Yesterday, Vietnam’s startup ecosystem crossed a milestone. Vietnam’s deputy prime minister sat down for a round table talk with many of the prominent leaders in Vietnam’s startup ecosystem. This was followed by one-on-one discussions with leaders, and even a soccer game. At Tech In Asia, we don’t usually write about politics, but this may be one of the most significant events for Vietnam’s startup ecosystem to date. That’s partly because deputy prime minister Vu Duc Dam is such a respected figure in Vietnam. It’s also the highest level discussion about startups.
Throughout the meeting the deputy prime minister asked each ministry and organization to find practical ways of supporting the startup ecosystem. During the roundtable, over 30 leaders in the startup ecosystem voiced their concerns in Vietnam and what changes could be made to foster innovation. This lead to the discussion of new initiatives. Although these are still in discussion, it is likely they will be passed (more on this later). The proposals, which we learned from Mai Duy Quang, founder of AZStack, include:
- More transparency for legal issues relating to startups
- An entire section on Chinhphu.vn (The government’s dedicated portal) for interfacing and transparency for legal and business practices for startups
- Regulations that are favorable to Vietnamese startups and starting a company (governing tax, and business setup processes)
- Regulations that are favorable to Vietnamese and foreign investors into startups (including tax breaks)
More proposals were discussed but we’re not at liberty to report on them until they are finalized. In sum, these are practical systemic steps that the Vietnamese government could take to deeply influence the formation and growth of startups in Vietnam.
The roundtable was attended by the following ministries:
- Ministry of Finance
- Ministry of Investment
- Ministry of Science and Technology
- Ministry of Communication
- The State Capital Investment Corporation (SCIC)
- Central government offices
We list the various branches to underline how serious this discussion was.
Tech In Asia interviewed Hung Dinh, angel investor and founder of JoomlArt, who attended the event, and his feeling was ecstatic. He posted on Launch, Vietnam’s central Facebook group for startups:
What we have got out of the meeting: Now, we can help contributing our voice to policies for Ministry of Investment & Planning, Ministry of Communication & Telecommunication, General Department of Taxation, Ministry of Finance. “The startup economy” will play an important role in our economy. Leaders now know a growing force called “startup.” Now they are aware of the impact we are creating for this nation, and the burning desire of better policies from leaders or policy makers. And most important of all: We have successfully created a direct line of communication to Deputy Prime Minister Vu Duc Dam for important issues concerning startups.
Actual changes in Vietnam?
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