Vietnam has seen some successful start-ups that are good examples to follow but support is needed for more to come.
“Human resources are a key issue for innovation and innovation is a valuable fuel seeding start-ups,” Mr. Vuong Dinh Hue, Head of the Central Economic Committee, told the National Entrepreneurship Forum hosted by the Vietnam Chamber of Commerce and Industry (VCCI) on June 9.
Supporting start-ups has been an important goal of the Party and the State over recent years, he went on, but despite considerable effort startups in Vietnam are still to truly flourish. “The capacity of science, technology, innovation and creativity in our country remains limited,” he said. “Research and development (R&D), meanwhile, has not been appreciated as a key part of start-ups.”
The Central Economic Committee will focus on creating policies to support small and medium enterprises and start-up businesses, he said.
VCCI also released the Global Entrepreneurship Monitor - Vietnam Report 2014 at the conference, which showed that awareness about opportunities and business capabilities in Vietnam increased in 2014 compared with 2013 but remains low.
Only 39.4 per cent of surveyed adults in Vietnam recognize the opportunities to start their own businesses while 58.2 per cent of these are aware of their business capabilities.
Meanwhile, the percentage of adults in Vietnam fearing failure in business has fallen but remains rather high, at 56.7 per cent in 2013 and 50.1 per cent in 2014, compared with 31.4 per cent in countries with innovation-driven economies.
There have been a number of positive signs for Vietnamese start-ups in recent years. Names like Nguyen Ha Dong with the Flappy Bird game have promoted entrepreneurship among young people. There have also been many start-ups in Vietnam that are now huge companies, such as the FPT Group and Trung Nguyen Coffee, which should give hope to young people thinking about starting their own company.
Mr. Zafrir Asaf, Head of the Economic and Trade Mission at the Embassy of Israel in Vietnam, told VET that Vietnam needs to focus on how to develop start-ups, not only in the domestic market but also elsewhere. “Looking ahead, Vietnam will join the ASEAN Economic Community and has signed a series of important free trade agreements, and I believe these are extremely good opportunities that start-up businesses in Vietnam can take advantage of,” he said.