Deputy PM Hue vows to promote formation of start-up ecosystem

Saturday, 2017-05-20 04:59:42
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Deputy Prime Minister Vuong Dinh Hue
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NDO - The government will work to advance the formation of a start-up ecosystem in Vietnam, said Deputy PM Vuong Dinh Hue during discussions with representatives of the start-up companies along with small and medium-sized enterprises on May 19.

He said the government will introduce mechanisms to encourage the establishment of venture capital funds, start-up support funds, science and technology development funds as well as start-up business support centres.

Such efforts will help businesses overcome hurdles of capital, administrative procedures, market knowledge and business administration skills so that the start-up wave will bring about substantial results.

Deputy PM Hue also stated that a start-up company is usually associated with scientific and technological innovations but also requires the courage to take risks, noting that no-one wants to fail but being successful can add significant values to human life.

He emphasised that start-up businesses must develop from community interest and that the government will always accompany them to make the start-up wave in Vietnam stronger, more effective and more sustainable.

During the discussions, young entrepreneurs candidly expressed their opinions on issues facing their businesses including finance and capital, the legal framework and the commercialisation of their products.

Many suggested that the government should introduce new policies to encourage well-established enterprises to pay more attention to innovation and incorporate more science and technology into their business activity in order to enhance productivity and business performance.

The discussion was held within the framework of the Young Entrepreneurs and Start-up Youth Forum, part of a series of events held annually to promote public/private dialogue in the form of policy consultation between the start-up business community and the government.

Deputy PM Hue said the organisation of this forum is meaningful especially as the Party Central Committee recently issued a resolution on developing the private sector into a major driving force of the economy.