Vietnam to replicate Israel in becoming “start-up nation” by 2020
The Vietnam government has ambitious plans to transform the country into a “start-up nation” in the next four years, replicating the success of Israel in that field.
In order to groom entrepreneurs and innovative small and medium enterprises, a package of initiatives was introduced, among them legal and financial support for an estimated 2,600 start-ups across the country over the next 10 years.
The government also plans to launch an online portal that will keep start-ups updated about technologies, policies and funding, as well as to set up co-working spaces where start-up companies can gain access to operational infrastructure at low costs. Start-ups will even receive financial support from the government for training, product testing and marketing.
Furthermore, the Ministry of Planning and Investment has developed a set of incentives that will draw local and foreign venture capital funds into the country, with the pilot location for the initiatives being the capital Hanoi.
Deputy Prime Minister Vuong Dình Hue affirmed that Vietnam could learn from Israel, a successful start-up nation, “about building an entrepreneurship ecosystem at the macro- and micro-levels by focusing on specific policies in several key sectors.”
He noted that the investment climate in the start-up sector in Vietnam improved over the last seven years. More start-up businesses have been established as more foreign investment funds poured capital into Vietnam, he said, adding that the government incentives will be an additional boost for the sector.
The Vietnam government has ambitious plans to transform the country into a "start-up nation" in the next four years, replicating the success of Israel in that field. In order to groom entrepreneurs and innovative small and medium enterprises, a package of initiatives was introduced, among them legal and financial support for an estimated 2,600 start-ups across the country over the next 10 years. The government also plans to launch an online portal that will keep start-ups updated about technologies, policies and funding, as well as to set up co-working spaces where start-up companies can gain access to operational infrastructure at...
The Vietnam government has ambitious plans to transform the country into a “start-up nation” in the next four years, replicating the success of Israel in that field.
In order to groom entrepreneurs and innovative small and medium enterprises, a package of initiatives was introduced, among them legal and financial support for an estimated 2,600 start-ups across the country over the next 10 years.
The government also plans to launch an online portal that will keep start-ups updated about technologies, policies and funding, as well as to set up co-working spaces where start-up companies can gain access to operational infrastructure at low costs. Start-ups will even receive financial support from the government for training, product testing and marketing.
Furthermore, the Ministry of Planning and Investment has developed a set of incentives that will draw local and foreign venture capital funds into the country, with the pilot location for the initiatives being the capital Hanoi.
Deputy Prime Minister Vuong Dình Hue affirmed that Vietnam could learn from Israel, a successful start-up nation, “about building an entrepreneurship ecosystem at the macro- and micro-levels by focusing on specific policies in several key sectors.”
He noted that the investment climate in the start-up sector in Vietnam improved over the last seven years. More start-up businesses have been established as more foreign investment funds poured capital into Vietnam, he said, adding that the government incentives will be an additional boost for the sector.
