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Vietnam – India strengthen cooperation in the field of innovative startups

21.05.2024 (1) Comment

On November 12, 2022, the Vietnam – India Innovation Startup Forum was held at the National Economics University to promote market access and investment connection for innovative startups of the two countries. The event was held in a hybrid format, both online on the Zoom platform and with in-person locations in India and Vietnam. The event was organized by the National Economics University in collaboration with the Vietnamese Embassy in India, the KSUM incubator in the Indian state of Kerala, and partners in the Vietnamese innovation and startup ecosystem, in celebration of the 50th anniversary of the establishment of diplomatic relations between the two countries.
In their opening remarks and welcome speeches at the Forum, Prof. Dr. Pham Hong Chuong – Rector of the National Economics University and Mr. Nguyen Thanh Hai – Ambassador Extraordinary and Plenipotentiary of Vietnam to India both emphasized the nature and significance of the event. Vietnam and India have a long-standing tradition of cooperation and are now comprehensive strategic partners with five important pillars of cooperation: politics-diplomacy, defense-security, economy-trade, S&T, and culture-people’s exchange.

Prof. Dr. Pham Hong Chuong said: “Over the past 50 years, the relationship between the two countries has developed strongly, especially in the field of economy and trade. Currently, India is Vietnam’s 8th largest trading partner and Vietnam is India’s 15th largest trading partner. India has made positive contributions to Vietnam’s socio-economic development. Although cooperation in the economic field between Vietnam and India has achieved many successes, cooperation in the field of innovation and startups between Vietnam and India is still modest. Startup connection activities, startup ecosystem connection, market connection, and investment between the two countries are not commensurate with the potential. In the meantime, India is a startup nation with the 3rd most developed ecosystem in the world. It is also one of the fastest growing hotspots for unicorn startups and many large startup investment funds that are planning to enter the Southeast Asian market, including Vietnam with its rapidly growing startup ecosystem, becoming a bright spot in Southeast Asia.”

Therefore, Prof. Pham Hong Chuong believes that it is necessary to strengthen cooperation activities, learn from India’s experience, and connect the ecosystems of the two countries to develop both quantitatively and qualitatively innovative startups in Vietnam. The National Economics University, as a leading university in Vietnam in the field of economics and business administration, and also a branded startup support organization in the Vietnamese ecosystem through the activities of the Center for Entrepreneurship and Social Innovation under the University, is always ready to accompany Vietnamese and Indian partners to create a network connecting innovative startups, investment funds, and experts of the two countries, contributing to promoting startup activities, serving the socio-economic development of the two countries.

Sharing India’s achievements in the field of innovation and startups and cooperation opportunities for Vietnam, Ambassador Nguyen Thanh Hai said: “India is a country with strengths in S&T, startups, and innovation. India’s startup and innovation ecosystem has been continuously developing over the years and has now reached the 3rd place in the world with nearly 80,000 startups, over 110 companies becoming unicorn companies with capital of over 1 billion USD, and 4 companies becoming decacorn companies with capital of over 10 billion USD. Indian startups have researched, developed, and applied many new technological solutions in many fields. Among the startup centers in India, the state of Kerala is also a place with many policies that facilitate the development of the startup and innovation ecosystem. The Kerala Startup Mission (KSUM) is the lead agency that has played an important role in Kerala’s success in this field. The successes of India in general and Kerala in particular in the field of startups and innovation can be fully shared and cooperated with other countries, including Vietnam. The Ambassador affirmed that startups, innovation, a new field but with a lot of potential, cooperation opportunities between the two sides and the Vietnamese Embassy in India will continue to deploy many activities in the field of economy, trade, and S&T and continue to create more opportunities for organizations and individuals in the startup and innovation ecosystem of the two sides to be connected, thereby opening up many more cooperation opportunities in the future.”

Speaking at the event, Mr. Pham Hong Quat, Director of the Department of Market Development and Enterprises of Science and Technology, Ministry of Science and Technology, expressed his desire for cooperation between Vietnam and India within the framework of the National Techfest and hoped that Indian startups, investment funds, and startup support organizations will attend Techfest National 2022 and open up opportunities for cooperation between the startup and innovation ecosystems of the two countries in the coming time.

The program attracted the participation of nearly 20 investment funds from Vietnam and India, along with numerous promising startups from both ecosystems. Following sessions where experts shared insights on the startup ecosystems of each country, 12 selected startups presented their pitches, showcasing their projects and business models. Some Vietnamese projects garnered interest from the Indian side, such as an anti-stooping, anti-myopia desk for students, a community sports model, an organic milk project, and fiber production from pineapple leaves. The Indian pitches mainly featured technology projects, including educational technology and agricultural drones.

The Vietnam-India Innovation Startup Forum hopes to create practical and effective cooperation opportunities between the innovative startup ecosystems of the two countries in the near future.