Vietnam has 11 Startups valued at over 100 million USD

These are the 11 startups with the largest scale out of a total 3,800 innovative startups in Vietnam.

On morning 19th April, the Ministry of Science and Technology (MOST) organized the response ceremony for the World Creativity and Innovation Day 2024 in Hanoi.

According to MOST, innovative activities in Vietnam have yielded remarkable results. Vietnam's Global innovation index (GII) has continuously imported over the past 13 years, demostrating the effectiveness of the transforming inputs into outputs.

Currently, Vietnam ranks 46th out of 132 countries and economies and is one of the seven middle-income countries that made significant progress in innovation over the past decade.

The creative startup ecosystem in Vietnam is also increasingly developing, giving rise to a new generation of businesses that operate based on intellectual assets and have the capacity to access the global market.

The Ministry of Science and Technology estimates that in 2023, Vietnam had about 3,800 innovative startup enterprises. Among them, 11 enterprises were valued at over 100 million USD. Vietnam currently ranks third in the region in terms of the number of investment deals for innovative startups, following Indonesia and Singapore.

According to the World Bank's assessment, Vietnam still has a lot of room to promote innovation in enterprises, especially small and medium-sized enterprises, which account for 98% of the total number of enterprises.

Ms. Pauline Tamesis, the Resident Coordinator of the United Nations in Vietnam, stated that innovation is not limited to the high-tech field with scientists but also has a comprehensive nature, creating conditions for grassroots innovators, especially youth and ethnic minority groups.

"The Journey for Vietnam to achieve sustainable development goals, and realize the aspiration to become a high-income developed country by 2045, depends largely on the liberation and creation of conditions to promote innovation. This will be a core tool to make Vietnam a center of innovation in the region," said a United Nations representative.

In recent years, innovative activities in Vietnam have achieved some noteworthy results. However, the role and contribution of innovation still do not correspond to the country's level of development and the gloabl trend.

According to Minister of the Ministry of Science and Technology, Huynh Thanh Dat, Vietnam's innovation capacity needs to be further significantly improved to directly contribute to increasing labor productivity, improving the quality of goods and products, environmental protection, and development.

The Ministry of Science and Technology will enhance awareness, propaganda, and dissemination to promote innovative activies. Additionally, they will develop a national innovation system closely connecting the state, production and business sectors, investment, research and education sectors, and society.

On the occasion of World Creativity and Innovation Day 2024, the Ministry of Science and Technology has launched various responsive activities, including the National Innovation Startup Day 2024 (Techfest 2024) and the implementation of the Innovation Index PII.

According to Mr. Pham Hong Quat, Head of the Market Development and Science and Technology Enterprise Development Department (Ministry of Science and Technology), Techfest 2024 is expected to host a large-scale international conference. This will be a high-level submit on high-tech startups with participation of venture capital funds and technology unicorns from the Asia region.