Summit promotes innovative startup financiers in Vietnam

The event was organised by the Ministry of Planning and Investment, the National Innovation Centre (NIC), and Golden Gate Ventures. It saw the presence of government leaders, central and local agencies, representatives of international organisations, and regional and international investment funds.

The event also attracted the participation of delegates from research institutes, incubators, and innovation support ecosystems, networks including experts and elite intellectuals in various countries.

In the spirit of promoting entrepreneurship and innovation, the Vietnam Venture Summit has been held since 2019, aiming to connect Southeast Asia's startup ecosystem with the global community of venture capitals.

Minister of Planning and Investment Nguyen Chi Dung opened the summit with a speech, sharing that “Shifting Global Capital Flows” was selected as the theme for this year's summit to reflect many profound changes in global capital flow which included not only capital of money, but also in knowledge, technology, and creative innovation.

He emphasised the knowledge and technology in products and services which were created from the innovation process were a measure of value for financial investment. He suggested that the summit look into the value flow in a deeper and more comprehensive manner so that Vietnam can identify the trends and opportunities in innovative startups in the general context of the region and beyond.

According to the NIC, Vietnamese startups raised $1.4 billion through 165 deals in 2021, up from $894 million via 126 deals in 2019. The momentum is expected to last into 2023, with anticipated GDP growth of 6.7 per cent for the year.

Vinnie Lauria, founder and managing partner of Golden Gate Ventures, also spoke at the event. “Over the past decade, Vietnam has grown at an average rate of about 7 per cent driven in large part by the country's expanding technology and innovation sector. In fact, Vietnam's tech industry has grown at an annual rate of 20 per cent, which makes it one of the leaders across the globe," Lauria said.

“We're sitting in a country filled with tech-savvy young people who are eager to learn, innovate, and most importantly, build businesses,” he added.

He cited forecasts from the International Monetary Fund that Vietnam and Indonesia would be the leaders in ASEAN growth, indicating these markets have the engine driving global growth for the next few years.

“When you combine all of these ingredients – a country with unrivalled growth, a large growing pool of highly skilled and educated people, an entrepreneurship community that is nurturing, and larger pools of international experience capital – you have a formula for success,” said Lauria.

The Vietnam Venture Summit 2022 has helped bring multidimensional perspectives from venture capitalists on the startup ecosystem of Vietnam, Southeast Asia, and more. Experts and businesses shared openly on investment, creating a relationship between venture capital and businesses. They also proposed candid recommendations for the government to open up venture capital, create a favourable and transparent investment environment, and promote investment activities for startups towards sustainability.

In addition to keynotes and panel discussions with leading speakers, a space to support startups to expand their network with domestic and international venture capitals also took place at the event.

As an innovation and startup hub in the region, Singapore continues to attract and nurture startups from Southeast Asia, with many startups managing to scale successfully out of Singapore. Edwin Chow, Assistant CEO of Innovation and Enterprise at Enterprise Singapore, talked to VIR’s Minh Anh about the key factors to success for startups and how they can thrive in a global arena.

As the pandemic forced millions to go online to shop, work, and socialise, Southeast Asia’s economy digitalised at a breathtaking speed. Along the way, innovative startups and disruptive tech firms boldly explored a new and competitive economic frontier for the region’s future.

Vietnam is a jewel in Southeast Asia in terms of attracting global investment into its startup ecosystem, according to participants at the Vietnam Venture Summit 2022.

Visa has announced an open call for startups across Asia-Pacific to apply for the Visa Accelerator Program 2023.