One year after the 3rd HCMC Innovation Awards bestowed a third prize upon Banh Mi Ma Hai, co-founder Doan Van Minh Nhat reflected on the award’s impact, noting increasing brand visibility. This recognition has bolstered consumer confidence and facilitated the company’s expansion of its livelihood model to benefit those in need.
Securing second place in the 2021 Startup Wheel competition, a prominent Southeast Asian startup event, provided Banh Mi Ma Hai with a significant boost, establishing its brand and attracting considerable attention from both consumers and investors.
Mr. Nhat emphasized the further validation provided by the Innovation Award, stating, “This prestigious award has solidified consumer trust and led to an increase in franchise partnerships, generating more employment opportunities”.
Similarly, when Graphene Life was recognized at the 3rd Innovation Awards for its pioneering work in graphene production and applications, the company was simultaneously launching a new product. The award served as a catalyst, propelling the company into a new phase of investment and development.
Graphene Life’s journey has seen significant milestones, including the June 2024 launch of a 1,000-ton-per-year production facility in Saigon Hi-tech Park (SHTP). This expansion has facilitated access to capital and strengthened shareholder connections. Further demonstrating its potential, Graphene Life was selected as one of two Vietnamese startup representatives for an ASEAN+3 sustainable development program.
Company Director Le Minh Tuan acknowledged the inherent challenges of early-stage R&D, including moments of doubt. However, bolstered by perseverance, startup incubator support, and a conviction in the product’s value, the team pressed on. Tuan credits the Innovation Award with validating their work, boosting confidence for market entry. While the award has attracted potential partners, access to large corporations remains a hurdle. Tuan believes broader municipal support would greatly amplify the product’s reach and impact.
While the benefits of the Innovation Awards are evident, recipients often encounter obstacles in translating their innovations into real-world applications.
Five years ago, Dr. Vong Binh Long, then affiliated with the University of Science, Vietnam National University – Ho Chi Minh City (now Assoc Prof and Deputy Head of Biomedical Engineering at the International University, VNU-HCM), received second prize at the inaugural Innovation Awards for research on a novel angiogenic therapy for myocardial infarction using an antioxidant hydrogel.
“Our research demonstrated the hydrogel’s ability to stimulate new blood vessel formation and promote recovery in animal models of myocardial infarction, leading us to believe in its potential for human application”, Assoc Prof Long recalled. Following the award, he and his team pursued partnerships within the healthcare sector for human trials. However, the novelty of the approach, particularly the initial design involving direct injection into the myocardium, presented significant hurdles.
Similarly, in 2021, after receiving third prize for a novel waterproofing solution for basements, General Director Do Thanh Tich of Tan Tin Thanh Co. Ltd. anticipated that the award would propel his Intoc brand to greater heights.
However, three years later, awareness of this waterproofing solution remains limited, and the company continues to seek clients and partners independently. “Over 84 percent of Vietnamese buildings experience leaks within a short timeframe, including high-end projects using imported waterproofing products”, General Director Tich lamented. “A key challenge is the absence of waterproofing standards and regulations, leaving consumers to rely on subjective judgment”.
He suggested that specialized workshops on waterproofing could provide a platform for companies like his to showcase their products and educate consumers. He also proposed that the city facilitate connections between award winners and large-scale projects.
Director Le Minh Tuan of Graphene Life JSC. echoed this sentiment, proposing tax breaks on imported equipment for winning startups to foster further development.
Secretary Ngo Minh Hai of the Ho Chi Minh Communist Youth Union – Ho Chi Minh City Branch shared that his organization has launched an innovation competition with three age-appropriate categories: innovative learning, innovative labor, and innovative public service. They also support young innovators through two incubators that have fostered numerous successful startups. However, to truly engage young people, it is necessary to facilitate the practical application of their ideas and provide support for commercialization. A centralized platform for collecting and evaluating these innovations is also crucial.
General Director Nguyen Trung Khanh of TK25 Technology JSC. said that as a recipient of the 2nd Innovation Award, he recognizes the opportunities it provides. However, access to the award and its benefits is not universal, and even winning innovations struggle to reach their target audience. Therefore, he proposed developing strategies to broaden the reach of winning brands, such as connecting them with international awards programs and organizations. Given the challenges faced by Vietnamese startups, post-award support, including mentorship and assistance with business development, is critical for their long-term success and contribution to HCMC’s growth.
