Illustrative image (Photo: VNA) According to the National Agency for Technology Entrepreneurship and Commercialisation Development (NATEC) under the Ministry of Science and Technology, there are currently seven State-owned technology incubators, with three incubators belonging to universities and 11 others operated by private or foreign organisations. State-owned technology incubators have supported start-ups in terms of public services; however, due to the small number of them along with their short operating times, most of them are yet to be highly efficient, nor have they made a great influence on start-up enterprises. Furthermore, the technology incubators have only provided support activities related to working spaces, facilities and laboratories for product research and testing. There is still a lack of financial support as well as suitable mechanisms to connect businesses. State-owned technology incubators usually do not rely on investments and instead provide supportive … [Read more...] about Improving mechanisms to facilitate start-ups
Small business start up loans
VietinBank Quang Nam branch. Getting access to funding remains a big concern for start-ups and SMEs in Viet Nam. — VNA/VNS Photo Tran Viet Executives from start-ups and small and medium-sized enterprises (SMEs) were in attendance at a conference titled “Access to capital for startups” in HCM City on Thursday. According to Ho Trong Lai, chairman of strategy consultancy Heaven Light, SMEs and startups find it hard to access capital because they do not have information about the sources of funding, do not know how to go about soliciting funding from investors and lack the salesmanship needed to sell their ideas to investors. Many entrepreneurs complain that they do not know where to go to look for capital or how to meet with investors. Lai said it is like a student coming and asking where they can get scholarships. “You have to do your homework first. Nowadays there are a lot of … [Read more...] about Conference helps start-ups access capital
Instead of lending to large companies, more and more banks have started to lend to small businesses to hedge their risks. More and more banks are offering loans to small businesses, their traditional wariness notwithstanding. - Photo tuoitre.vn At several conferences on credit for enterprises, experts have said that helping small and medium-sized enterprises (SMEs) access bank loans is very important. However, according to a report by the Việt Nam Chamber of Commerce and Industry, 85-90 per cent of Vietnamese enterprises are small and micro businesses that face great difficulty in obtaining credit. Only 40 per cent of them have in fact managed to do so. Banks are cautious about lending money to SMEs due to a lack of trust in their ability to repay. Hoàng Thu Hương of HCM … [Read more...] about Banks loosen purse strings for small businesses
Vietnam recently launched an ambitious plan to transform the country from an offshore manufacturing hub for foreign companies into a major player in the global digital economy. In doing so, the government has adjusted business policies to pivot around small and medium-sized companies and encouraged the start-up boom. There is no question that one of the challenges facing start-ups is to find the capital they need to get their ideas off the ground. There have been mixed opinions about whether or not the Vietnamese government should turn itself into a venture capitalist to support early-stage start-ups. Some experts don’t think that putting the government in charge of deciding which business ideas get funding and which don’t is a good idea. The Becamex Technology Innovation Center (TIC) in Binh Duong Province, just north of the country’s commercial hub Ho Chi Minh City, was launched in 2012. The center was expected to become a startup incubation center for 2025 … [Read more...] about Should the Vietnamese government invest in start-ups?
The Hanoitimes - Launching a national movement for start-ups and businesses` development, which is both a critical requirement steming from the fact of deeper and deeper integrating process, and an answer to a series of issues set out for the economy. Vietnamese Government has recently talked a lot about Vietnam becoming a start-up country and Hanoi was eager to become a start-up city. In May this year, the Prime Minister approved a draft project called “National Programme to Support Innovative Startup Ecosystem in Vietnam by the year 2025” to create a favourable environment to promote and support the development of start-ups with high-growth potential. The project has set the following targets for 2020: complete the main legal framework for a start-up ecosystem; run an online portal for the National Innovative Start-up Ecosystem; support about 800 start-up projects and 200 start-up enterprises, of which 50 will raise follow-on investment from private venture investors or … [Read more...] about Realization for a start-up nation – Economy