The seminar was attended by representatives of the Ministry of Finance, Ministry of Science and Technology, Ministry of Foreign Affairs, the National Assembly's Economic and Financial Committee, the National Assembly's Committee on Science, Technology and Environment, Ho Chi Minh City Party Committee, State Securities Commission, representatives of international financial institutions, diplomatic agencies in Vietnam, along with many economic and financial experts, representatives of a number of business associations, representatives of the technology start-up business community, financial technology enterprises (fintech)... and many domestic and foreign investors.
In the era of global digitalization, science, technology and innovation are not only the driving force but also the key for Vietnam to develop. Resolution No. 57-NQ/TW of the Politburo, issued on December 22, 2024, clearly affirmed: Science, technology, innovation and digital transformation are "top priority breakthroughs" in the country's new growth model.
However, to realize this goal, a strong financial system is needed, in which the capital market plays a central role - not only providing financial resources but also creating confidence for investors, helping to develop domestic private enterprises, developing an international financial center and contributing significantly to double-digit growth under the direction of the Party and State leaders.
Mr. Le Quoc Minh, Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Education Commission, Chairman of the Vietnam Journalists Association said: “Experience from developed countries shows that after the initial incubation period, large domestic technology enterprises hold key positions in the innovation ecosystem. Therefore, today's discussion will focus on the role of the capital market in supporting the development and innovation of technology companies in Vietnam; discuss current trends in venture capital and private investment in the technology sector in Vietnam and Southeast Asia, as well as investors' expectations”.
Leading technology countries such as the United States, China and Singapore all have developed capital markets, allowing technology startups to raise capital from the public through initial public offerings (IPOs), thereby creating “unicorns” – companies valued at more than $1 billion. In Vietnam, although the startup ecosystem has developed strongly, the number of “unicorns” is still limited due to obstacles in support mechanisms, especially in clearing capital flows. As of the end of 2021, Vietnam had 4 recognized technology unicorns: VNG, MoMo, VNLife (VNPay) and Sky Mavis – making Vietnam the third largest in Southeast Asia, after Singapore and Indonesia.
The Institute for Digital Economic Development Strategy (IDS) stated that Vietnam currently has a number of technology companies with the potential to compete internationally, but these businesses cannot grow due to barriers to raising capital to develop their scale. Specifically, according to the provisions of the Securities Law No. 54/2019/QH14 in 2019, to conduct an IPO on the Vietnamese stock exchange, businesses must ensure that they have made a profit for 2 consecutive years before registering for an IPO and have no accumulated losses. This provision is very difficult to implement for technology startups, because the initial investment phase is often accompanied by temporary losses due to high investment costs for research and development.
To turn Vietnam into a center for digital technology industry development, with at least 5 digital technology enterprises reaching international stature by 2030 as set out in Resolution No. 57-NQ/TW, the discussion focused on raising issues arising from practice, thereby proposing specific solutions that can be implemented immediately.
The organizers hope that with a lot of specific and practical information, lessons learned, and policy recommendations of high practical value, the discussion will contribute to the implementation of Resolution No. 57 - an important decision considered as "Contract 10" of the 21st century.
Click to see the latest content
Start the discussion
 |
MC : Dear delegates and guests,
Today, we are present here in this discussion to contribute ideas, advice and specific solutions to policy-making and state management agencies to concretize Resolution No. 57 of the Politburo issued on December 22, 2024 into appropriate policies and guidelines that can be immediately applied in practice.
It can be said that this is one of the first seminars to identify the problem and contribute practical solutions to implement an important resolution, paving the way for economic growth and development in the new context.
In the process of preparing for this discussion, we strongly agreed with the approach set forth by the Institute for Digital Economic Development Strategy (IDS), which is to create a breakthrough from the capital market, thereby activating a series of other solutions to solve many problems that are hindering science-technology development and digital transformation activities.
Dear all,
Vietnam is considered one of the most dynamic and fast-growing startup ecosystems in Southeast Asia. In recent years, many startups have received large investments from domestic and foreign investment funds.
To achieve this result, the role of the State in the past and in the current context is extremely important. After more than 20 years of formation and development, Vietnam's science and technology-based innovation and startup ecosystem has been increasingly improved, with the main components of the ecosystem gradually being enhanced in both quantity and quality. The legal corridor has gradually formed and been completed. The number of startups has grown rapidly over time, and the number of startup support organizations has also increased rapidly in both the private and public sectors.
In addition to the capital of entrepreneurs, the capital for innovative startups has developed in many forms such as investment funds, angel investors, capital from corporations, large enterprises, loans from banks, and financial funds.
However, the problem is that the capital market in Vietnam has not generally developed synchronously, so it has not provided enough financial products suitable for the specific needs of many subjects in the market, especially technology startups.
It can be said that the main benefit of capital markets in helping to mobilize long-term capital at reasonable costs has not been fully exploited. Vietnam's startup ecosystem has grown strongly in recent years, but the number of unicorn startups valued at over $1 billion is still modest.
As of the end of 2021, Vietnam had four recognized technology unicorns: VNG, MoMo, VNLife (VNPay) and Sky Mavis, making Vietnam the third largest in Southeast Asia, after Singapore and Indonesia.
While a significant step forward, this figure still does not reflect the true potential of the Vietnamese economy and the growing number of innovative startups. Compared to other countries in the region, Vietnam still has a significant gap in the number of companies reaching the billion-dollar mark.
Based on that reality, today, Nhan Dan Newspaper in collaboration with the Institute of Digital Economic Development Strategy (IDS) organized the Seminar "Creating capital market leverage for Vietnamese technology companies to break through in the digital age". Thereby, creating a forum for discussion, giving advice, contributing to perfecting policies, creating a vibrant capital market, aiming at the goal of having at least 10 technology "unicorns" by 2030 as expected by Resolution No. 57. This is also a strategic problem for Vietnam to position itself in the global innovation race.
Coming to today's Discussion, we would like to respectfully introduce the delegates and distinguished guests.
1. On behalf of the leaders of ministries, departments and localities: we would like to respectfully introduce:
- Ms. Pham Thuy Chinh - Deputy Head of the Economic and Financial Committee of the National Assembly
- Mr. Hoang Minh - Deputy Minister of Science & Technology.
- Mr. Nguyen Thanh Cong - Representative of the Economic and Financial Committee of the National Assembly
- Mr. Truong Minh Huy Vu - Director of Ho Chi Minh City Economic Development Institute.
2. Representatives of diplomatic agencies, respectfully introduce:
- Ms. Lynne Gadkowski - Economic Counselor, US Embassy in Vietnam.
- Ms. Tran Huong Giang - Representative of the British Embassy in Vietnam.
3. On behalf of Nhan Dan Newspaper, we would like to respectfully introduce
- Mr. Le Quoc Minh - Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Mass Mobilization Commission, Chairman of the Vietnam Journalists Association.
- Mr. Que Dinh Nguyen - Deputy Secretary of the Party Committee, Deputy Editor-in-Chief of Nhan Dan Newspaper
- Mr. Phan Van Hung - Deputy Editor-in-Chief of Nhan Dan Newspaper
- Mr. Vu Mai Hoang - Head of Technology Department of Nhan Dan Newspaper
With comrades in the Newspaper's leadership team and leaders of specialized departments of Nhan Dan Newspaper.
4. On behalf of the Institute of Digital Economic Development Strategy (IDS), we would like to respectfully introduce:
- Dr. Tran Van - Director of IDS.
- Dr. Nguyen Duc Kien - Chairman of the Scientific Council of IDS Institute, Former Deputy Chairman of the Economic Committee of the National Assembly, Former Head of the Prime Minister's Advisory Group.
Also attending the seminar were experts, representatives of domestic and international investment funds, representatives of a number of technology enterprises. Along with that were many press agencies.
Thank you for your participation - you are the ones who decide the success of today's Discussion!
 |
Today's discussion is broadcast live on Nhan Dan Electronic Newspaper nhandan.vn .
To open the program, we would like to invite Mr. Le Quoc Minh - Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Mass Mobilization Commission, President of the Vietnam Journalists Association to give the opening speech at the Seminar. We would like to invite you!
