Vietnam commissions $110m for startups

Reading Time: 2 minutes

vietnam-microchipThe Ministry of Science and Technology in Vietnam has secured $110 million to pump into Vietnamese startups in a program called FIRST, with the money coming mostly from the World Bank, VNexpress reported.

The FIRST program specifically aims to “foster scientific research, improve and advance the use of technology, encourage creativity, and ignite technology business for the purpose of improving the economy.”

The programme will last from 2014 until 2019 and it is not clear yet where specifically this money will go. $10 million had to be put up by the IDT investment fund, whose money is tied closely to investors in Kazakhstan and Russia.

For those not in the know, Russian investors have played an increasingly significant role in Vietnam’s startup ecosystem with big investments in search engines such as CocCoc and Wada, which both spent over $15 million each in the last two years on securing Vietnam’s search engine market. Google still leads the market for now.

It’s rumored that some of the $110 million will go to building a startup accelerator in Vietnam, but details have not been released yet. According to head minister Nguyen Quan, the ministry believes leveling up Vietnam’s technology ecosystem will be seminal to bringing Vietnam’s economy back in gear.

In early 2009, Paul Graham said it would cost a city $1 billion to create its own Silicon Valley anywhere in the world, so the Vietnamese government is just $890 million short. It’s a big step forward, as long as the money is allocated in the right places.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

The Ministry of Science and Technology in Vietnam has secured $110 million to pump into Vietnamese startups in a program called FIRST, with the money coming mostly from the World Bank, VNexpress reported.

Reading Time: 2 minutes

vietnam-microchipThe Ministry of Science and Technology in Vietnam has secured $110 million to pump into Vietnamese startups in a program called FIRST, with the money coming mostly from the World Bank, VNexpress reported.

The FIRST program specifically aims to “foster scientific research, improve and advance the use of technology, encourage creativity, and ignite technology business for the purpose of improving the economy.”

The programme will last from 2014 until 2019 and it is not clear yet where specifically this money will go. $10 million had to be put up by the IDT investment fund, whose money is tied closely to investors in Kazakhstan and Russia.

For those not in the know, Russian investors have played an increasingly significant role in Vietnam’s startup ecosystem with big investments in search engines such as CocCoc and Wada, which both spent over $15 million each in the last two years on securing Vietnam’s search engine market. Google still leads the market for now.

It’s rumored that some of the $110 million will go to building a startup accelerator in Vietnam, but details have not been released yet. According to head minister Nguyen Quan, the ministry believes leveling up Vietnam’s technology ecosystem will be seminal to bringing Vietnam’s economy back in gear.

In early 2009, Paul Graham said it would cost a city $1 billion to create its own Silicon Valley anywhere in the world, so the Vietnamese government is just $890 million short. It’s a big step forward, as long as the money is allocated in the right places.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid