Conference hears of issues facing start-ups in Vietnam, especially technology start-ups.
The Connecting Vietyouth 2015 seminar on start-ups, especially technology start-ups, aimed at finding common ground between the government, investors, start-ups, and talented young people.
The average age of someone starting a new enterprise in Vietnam is 29, which is younger than in most other countries, such as the US, where the average age is 31. Of start-ups in Vietnam, around half are founded by people who have studied overseas.
Twenty technology start-ups of different sizes spoke at the mega pitch program at the seminar. Each had two minutes to introduce their products and recruit talented young people from 600 Vietnamese students abroad. The start-ups had the chance to narrow down the talent pool so that they could hire the best people at minimal cost and effort.
Starting a technology firm in Vietnam still involves addressing a number of issues, for the start-ups as well as for the investors. There are only a few sound ventures and the investment required is low. It can also be difficult for investors to exit. “There are only a small number of merged companies,” said Mr. Do Hoai Nam, CEO of SeeSPACE & Emotive. “Domestic companies that are able to buy start-ups in the field of technology are thin on the ground, such as Viettel or FPT, and they prefer to create rather than buy.”
Even the stock market is not a good point of exit, he added. The only choice for many start-ups in Vietnam is to be bought by foreign companies. But procedures for this remain complicated, with many steps and licensing to be done in both countries. Mr. Nam also proposed that Deputy Minister of Planning and Investment Dang Huy Dong review the legal framework to make it easier for technology start-ups.