Mr. Le Quoc Minh, Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Mass Mobilization Commission, President of the Vietnam Journalists Association delivered the opening speech:
 |
Dear delegates and distinguished guests attending the discussion!
Today, we are here, in this discussion, to contribute ideas and advise specific solutions for policy-making and state management agencies, in order to concretize Resolution No. 57-NQ/TW of the Politburo, issued on December 22, 2024, into appropriate policies and guidelines that can be immediately applied in practice.
It can be said that this is one of the first seminars to identify problems and contribute practical solutions to implement the important Resolution, paving the way for economic growth and development in the new context. In preparing for this seminar, we strongly agree with the approach set by the Institute for Digital Economic Development Strategy (IDS). That is, to create a breakthrough from the capital market, thereby activating a series of other solutions to solve many problems that are hindering science-technology development and digital transformation activities.
Dear all,
Vietnam is considered one of the most dynamic and fast-growing startup ecosystems in Southeast Asia. In recent years, many startups have received large investments from domestic and foreign investment funds. To achieve this result, the “midwife” role of the State in the past and in the current context is very important.
After more than 20 years of formation and development, Vietnam's science and technology-based innovation startup ecosystem has been increasingly improved, with key components of the ecosystem gradually being enhanced in both quantity and quality. The legal corridor has gradually been formed and completed; the number of startups has grown rapidly over time; the number of startup support organizations has also increased rapidly in both the private and public sectors...
In addition to the capital of entrepreneurs, capital for innovative startups has developed in many forms, such as investment funds; angel investors; capital from corporations and large enterprises; loans from banks and financial funds, etc.
However, the problem is that the capital market in Vietnam has not generally developed synchronously, so it has not provided enough financial products suitable to the needs and characteristics of many subjects in the market, especially technology start-ups.
Experience from developed countries shows that after the initial incubation period, large domestic technology enterprises hold a key position in the innovation ecosystem. These units promise to become one of the important driving forces, capable of "joining hands" with the State to support the science-technology ecosystem, innovation and digital transformation in the new era. The biggest difficulty for these units was identified by the Organizing Committee of the discussion, which is the lack of large capital sources from the private economic sector.
Therefore, today’s panel will focus on the role of capital markets in supporting the growth and innovation of technology companies in Vietnam; discuss current trends in venture capital and private equity in the technology sector in Vietnam and Southeast Asia, as well as investor expectations; and share key lessons from successful fundraising deals in other countries.
The seminar will also delve into the practical journey of both businesses and investors when approaching the capital market in Vietnam, thereby suggesting problems arising from practice, to propose specific solutions that can be handled immediately, in order to create favorable conditions for businesses and investors.
Dear all,
It can be seen that the goals of Resolution No. 57 are quite high and challenging, but still feasible because Vietnam has had more than 10 years of implementing policies on technology startups and innovation, and has nurtured the first generation of startups that are competitive in the international market. That shows that when we started implementing Resolution No. 57, we had a favorable start, which is fundamental in both theory and practice.
I hope that the information, knowledge and ideas discussed in today's discussion will motivate us to find new and creative directions.
Finally, I wish the discussion a great success and hope that each of us will leave with lots of useful information and new connections.
 |
Thank you very much and wish the discussion a success!
MC: Thank you Mr. Le Quoc Minh for raising many issues to discuss solutions for developing the capital market to promote innovation in Vietnam.
Ladies and gentlemen, attending the discussion, with representatives of the Party and State leaders, we would like to respectfully introduce Ms. Pham Thuy Chinh - Vice Chairwoman of the National Assembly's Economic and Financial Committee to give her comments on the orientation of today's discussion.
Ms. Pham Thuy Chinh, Deputy Head of the National Assembly's Economic and Financial Committee
 |
Dear Comrade Le Quoc Minh, Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper
Ladies and gentlemen,
On behalf of the National Assembly's Economic and Financial Committee, I would like to wish the seminar "Creating capital market leverage for Vietnamese technology companies to break through in the digital age" organized by Nhan Dan Newspaper in collaboration with the Institute of Digital Economic Development Strategy (IDS) a great success.
Resolution No. 57-NQ/TW of the Politburo, issued on December 22, 2024, clearly affirmed that the development of science, technology, innovation and digital transformation is a decisive factor in the development of countries; it is a prerequisite and the best opportunity for our country to develop richly and powerfully in the new era - the era of the Nation's rise.
To realize this goal, Resolution 57 requires urgent and drastic improvement of institutions; elimination of all ideas, concepts, and barriers that are hindering development; turning institutions into a competitive advantage in the development of science, technology, innovation, and digital transformation ; urgent amendment, supplementation, and synchronous completion of legal regulations on science, technology, investment, etc. to free up resources for the development of science, technology, innovation, and national digital transformation.
In recent days, the most searched keywords are Resolution 57 and national digital transformation. In that spirit, it is extremely necessary for Nhan Dan Newspaper and the Institute of Digital Economic Development Strategy to proactively choose the issue of promoting the capital market for innovative technology enterprises to discuss frankly the issues that are arising from new realities.
From the perspective of the legislative body in the economic and financial fields, the information from this seminar will certainly be extremely useful for research, consideration, and policy decisions in building a system of legal documents related to the capital market with a central role, both providing financial resources for innovative technology startups and creating trust for investors.
This afternoon, the National Assembly also held a meeting on digital transformation and the application of technology in digital transformation. There was a commitment from Viettel Group in applying technology in digital transformation.
 |
Resolution 57 has identified this as a profound, comprehensive revolution in all fields of science and technology; to be implemented resolutely, persistently, synchronously, consistently, and long-term with breakthrough, revolutionary solutions, with people and businesses as the center, the subject, the main resource, and the driving force , in which institutions are the prerequisite, need to be perfected and go one step ahead .
Therefore, it is extremely necessary to innovate thinking in building laws on capital markets for innovative startups to both ensure management requirements and at the same time encourage the development of science, technology, innovation and national digital transformation, together with public financial resources, to ensure that our country's GDP growth rate in the coming years reaches double digits, aiming to achieve strategic goals by 2030 and 2045.
However, no matter how hard the State tries, the proportion of public investment in total social investment is still only a leading factor, a source of capital for criteria on public debt ceiling, government debt, foreign debt, debt repayment capacity of the state budget, and investment from the private sector still plays the most important role.
According to the goal of Resolution No. 57, by 2030, the scale of the digital international economy will reach at least 30% of GDP. Funding for research and development (R&D) will reach 2% of GDP, of which social funding will account for up to 60%. Institutionalizing the above viewpoint, at the recent 9th extraordinary session, the National Assembly passed many resolutions to remove institutional bottlenecks. In particular, Resolution No. 193 dated February 19, 2025 on piloting a number of special mechanisms and policies to create breakthroughs for the development of science and technology, innovation and national digital transformation has specifically institutionalized Resolution 57 with many important policies.
I can mention the permission for public science and technology organizations, public science and technology research, and public educational and training institutions to establish, contribute capital, and operate enterprises to apply scientific research results. Accepting risks in scientific research and technology development, as well as providing funding for scientific and technology research and development according to the fund mechanism. And the allocation of expenditure for scientific and technology research, ownership, management, use of scientific and technology research results, and especially the commercialization of scientific research results, is an issue that has existed for many years.
Corporate income tax incentives, personal income tax incentives in scientific and technological research using the central budget to deploy shared digital platforms and bid for digital transformation projects, and financial support for businesses to quickly transform to 5G until the end of 2025. Policy to develop international telecommunications connections at sea with Vietnamese enterprises participating in capital contribution or being investors, and with no limit on pilot capital contribution with control of telecommunications services, using satellites, low orbits, and financial support for the construction of the first factory to serve research, training, and semiconductor chip production. The support level will not exceed 10,000 billion VND, and businesses are entitled to deduct more than 10%. Production and business costs to implement this project will not exceed 20% of their costs.
 |
In the legislative agenda of the upcoming 9th session, the National Assembly will continue to improve laws such as the State Budget Law, Investment Law, and Science and Technology Law. The issue of mobilizing social financial resources for science and technology development, innovation, and digital transformation will also be considered.
I hope that with the results of this discussion, together with the initiative and determination of scientists and experts, there will be many contributions to the work of perfecting institutions, creating leverage for the capital market, and realizing the Party's viewpoints and policies on science and technology development, innovation, and national digital transformation.
 |
In that spirit, I wish our discussion a great success. I wish you all good health, happiness, and success.
Thank you very much.
MC: Thank you Ms. Pham Thuy Chinh for the important directions so that managers, experts, investors and businesses can focus on discussing and clarifying the issue.
Dear delegates!
With a vision to 2030, Resolution No. 57 aims to put Vietnam in the top three countries in Southeast Asia in terms of digital competitiveness, becoming a center for digital technology industry development, with at least 5 digital technology enterprises reaching international stature. This strategic orientation is also a strong call to transform Vietnam from a low-cost labor-based economy to a knowledge-based economy, based on innovation.
We would like to invite Mr. Nguyen Duc Kien - Chairman of the IDS Institute's Scientific Council, former Deputy Chairman of the National Assembly's Economic Committee, former Head of the Prime Minister's Advisory Group - to present the first speech with the topic: "The importance of Resolution 57 and its impact on the development of science and technology in Vietnam".
You are welcome!
Dr. Nguyen Duc Kien - Chairman of the Scientific Council of IDS Institute, Former Deputy Chairman of the Economic Committee of the National Assembly, Former Head of the Prime Minister's Advisory Group:
The importance of Resolution 57 and its impact on Vietnam's science and technology development
Dear Comrade Le Quoc Minh, Editor-in-Chief of Nhan Dan Newspaper, dear leaders of the Editorial Department and Departments of Nhan Dan Newspaper,
Dear leaders of ministries, departments, branches, and committees of the National Assembly, and all of you participating in the discussion on Resolution 57.
 |
This Resolution has been issued and has been issued by the responsible authorities. Many resolutions have been implemented, as stated clearly in the speech of comrade Pham Thuy Chinh. The National Assembly in its 9th extraordinary session also issued a series of legal documents to implement Resolution 57 of the Central Committee.
Today, when presenting the importance of Resolution 57, perhaps for many people, this will be redundant, but to start a discussion, we always have to present our views on this issue. According to the assignment of the leaders in charge of the discussion, I would like to briefly present the issues related to the content that we will discuss today.
In context, the Fourth Industrial Revolution has been identified by scholars and politicians around the world as starting in 2012. The concept was formed at a science and technology exhibition in the Federal Republic of Germany.
In that context, during the term of the 12th Central Committee, the Party Central Committee devoted a whole session to listening to a report on the Fourth Industrial Revolution. Up to now, we have had a thematic resolution on science and technology development, especially in the field of economic digital transformation.
We have achieved many successes in the process of applying science and technology to the socio-economic development of the country. Perhaps here, Mr. Hoang Minh, Deputy Minister of Science and Technology, is the person with the most experience in the most successful field in our innovation process, which is implementing the motto of "taking shortcuts, taking the lead" and proactively integrating into the international economy in telecommunications.
From a country that used telecommunications equipment and telephones entirely, we have completely switched to E10 electronic switchboard telephones. Thus, our background is one that has had successes and experiences to make breakthroughs.
The goal of Resolution 57 is similar to the direction of the General Secretary in the past, that is, to take the goal and divide it back into the process of time and resources to implement, in order to achieve the highest goal with the greatest determination to carry out the tasks set out in the Resolution of the Party Congress.
This is not the same as the previous level. We assess that Resolution 57 is similar to the implementation process of Resolution 18, which is that we implement it from the top down, not like the old way, when we study the resolution, the Central Committee has the resolution, then the Party cell starts to implement the study from the Party cell up to the Party Committee, then we come back.
The way the goals are stated and the way they are implemented are innovative in the main content. The problem is very simple: there are only two goals: to be in the top three of ASEAN by 2030. So, we still have 6 years left, and the digital economy accounts for 30% of GDP. If we divide that 6-year time into tasks that we must complete each year, to achieve the final goal, we need to achieve the specific goal of having 10 unicorns, unicorn businesses by 2030. Currently, we only have 4, missing 6.
So, the minimum capital of these enterprises needs to be 6 billion dollars. This way of posing the problem is very specific and from there helps the implementing agencies. The organization of implementing the Party's Resolution has more specific steps, and the most important thing is that it guides us on the work to be done. Next, about Resolution 57, there are three main directions. This is a resolution that goes back to the 1960s, when we called the scientific and technological revolution the key. This time, Resolution 57 once again reaffirms the scientific and technological revolution as the key, but this time focuses on digital business, digital transformation and digital applications in all areas of social and economic life.
It can be said that in 1987-1988, we started after the 100th contract of the Secretariat, then we had the Politburo's Directive 10th contract on contracts to workers in the agricultural sector. Many researchers have considered Resolution 57 an important step. As a breakthrough in the field of science and technology, especially in digital transformation, people often use the image of comparison as a form of contract 10 in the field of digital technology.
The most important thing here is that the Resolution guides agencies and organizations to implement management according to set goals, not according to normal costs and procedures, giving autonomy and self-responsibility to businesses. This is something that in the extraordinary conference, in the 9th extraordinary session of the National Assembly, as Deputy Chairwoman Thuy Chinh discussed, the National Assembly had a specialized resolution on science and technology. Here, many people have done scientific research topics.
 |
Comrades see that the time spent on scientific research by a project manager is equivalent to the time spent on settling finances and procedures. To settle a project, for 57, there is a breakthrough. The National Assembly has also implemented 57 into legal documents to monitor and implement to the final goal, not just in the process of action. This encourages scientists to focus all their efforts on research, on their strengths to create results. Those who do management work, especially financial management, will use the final output as a measure for the entire process of contracting or hiring scientific research activities.
And so, with Resolution 57, it created conditions for agencies implementing the Party Resolution to boldly increase investment in research and development. The Resolution itself and the documents implementing the Resolution have also increased the level of capital from the state budget to serve research and development, and its operating regulations have also been expanded. In addition, we must say that the Resolution has opened up opportunities to attract three leading technology enterprises to invest capital.
The Resolution also raises a very new issue of improving labor productivity, improving the efficiency of public services, making it possible for all people in all regions of the country, without being limited by geography or distance, to enjoy public services.
One of the latest developments is remote medical services, which our medical facilities are currently actively implementing, especially the hospitals of the frontline schools. Hanoi Medical University Hospital and Ho Chi Minh City University of Medicine and Pharmacy Hospital have both implemented very strongly.
We hope that the impact of Resolution 57 will be comprehensive in terms of research and development, technology transfer, international cooperation and practical application. Many teams of city workers, especially in the traditional field.
We can say that the Party's Resolution through Resolution 57 and through the implementation of the implementing agencies. I see the Party's Resolution as a comprehensive document, it shows the overall relationship, mutual interaction in the entire economy. Therefore, in implementing the spirit of Resolution 57, in the implementation process, the agencies of the National Assembly and the Party have had dynamic, creative methods and taken the factor of efficiency as the top goal. This has been demonstrated through the legal documents issued by the National Assembly.
We expect that Resolution 57 will be a driving force to support Vietnam's science and technology in general and digital transformation in particular. In particular, it will create a solid legal corridor in mobilizing capital to ensure the goals we set. It will be reflected in the text of the Resolution of the 14th National Party Congress, from 2026 to 2030.
 |
We strive for our economic growth rate to reach double digits; this is a huge challenge. Without breakthrough measures, especially in the context of Vietnam's economy, investment is one of the important solutions to promote economic development, achieving growth opportunities as set out in the Party Congress Resolution. We hope that with the summary presentation of the spirit of Resolution 57 and the reality that the agencies of the National Assembly and the Government have implemented in the past three months, today's discussion will also carry the same spirit. Resolute, scientific and creative so that we can contribute our small part to the development process of the country.
 |
Thank you very much.
Readers can read the summary of Dr. Nguyen Duc Kien's presentation here.
MC: Ladies and gentlemen!
With a population of hundreds of millions, a growing middle class in a thriving digital economy, Vietnam possesses unique competitive advantages to attract foreign investors.
How to take advantage of these advantages? We would like to invite Ms. Nguyen Ngoc Anh - General Director of SSI Asset Management - to present a speech on the topic: "Positioning Vietnam as a leading destination for foreign investment in technology".
You are welcome!
Ms. Nguyen Ngoc Anh, General Director of SSI Asset Management:
Positioning Vietnam as a top destination for foreign investment in technology
 |
First of all, I would like to express my special thanks to Nhan Dan Newspaper for organizing this discussion and I hope we will have positive results.
We have raised initial issues for discussion and found solutions to support the deployment and development of Vietnam's technology industry.
First, let's review some of the successes of the Vietnamese economy over the past 20 years. Vietnam's economic growth has consistently led the region over the past two decades. In 2024, Vietnam's economic growth reached an average of 7.1%, almost double the world average. The world's average growth rate in 2024 was 3.2%. These are undeniable successes over the past period. However, how do we position the contribution of the technology sector to the economy?
Over the years, we have noticed that start-up businesses in Vietnam tend to set up companies abroad. Although they operate in Vietnam, they still set up businesses abroad, specifically in Singapore, to conduct capital mobilization activities more conveniently. That is the first trend.
The second trend we see is that unicorns and near-unicorn companies often ask the question: Can they raise capital in foreign markets, instead of asking whether they can raise capital and list in the Vietnamese market?
These are the questions we receive from the start-up and unicorn business systems. And in fact, almost no business has set a goal, or believes that it will be able to raise capital and list in the Vietnamese market.
In 2024, we only have 1 IPO, and the amount of capital raised is almost very small compared to Malaysia or Indonesia.
And if we ask the question, in the past 10 years, has any technology company conducted an IPO in the Vietnamese market, the answer is probably no. This means that the Vietnamese stock market is not yet a capital channel for technology companies.
This is a big question, because even in 2017, 2018, 2019, which was the peak of IPOs in Vietnam, we did not see any technology companies.
Then, from 2020 until now, it has been a quiet time for the Vietnamese IPO market, and Vietnamese technology companies have not appeared on the IPO map of the Vietnamese stock market.
Faced with this situation, we need to come up with solutions to turn the Vietnamese stock market into an effective capital channel for technology businesses.
Looking at the private equity market, we see that for the Southeast Asian market, the growth in private equity for the tech industry is 11%. However, the trend of capital mobilization for the tech industry in Vietnam is decreasing, to only 372 million USD in 2024.
In fact, from 2020 to 2025, capital mobilization activities in general in the Vietnamese market will only focus on two main industries: Finance and Healthcare, without paying attention to the Technology industry.
This is also an issue that we need to consider, the reason why investment capital in technology startups is not pouring into Vietnam.
For the listed stock market, if we see the goal that digital technology will contribute 30% to the economy by 2030, then currently, according to statistics, the ICT enterprise system, the technology enterprise system listed on the Vietnamese market only accounts for 6.3% of the total transaction value of the market.
In the top 30 largest enterprises in Vietnam, there is only one technology name, that is FPT.
If VN-Index is a true barometer of the economy, it means we can estimate that it is falling around 5-6% for the total contribution of ICT enterprises to the total national economy.
Our goal is to have 30% by 2030. We can see that this is a very long way from now to 5 years from now. It is not only a matter of capitalization, but also a very limited number of listed companies: 16 out of 1,610 companies currently listed and registered for trading on the stock exchange, meaning that only 1% of those listed and registered for trading on the stock exchange today are technology companies.
 |
We receive many requests from foreign investors. They say that Vietnam has great potential in technology and want to invest in the technology industry. However, they do not have businesses to invest in. That is also a problem in unlocking capital for technology businesses in Vietnam.
Returning to the characteristics of technology businesses, I think this is not only a characteristic of Vietnamese businesses, but also a characteristic of technology businesses worldwide. In particular, in technology businesses, they do not have assets or real estate. That leads to very difficult access to traditional loans. This is a huge barrier in accessing capital for technology businesses.
Second, technology businesses grow rapidly and have large capital needs, but presenting their potential is a relatively abstract issue for technology businesses, leading to a barrier that makes it difficult for them to access traditional capital sources.
Third, in the early stages, and even for startups in Vietnam today, they are still in a loss-making situation, despite very high valuations in terms of product value.
Back to the story of IPO or listing, in recent years, only 16 enterprises have listed and registered to trade on the stock market.
Currently, there are 3 floors: Upcom, HoSE and HNX. For both HoSE and HNX, all have requirements related to profits, and almost no technology businesses can meet this requirement.
For the Upcom floor, the trend is to be more open. However, Upcom is a platform where any public enterprise can participate, there is no distinction between regular public enterprises and technology enterprises; there are no special criteria for investors to determine that this is a technology product and they will apply separate valuations for this floor. For Upcom, we do not have such criteria.
Second, the liquidity of the Upcom floor is also very low for many reasons, leading to foreign investors being almost inactive in the Upcom market. For listed businesses, this will greatly affect valuation, so normally, technology businesses do not want to list on the Upcom floor. This will immediately affect the company's valuation.
These are issues related to the exchange and current regulations in Vietnam, leading to restrictions on technology businesses.
Meanwhile, major financial centers around the world have flexed their listing requirements, allowing unprofitable technology companies easier access to capital to fuel growth.
For example, a highly developed country like the US has built a separate Nasdaq for technology companies, with its own conditions that are suitable for the characteristics of technology companies. This allows technology companies to list on the exchange and helps investors recognize that this is a separate exchange for technology, applying all the correct valuation criteria for technology companies.
Even in Asia, China and India have taken the lead in easing IPO profit conditions, strongly supporting access to capital for innovative technology businesses.
 |
China has relaxed its profitability requirements, allowing unprofitable tech companies to list on the STAR Market (Shanghai); similarly, India has introduced flexible rules for tech startups on the Innovators Growth Platform (NSE) and SMEs on the NSE Emerge.
This trend is also reflected in Southeast Asia, where a number of countries have proactively established exchanges with more flexible regulations, paving the way for fast-growing technology businesses to access capital efficiently.
Catalist (Singapore), ACE Market (Malaysia), Acceleration Board (Indonesia) and Live Exchange (Thailand) target small and medium enterprises (SMEs) and technology startups with growth potential, demonstrating their commitment to fostering the startup ecosystem and regional economic growth.
I would like to propose that government stocks can be considered to support technology businesses in the capital raising process.
Besides, we can also consider building a professional trading floor for technology businesses. We can consider the second thing which is the model of technicians returning to OCITI and ICT, and specifically in Vietnam today.
On the tax issue, there is a 20% tax barrier for all investment funds when they are located in Vietnam for foreign investors. While if they leave their money abroad, they only have to pay a 10% tax rate. That is the first story.
The second story is that there are problems related to fund operations, related to increasing and decreasing committed capital, and there are some other technical details that lead to barriers. Although we really want to establish a fund in Vietnam, we cannot implement the establishment, and almost all companies are established abroad and carry out investment activities from abroad to Vietnam.
In addition, for start-up business systems, there is another solution that many start-up business systems, especially current businesses, issue tokens. We do not have detailed statistics, however, through discussions with the start-up business system, this is a very effective direction in terms of capital but has many potential risks, requiring a specific legal corridor to ensure risk management for these activities.
My speech will be brief, and I also have some suggestions. I hope that you here will need an opinion so that we can contribute and discuss it later.
 |
Thanks!
Readers can read the summary of Ms. Nguyen Ngoc Anh's presentation here.
MC: Ladies and gentlemen!
One of the biggest barriers for Vietnamese technology companies today is the ability to access the capital market. To clarify this issue, I would like to respectfully invite Dr. Tran Van - Director of the Institute for Digital Economic Development Strategy (IDS) - to present a paper: "Overview of problems in Capital Mobilization (IPO) activities of technology startups for successful development in Vietnam".
Welcome Dr. Tran Van!
Dr. Tran Van, former Deputy Chairman of the National Assembly's Finance and Budget Committee, Director of the Institute for Digital Economic Development Strategy (IDS)
 |
Raising capital for startups: the role of relaxing IPO conditions
Start-ups need growth capital to promote innovative technology development but face barriers. The capital market can help start-ups grow, but IPO conditions in Vietnam are still limited. Developed countries have loosened listing conditions to support start-ups to become technology unicorns. The question is: What can Vietnam learn from international experience?
