(VOVworld)-Vietnam is working hard to realize the goal of 1 million startups by 2020. This endeavor requires great efforts by both the Government and business community.

The startup movement is growing strongly in Vietnam, mostly in the IT and service industries. 30% of 200,000 businesses in Hanoi are startups. The Hanoi Association of Small and Medium Enterprises has established a fund to support businesses and encourage bigger companies to assist startups.

“Startups should focus on breakthrough products to avoid competition from bigger and more experienced businesses. In addition to advanced technology application, creativity and dynamism are among most important  factors for startups”, Mac QuocAnh, the Association’s Vice Chairman and Secretary General, told VOV.

(Source: khoinghieptre)

FTP group is cooperating with foreign foundations and incubators to create 5,000 technology firms in Vietnam by 2020. Tran Huu Duc, Director of FPT Ventures said that FPT will offer financial support and expertise to help startups create products for both domestic consumption and export.

“We’ve cooperated with Korea’s Hanhwa group, Dragon Capital, and BIDV Securities Company to establish a foundation which supports startups with access to capital, international markets, and training”, Mr. Duc elaborated.

“The Government’s target of 1 million startups by 2020 is very important to develop Vietnam into a country of startups. A series of policies and measures have been introduced to encourage startups and innovation and build a constructive and business-serving Government”, said President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc.