Da Nang looks to become startup destination in ASEAN by 2030

Update: 14:12 | 30/06/2018
The central city of Da Nang aims to become a destination for startups and innovation in Southeast Asia by 2030, according to Vice Chairman of the municipal People’s Committee Ho Ky Minh. 
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Speaking at the 3rd International Start-up Conference and Exhibition in Da Nang – Da Nang Startup Wave 2018 (SURF 2018) themed “Startup Capitals” in the city on June 29, Minh revealed that the locality is focusing on five key orientations in a project on developing a startup ecosystem until 2020, with a vision towards 2030. 

They are building the startup culture and raising awareness, knowledge and interest of local youth of startups; fine-tuning and issuing mechanisms, policies to support and promote startup activities; enhancing activities of business incubators and building infrastructure for startup development; promoting the building and development of startup training network; and expanding cooperation to improve capacity and attract internal and external resources for developing startup ecosystem and multiplying cooperation models among authorities, education institutions and enterprises. 

da nang looks to become startup destination in asean by 2030
Illustrative image. (Photo: VNA)

While praising the local authorities for their efforts to create breakthroughs in the work, Deputy Minister of Science and Technology Tran Van Tung hoped Da Nang will continue nurturing startup initiatives, especially those in the fields of local strength such service and tourism. 

The city should consider issuing specific policies for startup support; enhance the provision of services related to laws, accounting, consulting and communication; organise events to share relevant knowledge and experience; and foster startup ecosystem links with localities in and outside the country. 

Vo Duy Khuong, Chairman of the Da Nang Business Incubator, said to develop Da Nang into a destination for startups and an innovation centre in ASEAN in the future, the incubator will work with high schools and higher education institutions to include startup in curricula, thus motivating business ambitions and passions among students. 

The incubator will also give consultations to the municipal authorities in building policies to form a startup support fund, helping startups easily access capital sources of domestic and foreign investment funds and financial and credit organisations. 

Conferences and exhibitions on startups will be also organised to forge links and experience sharing, and introduce startup products to domestic and foreign markets. 

Khuong expressed his belief that the SURF 2018 will be a new development step of the coastal startup ecosystem, towards turning the Da Nang Business Incubator into an innovation hub by the sea.

Domestic and foreign speakers shared startup initiatives, stressing it is necessary to have five capital sources for the work, including financial capital, technological capital, personnel capital, native capital and social capital, he noted.

In the framework of the event, the Pitching Competition featured the best startup projects. 

Organised by the Da Nang Startup Council and the Da Nang Business Incubator, the 3rd International Start-up Conference and Exhibition in Da Nang saw the participation of representatives from the embassies of Israel and Ireland in Vietnam, the Ministry of Science and Technology, local officials and nearly 800 young entrepreneurs.

This was the programme matching startups with investors, representatives from investment funds, mentors and entrepreneurs in the form of one-on-one meeting. It is an invaluable opportunity for startups to seek investments, receive precious advice and connect with experts and speakers in the field.

The Danang Startup Council was established in October 2015 with 59 members including leading thinkers, universities, institutes and businesses.

Meanwhile, the Da Nang Business Incubator is the first public private incubator in Vietnam.  Established in early 2016, the incubator is an innovation platform that helps early-stage startups build their business fast. 

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(Source: VNA)