There have been many small-scale methods…
How to raise capital for innovative technology startups (start-ups) is always the most difficult story for entrepreneurs. When it comes to startups, it means “starting” a career. If it is just “buying at the beginning of the market, selling at the end of the market” some tangible products or services, then perhaps spending money or borrowing to do it may not be difficult if its effectiveness can be proven. However, the word “start-up” that we are talking about here is associated with “innovative” technology, meaning that the technology is very new, unprecedented, can “win” and can also “lose”. With this type of startup, it is not easy to raise capital.
Start-up businesses often raise capital in several ways. The simplest is to use their own money (bootstrapping) or raise money from family and friends (FFF-Family, Friends & Fools) . It is important to clearly agree on the loan terms to avoid conflicts of interest later. This type of mobilization is also not popular.
 |
Next is raising capital from private investors (angel investors) based on trust in the ideas, solutions and products of the start-up business, investing money (with conditions often easier than bank loans), experience, relationships in the business at the early stage in exchange for ownership, business management, pressure of profit expectations, development prospects... then raising venture capital when investors believe in the strong growth potential of the start-up business in exchange for shares, willing to take risks to be able to earn large profits if the start-up project is successful, but associated with complex and prolonged negotiations.
Then take out a bank loan, although it is not easy because banks always require a stable credit history that start-up businesses cannot have, the interest rate is high, and there must be collateral or a guarantee.
In our country, these forms of capital mobilization are quite popular and the legal regulations are also clear.
Other forms of mobilization such as business incubators are quite competitive, have strict requirements, and are limited in terms of fields as stipulated in the Law on High Technology, the Regulations on High-Tech Parks issued with Decree 99/2003/ND-CP, or mobilization from investment platforms can also be implemented because there are regulations.
Difficulties in raising capital for startups in Vietnam
- Unfavorable legal regulations.
- Securities law requires “no accumulated losses” before listing.
- Difficulty in divestment for investors: Lack of divestment channel through IPO makes investors hesitate.
Less common or less clear, or not clearly regulated by law, are probably the following forms:
(1) Crowdfunding is a new method of raising capital to increase the ability to implement various projects, often new business ideas, in the early stages of implementing small and micro start-up businesses, from the resources of a group of people willing to sponsor small amounts of money through an internet-based fundraising channel.
(2) Support and subsidies from state organizations, funds and large enterprises, usually non-refundable, to carry out a number of projects with certain criteria. This method is also quite complicated and strict in terms of procedures, application submission and review processes.
(3) Receive investment capital from large enterprises and corporations. This method has the potential for long-term investment and can receive active support when participating in the market. However, profits must be shared or commitments made to corporations using products and services. The Korean model clearly demonstrates this relationship.
In Vietnam, there are some regulations in the Enterprise Law, the Science and Technology Law, the Corporate Income Tax Law, etc., but they are not focused and not clear, especially for enterprises with State investment capital, for high-tech research and development projects, new technologies with high risks, easy to lose capital or difficult to recover capital.
Requirements to meet practical needs in the new development stage…
All of these forms of mobilization only meet a certain stage when the scale of the start-up business is still quite modest. During the development process, start-ups all aim to mobilize capital from the public (IPO) and consider this a measure of success and a milestone marking the maturity of the start-up, becoming a complete business that fully contributes to the country's socio-economic development.
However, according to the provisions of the Securities Law, enterprises wishing to make an initial public offering (IPO) for the purpose of listing on the stock exchange must meet the condition of having been in business for 2 consecutive years immediately preceding the year of IPO, and have no accumulated losses up to the year of registration for the offering.
 |
This is a difficulty or even an insurmountable technical barrier for technology start-ups, because the initial investment phase of a start-up is often accompanied by temporary losses due to high costs for research and development.
For large-scale start-ups, very large businesses like technology unicorns, it is even more difficult because the amount of capital needed to mobilize is often very large, tens or hundreds of millions of USD.
The provisions of the Securities Law are aimed at ensuring the quality of listed securities, protecting investors in the stock market from the risk of loss when investing in inefficient enterprises, which invisibly prevents Vietnamese technology start-ups from accessing the capital market for development, and investors lose the opportunity to invest in technology start-ups even though they have full information about the enterprise and accept the risk to invest.
In fact, with the current level of technology, many times intangible products (solutions, technological know-how) are priced accurately, sometimes even more accurately than tangible products (real estate, transportation infrastructure, energy, etc.).
Positive impact of easing IPO conditions
- When tech startups can easily IPO, they can raise public capital to invest in artificial intelligence (AI), big data, etc. without the pressure to make immediate profits.
- When IPO conditions are more flexible, foreign investment funds will be willing to invest in Vietnamese technology startups because there is a clear divestment channel.
- When startups raise capital from IPOs, they can expand operations, attract talent, develop new technologies, thereby increasing GDP growth and creating high-quality jobs.
Because of recognizing the "hard to overcome" obstacles and barriers that are hindering the development of science and technology, especially in the field of digital transformation startups, Resolution No. 57-NQ/TW considered institutions, human resources, infrastructure, data and strategic technology as the core and central contents, in which institutions are the prerequisite, need to be perfected and go one step ahead.
So, to allow technology start-up businesses to participate in the capital market, what legal regulations do we need to amend and supplement?
With the approach required by Resolution No. 57-NQ/TW, which is to innovate the thinking of building laws to ensure management requirements and encourage innovation, eliminate the mindset of "if you can't manage it, then ban it", and need to amend and supplement the Securities Law, there could be a separate chapter on conditions for technology startups to raise capital in the market.
It is also possible to amend and supplement the Law on Science and Technology, the Law on High Technology, the Law on Enterprises, or regulations in legal documents on international financial centers, the Ho Chi Minh City and Da Nang areas in the future... to be able to cover the forms of capital mobilization of technology start-up enterprises as presented above.
That is the revolutionary spirit, relentlessly advancing to overcome "bottlenecks" in the spirit of General Secretary To Lam's direction to continue to promote the completion of mechanisms, policies and institutions, ensuring resources and human resources to implement Resolution No. 57-NQ/TW. This task must be carried out urgently, synchronously, effectively and completed in the second quarter of 2025.
Another opportunity is that in parallel with the issuance of the list of Vietnam's strategic technologies and the national program for strategic technology-industry development at the request of General Secretary To Lam, Head of the Central Steering Committee on Science, Technology, Innovation and Digital Transformation at the second meeting of the Steering Committee on March 4, the issue of capital mobilization for strategic technology development will be resolved in the most positive way, creating maximum convenience for technology start-ups right in the domestic capital market, instead of having to seek IPO opportunities to raise capital in foreign capital markets like some start-ups are doing now.
Only in this way, we can fulfill the requirements of Resolution No. 57-NQ/TW that "removing bottlenecks, barriers, releasing resources, encouraging, developing science, technology, innovation, converting national numbers", making "institutions into a competitive advantage in scientific and technological development, innovation and digital conversion".
Fintech may be a new concept of 10-15 years ago, and now it has become one of the essential foundations of the digital transformation process, the component of the digital economy, because where there is no use of digital financial technology.
Therefore, if the IPO problem is not solved for digital start-up businesses, including Fintech businesses, it is difficult to mention the success of the 4th industrial revolution, the process of digital transformation, construction and development of digital economy, digital government, digital government, population, as a growth platform at a speed of 2 digits in the new era in the new era.
I think that state management agencies and agencies presiding over the construction of these law projects also need to be proactive. Or if in case the state management agencies have delay, the National Assembly deputies may also have legislative initiatives to actively propose the amendment and supplement of laws. Number of countries.
 |
Thank you and wish all the delegates!
Readers can read the summary content of Dr. Tran Van's presentation here
MC: Ladies and gentlemen!
The analysis of venture and private investment trends, along with lessons from developed markets such as Silicon Valley, China, Singapore or Indonesia, have found the foundation for a more important question: How does that international capital flow really become a launch pad to help Vietnamese technology companies rise to regional and world?
This is the theme that we will explore next. Please invite Mr. Il -Dong Kwon - CEO of Boston Consulting Group Vietnam Consulting Company - presenting the presentation with the theme: "How do Vietnam have more unicorn technology companies?"
You are welcome!
