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Head of the Vietnam representative office of Genesia Venture s Hoang Thi Kim Dung speaks at a workshop on attraction of venture investment capital for innovative startups (Photo: hoilhpn.org.vn) Hanoi (VNA) - Investor s are confident in the potential of Vietnam's innovative startup ecosystem, and believe the country will become a big investment market in the region and the world, according to head of the Vietnam representative office of Genesia Ventures, an investment fund of Japan, Hoang Thi Kim Dung. According to a report published by Do Ventures - a venture capital fund that focuses on making investments in tech startups in Vietnam and Southeast Asia -  in 2020, Vietnam's innovative startup ecosystem ranked third in Southeast Asia, after Singapore and Indonesia. Vietnam’s national innovation startup ecosystem is likely to earn a berth in the top 15 emerging ones in the Asia-Pacific region by 2030, the report said. The Prime Minister in 2016 approved a project to support the national innovative startup ecosystem through 2025 under Decision No. 844/ QD-TTg (Project 844), which was designed to promote and support the formation and development of startup projects or startup enterprises and urgently complete the legal system to support innovative startups. To further promote the development of Vietnam's innovative startup ecosystem in an intensive manner, recently the PM has approved the amending and supplementing of a number of articles in Decision No 844/QD-TTg. Accordingly, an additional target is to build a system of innovation centres to support research and development (R&D) and creative startups, in tandem with ensuring their successful operation with specific, outstanding and highly competitive mechanisms and policies to make sure that they will be on par with other regionally and internationally leveled ones. The green light will be given to developing national creative startup support centres in Vietnam’s three …

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The meeting, chaired by Kim Tok Hun, the cabinet premier, was convened via a "teleconference system" to discuss a series of important tasks set forth at the party congress and the following parliamentary session, the KCNA said. Discussed at the enlarged plenary meeting was the agenda on "thoroughly implementing the decisions made at the 8th Congress of the WPK (Workers' Party of Korea) and the 2nd Plenary Meeting of the 8th Central Committee of the Party," the KCNA said. Pak Jong Gun, vice premier of the cabinet and chairman of the State Planning Commission, delivered a report at the meeting, highlighting the need to guarantee independence to the country's businesses. The meeting stressed the need to establish "the system of the state's unified guidance over economic work," and the related working "system and order," the KCNA said. The meeting set forth tasks "for taking stronger measures" to complete the planning in accordance with the conditions of the changing reality, productivity, science and technology, ensure economic and legal environments for enterprises' independent and proactive operations, and give full play to their creativity and responses to the changing environment, it said. …

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Dr. Craig Emerson, director of the Australian APEC Study Centre Vietnam’s success in containing COVID-19 with minimal economic fallout compared to other nations has improved its already-strong reputation for competent governance. The government has been liberalising Vietnam’s economy for decades and is now reaping the benefits of rapid growth. Vietnam has stood to gain from the recent US-China trade conflict with many companies relocating at least some of their production facilities there. Vietnam is also rapidly adopting digital technologies to deploy automation, smart manufacturing, and big data analytics. Competent economic management, consistent reforms, swift digital uptake, and effective COVID-19 containment make Vietnam a very attractive destination for trade and investment in 2021 and beyond. Economically, Vietnam is becoming a manufacturing powerhouse, particularly for electronics and apparel. It is also becoming a focal point for regional value chains with preferential access through free trade agreements (FTAs). It has taken up trade deal commitments and accepted assistance to develop the institutional and regulatory environment, infrastructure, and facilitation to attract investment. The country is also actively working on non-tariff barriers to trade including intellectual property protection, food safety regulations, restrictions on the internet and digital economy, and other governance issues to accelerate the absorption of investment. Vietnam needs to be considered in terms of its unique qualities and context. It is following its own development path in a new time, with different conditions, drivers, and realities. Comparisons can be made to Japan with its appreciation of tradition; to Singapore with its open trade policies and architecture; China’s southern Guangdong province in population scale and economic activity; and Indonesia in terms of benefits from a demographic dividend. Vietnam has a web of FTAs that make it a strategic …

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