Speaking at the closing ceremony, Deputy Minister of Science and Technology Tran Van Tung said that the event helped to develop a startup ecosystem in Vietnam.

Participants discussed issues hindering the growth of the startup community following the suggestions of Deputy Prime Minister Vu Duc Dam, he said.

Various seminars and conferences were held, while international programmes and projects sponsoring startups and investment funds in Vietnam were also honoured. An exhibition was held to showcase new products of more than 100 startups.

Deputy Prime Minister Vu Duc Dam (left) visits a booth at the event. Photo: VNA

Nineteen outstanding startups who won a contest at the event will be offered a visit to Silicon Valley in the US.

Minister of Science and Technology Chu Ngoc Anh said that TechFest Vietnam 216 showed the development of the knowledge-based economy.

He called for support from the Government, ministries, sectors, localities and investors to startups, which he said would contribute to sustainable economic development.

The introduction of a Steering Committee for a project to support the startup ecosystem during the event was an important milestone for the expansion of the startup community, he said.

Through the event, the ministry also affirmed its determination to coordinate with other ministries, sectors and localities to synchronise legal frameworks and create favourable conditions for startups, investors and startup support organisations.

According to the Ministry of Science and Technology, Vietnam is the world’s third most attractive country for venture capital funds.

Currently, the country has 1,800 startups, 21 incubating facilities and seven business accelerators.

This year was considered a good year for startups, as many Vietnamese startups have received big investments.

Lozi, a social network for trading of clothing and electronics, is among successful startups. It currently has 400,000 users with revenue of about 50,000 USD per month.

The US venture capital seed fund 500 Startups decided to form a 10 million USD fund to invest in 100-150 startup projects in Vietnam. The sum will be increased to 100 million USD over the next five years.

More than 20 foreign venture capital funds are also operating in Vietnam, including IDG Venture, Cyber Agent Venture and Vina Capital.