Mr. Il-Dong Kwon - Managing Director of Boston Consulting Group Vietnam
How can Vietnam have more unicorn tech companies?
Dear Mr. Le Quoc Minh, Editor-in-Chief of Nhan Dan Newspaper,
Dear delegates from Vietnamese government agencies and organizations,
Thank you for inviting me to attend today's panel discussion. I would like to present a paper on the topic: How can we develop more unicorn technology companies in Vietnam?
BCG is a consulting firm, and we work with large corporations and governments to help them transform their digital journeys. We have been working in Vietnam for more than 11 years, supporting businesses and Vietnamese government agencies. I have also worked for more than 20 years in consulting for countries around the world. About 5 years ago, I moved to live in Vietnam because I strongly believe in the potential of the Vietnamese market and also love the people here.
It can be said that our program has mentioned many issues such as IPOs as well as technology startups. However, I want to talk about a broader picture, which is the startup ecosystem in Vietnam, as well as the important fundamental factors that can help us promote more unicorn companies in Vietnam.
As you can see, the global startup ecosystem has witnessed a market boom in 2021, when we had the Covid-19 pandemic. Just like in Vietnam, we can see that the global economy has also faced many difficulties in the past few years, and that is why the number of IPOs and divestments of startups has decreased in recent times.
As you can see, artificial intelligence is a big topic. So we can see a lot of investment going into artificial intelligence. Data software is also an important and growing area.
Medical technology is arguably a big topic in the global technology landscape, and we can see that this has also been a topic of focus in the Vietnamese market in recent times. This is also reflected in the number of IPOs as well as unicorn companies created in the global market in recent years.
Through previous discussions, we can see that the number of deals in Vietnam also has very positive signs. We also see recent positive trends when looking at investment capital and ranking position.
Influenced by the global context, Vietnam’s startup ecosystem also shows similar trends. We see a lot of startups in the fields of artificial intelligence, software and data.
In terms of artificial intelligence, the growth rate in the e-commerce and retail sectors is relatively stable. When we first came to Vietnam, there was only Momo, but now we can see that there are not only Momo names but also many other names. Education technology has also had very good growth in recent times, and medical technology has also grown strongly.
Talking about the number of unicorns, we see four unicorns in Vietnam, but there are also generations of start-up businesses that can soon become unicorns.
I want to emphasize that unicorns bring great value to Vietnam. When we have more unicorns, we can attract capital and talent to Vietnam. In addition, unicorns also promote innovation and strengthen the startup ecosystem. In addition, unicorns also create opportunities for economic growth and employment.
I would like to move on to the next content of the presentation, which is how can Vietnam have more unicorns in the future?
As we look to grow the number of unicorns, we have to remember that there are some core elements that we talked about in terms of capital. We discussed how to leverage the capital markets, but there are other fundamental elements as well.
First, the market must be vibrant, have potential and room for development. The nature of the market is that it must be rich in potential and capable of applying information technology, the rate of digital technology application must also be high, and ready to welcome new products.
We also need to note that capital is not only about raising enough capital, but also about a highly liquid market that creates attractive exit opportunities.
The third factor is talent. The most important thing is still people; people doing the work, people creating the results, people operating the capital market, and people managing the capital market. Therefore, talent is an aspect that we need to focus on to develop, to build and attract unicorns.
And finally, innovation. How our policies support innovation and protect the spirit of innovation is important.
Looking at Vietnam, we can see that the Vietnamese market is favorable for technology startups. Because we have a fast-growing market of a hundred million people, and the interesting thing is that we have a golden population. In addition, we also have a growing middle class and a very fast rate of technology adoption. When I first came to Vietnam many years ago, I was surprised to see the number of people using smartphones and tablets. Vietnam is also a fast-growing economy, and from a market perspective, we can see that this is a market that smart investors will want to invest in.
Next is the capital aspect; we've talked about the number of deals and the level of capitalization, as other speakers have mentioned. So I'm not going to go into the capital aspect.
But as we said, in addition to the capital market aspect, we also have other factors that are very important, which is investment. Why are we having difficulty using the capital market to promote the development of technology companies?
First, we have difficulties. From the legal framework, I think that you here are people who are particularly interested in how to remove legal and institutional barriers to create conditions for the capital market to develop.
On the risk side, we need to minimize risk, and investors will consider how much risk they are willing to take in this market context.
We can also see that there are opportunistic capital flows. We can also have stories related to trading that make us lose confidence in investors. Building trust is always very important. Therefore, market manipulators need to be punished to show the seriousness of the government in protecting the market and building confidence in investors. This is an important factor in promoting the capital market. We need to build and protect trust and continue to maintain it.
The third aspect that we need to consider is talent. When I came to Vietnam, there was a very familiar story that I often heard, especially when talking to leaders of global companies when they came to the Vietnamese market. In Vietnam, there is one thing that we should be very proud of, and that is that Vietnam has a lot of talent with strong motivation and desire to succeed.
More and more students are studying at elite schools and training at the world’s top universities. As such, Vietnam’s supply of technology and digital talent is strong. The number of students graduating each year from engineering faculties and schools is also increasing. When we have such talent in the market, we need to attract and retain this talent.
We can learn from the lessons of China and Singapore. For example, with China's "sea turtle" policy, this is a very big initiative of theirs in the past 20 years. This policy invites Chinese talents from abroad to return home, and there are many preferential, preferential, and incentive mechanisms for these talents. In particular, it has contributed to creating a very strong driving force for the development of AI and big data technologies in China in recent years.
Singapore is similar; it is also a top destination for global talent. They have mechanisms that we can refer to and learn from, such as flexible work permit mechanisms or attractive income tax for tech talent.
So, from Vietnam's perspective, how do we attract more talent? How do we create more talent from universities, from education and training institutions in Vietnam? How do we attract Vietnamese talents from abroad to return home, or even attract foreign talents to Vietnam? This is a very important part, because although Vietnam has a lot of talent, the amount of talent in our country is not enough. In the next 5 to 10 years, we have to attract more talent.
In promoting innovation spending through policy support, as well as in the spirit of Resolution 57, we have Prime Minister's Decision 127, Decision 1236 and Decision 130 on various programs and strategies for AI development, blockchain development, which are solid policy foundations to help Vietnam implement and move towards this important goal. Thus, regulations or laws are one thing, but implementation and implementation in practice are even more important in the eyes of investors.
Finally, to conclude, we have seen very impressive data on the development of Vietnamese technology startups and the emergence of unicorns. The next unicorns of Vietnam are likely to appear in the fields of technology and innovation such as AI, software or Fintech. Vietnam is currently converging many success factors to create new unicorns such as human resources market, talent and innovation focus.
However, there is still a lot of room for us to develop in the future. We need to exploit our strengths and overcome our current weaknesses and gaps to create better conditions for unicorns to appear in Vietnam, promoting the country's economic development.
Thank you for listening to my presentation.
Readers can read the summary of Mr. Il-Dong Kwon's presentation here.
MC: Ladies and gentlemen!
Through the speakers’ sharing, we can see Vietnam’s great potential in attracting international capital flows and building “unicorn” technology companies. However, we cannot ignore the practical challenges: from complex legal mechanisms, an unattractive capital market, to gaps in the startup ecosystem.
So how do we break down these barriers?
This is the main content of the discussion session with the topic: "How to attract large investors to Vietnam to promote the development of technology companies".
The discussion session will be moderated by Dr. Nguyen Duc Kien, Former Head of the Prime Minister's Economic Advisory Group and Mr. Vu Mai Hoang - Head of Technology Department, Nhan Dan Newspaper.
Joining the discussion, I would like to respectfully introduce speakers representing the perspectives of investors and businesses:
- Mr. Do Minh - Representative of Warburg Pincus Investment Fund, one of the world's leading private investment funds.
- Ms. Nguyen Thuy Duong - Chairman of Ernst & Young (EY) Consulting Company.
- Mr. Bui Thanh Trung - Senior Deputy General Director of TVS Securities Company, with extensive experience in capital markets and financial solutions for businesses.
- Ms. Manisha Shah - Senior Vice President of Finance, Momo.
- Mr. Chris Chae - CEO of NEXTRANS.
