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Minister of Planning and Investment Nguyen Chi Dung speaks at the event. (Photo: VNA) |
In his opening remarks, Minister of Planning and Investment Nguyen Chi Dung said global investment trends are changing profoundly as a result of geopolitical uncertainties and a risk of recession in many big economies. The shift of capital flows has been taking place strongly among regions and countries, in which there are fewer investment opportunities for both startups and investors.
Vinnie Lauria, founder and managing partner of Golden Gate Ventures, said in the first decade of the startup ecosystem in Southeast Asia, Singapore and Indonesia were the leading growth drivers, with Singapore holding financial and human resources and Indonesia a giant domestic market.
In 2022, Vietnam has become the third pillar of this triangle, bringing about a perfect combination of leading technological talent, the entrepreneurial culture of Vietnam, and a fast-growing domestic market, he noted.
He added Vietnam is currently assessed as the latest gemstone of Southeast Asia, and its emergence comes as a result of its market’s attractiveness to investors and the Government’s support for the startup ecosystem.
Vietnamese startups raised a record of US$1.4 billion with 165 transactions in 2021, up 1.6 times from the $894 million and 126 transactions in 2019. This indicated that transactions in the market have regained momentum after a pandemic-triggered decline. The upward trend is forecast to continue in 2023, according to the National Innovation Center (NIC).
Some factors turning Vietnam into a bright spot of investment attraction include political stability, a young and educated workforce, developed infrastructure, digital skills, and innovation capacity. Besides, the country is considered a promised land for high-quality FDI and large international enterprises that are seeking investment opportunities to diversify supply chains and reduce the dependence on the Chinese market.
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An overview of the summit. (Photo: VNA) |
Vietnam has become a leading candidate for the shift of capital flows, the NIC said, adding that the country is now at an important turning point of its economic development process. Its stature in the region, impacts of the Covid-19 pandemic, and the strong growth of investment funds have created a favorable context for Vietnam to hold an outstanding position.
At the summit, aside from panel discussions and seminars, a program named Speed Matching was also held to connect startups with over 30 domestic and foreign investment funds.
The Vietnam Venture Summit is an annual event chaired by the Ministry of Planning and Investment and co-organized by the NIC and Golden Gate Ventures. It aims to connect the startup and innovation ecosystems in Southeast Asia with regional and international investment funds.
