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| Associate Professor, Dr. Bui Quang Tuan, Director of the Vietnam Economic Institute and Dr. Le Thanh Sang, Deputy Director co-chaired the Workshop. (Source: VASS) |
As the capital of the country, Hanoi needs to become the leading startup city in the country and the region. To do that, Hanoi needs to experiment with superior institutions to develop new business models in the startup ecosystem.
Speaking at the workshop, Associate Professor, Dr. Bui Quang Tuan, Director of the Vietnam Economic Institute, said that Hanoi has many factors to become the center of the national innovation and startup ecosystem. The innovation and startup ecosystem in Hanoi has been formed and developed quite vigorously with many participants. Basically, the existing innovation and startup ecosystem has gradually met the essential needs of innovative startups, a type of enterprise that grows rapidly based on the exploitation of intellectual property, technology, and new business models.
However, due to many objective and subjective reasons, up to now, Hanoi's innovation startup ecosystem has not developed commensurate with its inherent potential, especially startups have not really become the driving economic sector of the capital for the following reasons:
Firstly , the components of a startup ecosystem in Hanoi are sufficient, but the activities are not closely connected between the components, the linkages are still fragmented on a small scale, leading to low operational efficiency, due to the lack of clear mechanisms, policies and legal regulations, as well as specific support from government entities for the startup ecosystem and startups.
Second , the field of innovative startups has not really become an important driving force to improve labor productivity, competitiveness, and promote socio-economic development of the capital.
Third , the number of innovative startups in Hanoi that have raised capital from investment funds is very small; most of them are just small businesses providing digital products and services, without developing on a true innovation platform.
Fourthly , in Hanoi, there are a number of high-tech parks (CNC), software parks and dozens of incubators and startup support centers of different sizes and fields of operation. However, there is not yet a true ecosystem and startup and innovation center according to international best practices.
Fifth , as the capital, Hanoi needs to take the lead in promoting the role of large state-owned enterprises and private corporations that have become “unicorns” as well as small and medium-sized enterprises. They will participate in promoting and supporting the innovative startup community with financial resources, land infrastructure, business management experience, and “ordering” and “purchasing” startup products and projects that are feasible for the market.
Associate Professor, Dr. Bui Quang Tuan emphasized that the new context and the trend of open innovation startups based on mastering core technologies and applying new technologies are increasing, especially technologies of the fourth revolution such as big data, artificial intelligence, internet of things, etc. Therefore, Hanoi will have the opportunity to both test outstanding institutions to develop new business models in the startup ecosystem.
Referring to the policy to support innovative start-up activities in the city, Ms. Dang Thi Huong, Deputy Director of the Hanoi Enterprise Support Center, Hanoi Department of Planning and Investment, said that Project 4889 of the Hanoi People's Committee in 2019 on supporting innovative start-ups in the city for the period 2019 - 2025 includes 7 main tasks: Promoting communication; developing human resources; developing infrastructure and technology; promoting innovative start-up activities, linking and connecting the ecosystem; supporting the application of technology transfer and trial production, commercialization of products; providing financial support and promoting investment activities; forming the Hanoi Innovation and Start-up Center. Hanoi departments and branches have made great efforts to put support policies into practice and bring certain results to the city's innovative start-up ecosystem.
Dr. Ha Huy Ngoc also proposed a number of solutions to promote the development of the innovative startup ecosystem in the City such as: Creating a system of viewpoints, policies, mechanisms, and legal policies in a synchronous, favorable, and transparent direction for the development of the startup ecosystem; Exploiting the commercialization of intellectual property and payment of asset value after being assigned rights; Building Hanoi Capital to become the leading startup center of the region and the country; Unblocking the flow to attract investment capital for innovative startups such as amending regulations to facilitate investors for innovative startups; creating private capital to invest in startups and innovation; A breakthrough and outstanding mechanism for Hanoi Capital; The Government allows Hanoi to establish a Venture Capital Fund...
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