Ladies and gentlemen, to begin the discussion, I would like to introduce Mr. Vu Mai Hoang - Head of Technology Department, Nhan Dan Newspaper:
You are welcome!
Mr. Vu Mai Hoang, Head of Technology Department, Nhan Dan Newspaper.
Dear ladies and gentlemen!
This discussion will not only focus on the current state of Vietnam’s capital market – with issues such as complicated investment procedures, foreign ownership restrictions, or barriers in IPO policies that prevent many technology startups from accessing public capital. We will also analyze major challenges such as: the decline in international investment, fierce competition from markets such as Singapore or Indonesia, and gaps in the startup ecosystem, from mentorship networks to accelerator programs.
More importantly, the speakers will discuss practical solutions: How can Vietnamese startups become “investable” in the eyes of Venture Capital and Private Equity (PE) funds? What do large investors need - from a strong founding team, a clear business model, to transparency in governance? And how can we improve IPO policies, strengthen employee stock ownership plans (ESOPs), or even build a secondary trading market dedicated to startup stocks, thereby opening up more attractive exit options?
To kick off this promising discussion, I would like to invite Dr. Nguyen Duc Kien to lead us into practical and insightful discussions from the speakers.
Dear Dr. Nguyen Duc Kien!
Dr. Nguyen Duc Kien:
The first question I would like to ask the speaker, based on your experience and observations, what are the biggest challenges in deploying capital into the technology ecosystem from an investor perspective, or accessing capital from a startup perspective?
Mr. Chris Chae, CEO of NEXTRANS
2015 was the first year I came to Vietnam, and at that time I started working with the university in Vietnam. At that time, I realized that there were many good people, many talented people at the University of Technology. So, I decided that I would have to stay here to continue to contribute to the next stage of development of Vietnam.
We are a growth equity fund, and we have invested in 38 companies in Vietnam and 20 companies in the US. We have experience in different capital markets, both venture capital, angel investment, and private equity in different markets around the world.
In Vietnam, we have invested capital in 38 businesses in different fields of activity. In 2015, we invested only 10 million USD. From 2018 to now, we have invested more than 200 million USD and invested in startups.
We are very active, especially in the early stages for start-ups.
Then, when it comes to round A and B funding, businesses have also shown that they need to increase capital to grow.
If the business has proven its scalability, then it will need to raise capital in the range of $10 to $30 million. After that, it can expand, even internationally.
At the time of raising round B, they were very keen to invite global investors. They needed 10-15 million USD, and at that time, we identified that this was a good opportunity to be able to invest in innovative businesses like MoMo or similar businesses.
One of our expectations and desires is to be able to penetrate deeper into the market. In order for businesses to clearly understand the needs of investors, investors themselves also want businesses to understand our expectations.
On the investor side, the desire is to make a profit, and on the business side, the desire is to grow. Therefore, it is necessary to demonstrate the ability and potential from both sides. However, the opportunity here has not yet been opened. We hope that the business will be able to mobilize more than 2 billion, 3 billion USD.
Regarding opportunities in Vietnam, large foreign investors always ask how to find investment addresses in Vietnam, how to help them come to Vietnam. I think the experiences we have from other markets in the region can be very useful reference points for Vietnam.
Mr. Minh Do, representative of Warburg Pincus
It has been 12 years since we were present in Vietnam and invested in MoMo, invested in a series of venture capital funds, we have also seen the problems that Vietnam has to face.
The goal is that we have a good market at each stage, as Christian said, they will need different types of investment capital to be able to grow.
So if we look at each stage, can we consider whether the capital market has these different elements? We will need to research, and therefore, we also follow the development cycle of start-up businesses to be able to attract investment funds, investors to invest in Vietnam.
At that time, there was a portfolio of businesses at each stage of development like that, start-ups at each stage of development so that we could attract the right investors. In addition, this also created attractive exit opportunities so that we would not be locked in capital flows and create dynamism in the market.
The Securities Law has some regulations that I think are strict for start-up businesses, such as no accumulated losses.
We also understand that the intention of the legislators is to ensure stability. But for technology startups, their future is not determined by accumulated losses to this point. So they can have accumulated losses, but still have the potential to grow and attract investors.
Therefore, we should let investors evaluate this interaction themselves, instead of limiting the subjects that can be listed.
I think there needs to be policy changes to make it easier for startups to list on the market and speed up the process, speed up the ability to create more exit opportunities at each stage for investors.
In addition, attracting and retaining talent is also very important. We know that AI can be highly paid in the region. Therefore, to attract startups and talent in this field, policy mechanisms that create the ability to pay and retain talent are also very important. Thank you.
Ms. Manisha Shah, Senior Vice President of Finance at MoMo
Yes, I completely agree with Minh and Chris.
I have been working with Momo for 7 years now and have gone through 3 rounds of funding. With each round, we have had a lot of private equity and insurance funds approach us.
Typically, this process takes months, and funds spend a lot of money researching deals. They were very interested in Momo, but in the end, their investors in the US decided not to invest, because they were worried about liquidity or the ability to exit in 5, 10, or 15 years. In the end, they decided not to invest.
We were also lucky enough to have a big partner come to us, but other apps in Vietnam were not as quick.
The business model is extremely important, and when investors invested in us, they helped us assess the situation and realize the problem, work with banking partners to borrow money from banks.
When I came to Vietnam in 2018, I didn't know much about Vietnam, I didn't know anything about MoMo. I researched and learned the story of MoMo.
About financial inclusion, I know a little bit, but I am very scared. I am afraid that I used to work in a bank. I have the certainty and understanding that I have a security in my job for the next 10 to 15 years.
However, when working with a startup, talented people want that same certainty.
I think it is important that the legal framework as well as incentive policies are improved to bring trust to stakeholders.
Dr. Nguyen Duc Kien : In your opinion, how has the investment environment for companies seeking capital developed, and what positive signs do you see that indicate improved access to capital?
Mr. Vu Mai Hoang : For this question, the Organizing Committee would like to give it to Mr. Bui Thanh Trung - Thien Viet Securities Joint Stock Company: With 20 years of experience in the financial market, Mr. Trung is Senior Deputy General Director at Thien Viet Securities Joint Stock Company (TVS). He has in-depth expertise in capital management, money markets, fixed income, derivatives and capital markets, serving financial institutions and corporate clients.
Mr. Bui Thanh Trung - Senior Deputy General Director at Thien Viet Securities Joint Stock Company (TVS)
First of all, Thien Viet is one of the securities companies in the Vietnamese market, prominent in the field of private investment as well as venture investment.
With the development of the Vietnamese market in recent years, we have seen that the capital market as well as the debt capital market and the equity capital market are developing very strongly. Recently, with the impact of Resolution 57 along with the projects to develop 2 international financial centers in Ho Chi Minh City and Da Nang, we have seen that there are many opportunities for technology companies as well as Fintech companies in the near future to have opportunities to develop even more strongly.
Coupled with some recent developments, such as changes in the law allowing foreign investors to not need Q-funding to enter the Vietnamese market, as well as testing new technologies for trading applications in the Vietnamese stock market, we hope that market liquidity will grow significantly, as well as attract more investors to the Vietnamese market.
Recently, we have noticed the following points: First, an investment transaction, an investment in a company will normally last about 5 to 7 years, so when investing capital in Vietnam, in addition to the risks in terms of investment objects, investors are also very interested in financial risk insurance tools.
This is also something that from Thien Viet Securities Company, when working with investors, as well as from the investment experience of the company, we hope that the market for financial instruments and risk insurance in the Vietnamese market will develop.
I think that exchange rate risk insurance and financial risk insurance tools should be more open for the Vietnamese market. Especially when Vietnam puts the International Financial Center in Ho Chi Minh City and Da Nang into operation, financial risk insurance tools will help investors feel more secure in the process of bringing capital into the Vietnamese market as well as investing.
The second point that we noticed: When investing in the Vietnamese market, investors see things like what Ms. Manisha Shah mentioned about liquidity at Neshan. We hope that, as the liquidity of the Vietnamese market is further developed, we will be able to attract investors, not only the investors, organizations that are present here, but hopefully also individual investors.
We hope that professional individual investors can also participate more deeply in the Vietnamese stock market.
