greater confidence among European investors.
Noting that startups still struggle to approach and meet the demands of investors, mainly due to their lack of knowledge and experience in business modeling, international business development, R&D, and even simple compliance such as tax, accounting, and invoicing, he suggested that the Government should accelerate the involvement of local business angels, who can share risk, knowledge and experience in the field of early stage startup investments.
With the expected effect of the EU-Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA), Vietnam will be an ideal destination to become an export hub to Asia, an assembling or manufacturing hub to re-export to the EU, and a destination for transfer of technology especially of SMEs. This would create enormous advantages for Vietnamese SMEs to increase their competitive advantages in international trade.
Mentioning the fact that big European businesses are active in supporting startups and innovation in Vietnam, Mr. Minh reaffirmed the role of EuroCham in connecting groups of investors, aiming to create a contact hub for Vietnamese startups. He seeks the support of the Government in re-studying the regulations on foreign investment for startups, or tax deduction incentive to encourage the early stage investment. Finally, Mr. Minh reiterated the commitment of EuroCham to work closely with the Government and other agencies to study and propose appropriate policies for startups.