Ms. Nguyen Thuy Duong - Chairman of Ernst & Young Consulting Vietnam Consulting Joint Stock Company; Leadership in charge of Banking and Finance Services Ernst & Young (EY) ASEAN;
Today I come here with three roles, first I list a lot of projects to support the State Bank in researching and updating, offering a policy of digital transformation in the banking industry, this is a 5 -year project with the State Bank, and I have participated in a lot of advice in the draft law and decree.
Minister Nguyen Van Thang said that we are ready for that, Ey has consulted with the State Bank as well as the Ministry of Planning and Investment about how the indicators are ready to change numbers.
Người ta thường hay nói: Bao giờ cho một việc chúng ta cần có thời gian chuẩn bị, và mọi thứ chỉ có thể xảy ra khi thiên thời địa lợi nhân hòa, và tôi nghĩ chúng ta đã chuẩn bị rất lâu và đây là thời điểm chín muồi, tất cả những việc như thế này xảy ra cùng một lúc, ví dụ các anh chị có thể nhìn thấy sự quyết tâm rất cao của chính phủ, của đảng, nhà nước, trong việc ra các nghị quyết mang tầm chiến lược quan trọng của quốc gia, nâng cao vị thế của quốc gia đặc biệt trong kỹ thuật chuyển đổi số.
Secondly, as an audit company, Techcombank or Momo is also our customers, we find that the editor -in -chief Le Quoc Minh mentioned, there is no specific definition for startups, all related accounting regimes need to be updated, true to the nature of the business. of foreign investors, when they require the report, they must be made according to international accounting standards, there is not much matching with Vietnamese accounting.
For the current mathematical law, there are many points to change, how to support, for example, how to record revenue, or record double expenses for businesses as startups. Third, under the role of consulting, intermediary unit between foreign investment funds with Vietnam, or startups want to find capital sources, want to call for all the sources of investment, the first source of the company has the same source of the company. There are many other funds when they come to Vietnam, they feel very excited when they interact with the Vietnamese government leaders, they are very excited and open to welcome investors to Vietnam.
Increasingly excited and falling, not because people do not want to do, because people have a mentality on the cold under cold, it will never be possible, when in all leaders, they want to welcome investors but the nature is below, when the current mechanisms and legal frameworks have not been worked directly with the investors, or the storms, or the support of the company. how to deal.
Is it really a challenge of the business? Because when calling for investors, like Momo, VNPay, VNJ, or other businesses, I want to become a girl, I have to change myself, and this is a very expensive game.
Firstly, in terms of apparatus, in terms of management system, how to be more transparent, because all startup companies are just a group of brothers playing together.
But tomorrow, if there are investment funds, they cannot operate in a family size anymore. They must have a class, regulations, and specific regulations.
I think this will be a combination of three elements. The first is the strategy as well as the determination of the government leader.
All companies themselves want to go out and call for investors to prepare themselves a lot about their resources, resources, as well as the will to be ready for the game is more open.
However, not all companies are ready for this. It must be a combination of all three factors.
We need to towards the ultimate goal of improving the access of the Vietnamese capital market, as well as helping technology companies can access attractive capital sources. I think this will need more time, and this will be when we can start to consider these issues.
Where do we start? My viewpoint is that we start from very simple things. From such simple things, it can lead to bigger stories.
Assoc.
Thank you to the leader of the People's Newspaper. Mr. Nguyen Duc Kien, the leader of the Digital Parliament Parliament, I am not a policyist, I have retired, I only expressed the feelings.
First of all, I am very thankful to Minh and Mr. Kien invited me to attend this meaningful seminar.
As Minh said the problem now is not a table to do anything else we have to discuss, how to do it!
Now, to develop a breakthrough, it must be called digital technologies, high -tech digital businesses.
Through 3 to 4 presentations, I am very worried, generally a bit worried and a bit sad, the technologies, the high -tech enterprises we iPo and calling capital on the stock market are low.
In 2024 and in recent years, only one or two technology enterprises have successfully called capital.
Now looking at the world, seeing that industries in developed economies and there are breakthrough businesses must be technology enterprises. Now, Tesla is Mr. Elon Musk, as Mr. Bill Gates ... These technology enterprises breakthrough in only 10 years to 20 years.
Recently, the Prime Minister was very sensitive, met with large businesses of Vietnam in accordance with our breakthrough strategy.
As for businesses to start a business, they need "angel" investors, venture capital companies.
I have a wish for our technology businesses today. Science and technology, and these are essential nuclei like Mr. Bill Gates, Mr. Mark Zuckerberg, Mr. Elon Musk, and Mr. Jack Ma.
Only when there are such people, can it develop industry, start -up enterprises, and technology enterprises.
Therefore, I recommend that if there is a condition.
However, in the long run, we need to have a strategy of scientific and technological development and education and training strategy to build a talented team.
Dr. Nguyen Duc Kien:
If recommended a single solution, you think that what is the central solution that Vietnam should prioritize to attract more investment and expand the scale of the technology industry?
Mr. Chris Chae - CEO of Nextrans
Yes, thank you for your question.
In 1995, South Korea's GDP was only 510.511 billion USD. 1995 was also the five Korean venture capital associations were established, marking the time when venture capital capital began to bring to Korean businesses.
In May 1996, the Korean Government and the South Korea's venture capital association coordinated to offer a special law to support businesses to encourage investment but have not yet been effective.
After mandatory changes, members in the market have developed together, expanding the market larger.
Until 1998, the Government and the venture capital association proposed to the Korean Government to issue a new law to support startups.
This law is promulgated very quickly, clearly showing the government's determination in nurturing and developing startup ecosystems in Korea.
When investors realize that the market has a lot of potential, they only need a safe door to participate in the market.
Thanks.
Dr. Nguyen Duc Kien concluded the discussion
Thank you Mr. Chris Chae for sharing the petition about creating a legal corridor to have a safe door for investors.
We will transfer the comments at this discussion to agencies, authorities, in order to get the best draft laws, meet the requirements of both investors, businesses and society.
Ladies and gentlemen, after the discussion, though short, we have gathered a team of experts and have a relatively narrow topic in a very wide resolution environment.
At this time, we can see that startups in general, and startups in the field of technology in any country, in any scale, encountered difficulties. Gray.
When the quantification of the law on accounting, auditing is difficult to quantify here.
It is investors when investing here will evaluate the feasibility and universality of gray matter that technology investors and startups have ideas and deployment methods. Thus, through some examples ... that experts have shown in Vietnam, we have successful businesses in solving problems that experts have set.
However, what we want is not only 3-4 businesses that successfully handle those shortcomings, but also to support the feasibility for all startup technology businesses, helping them to be able to survive and develop higher as normal businesses.
I would like to emphasize that I completely share the opinions of many of the statements, that is, in the current context of Vietnam, which is not a big problem.
Two days ago, in the article on the development of private economy, leverage for a prosperous Vietnam of General Secretary of the Central Committee of the Communist Party of Vietnam To Lam, emphasized that there must be policies to encourage and orient the private enterprise in industrial types to avoid investment in short -term speculative nature.
Thus, again, the country's highest operating agency has confirmed that the triangle of the three largest pillars to develop the country's economy is the state economy, FDI economy and the private economy. We choose the private economy that we can impact the most.
At the seminar today, most experts as well as investors present their wishes to be ready to invest in technology, contribute to gray matter to bring Vietnam to develop sustainably instead of investing in short -term areas.
It can be said that up to this point, the political determination of the Party and State leaders with the desire to improve the efficiency of investors' investment capital, the greater development desire of businesses has gone in the same direction, and perhaps this is the time that we can say is the time of convergence of all three factors for development.
We would like to acknowledge all the comments of experts. Here, the organizers will be responsible for compiling and sending to the functional agencies.
Closing speech
Mr. Le Quoc Minh, Member of the Party Central Committee, Editor -in -chief of the People's Newspaper, Deputy Head of Propaganda Department and Central Mobilization, Chairman of Vietnam Journalists Association:
Dear delegates, precious guests, with all of you,
After nearly 3 hours of exciting exchange and discussion, we have listened to the analysis, sharing extremely profound and interesting.
As the original orientation set by the Organizing Committee, after the exchange and listening from all parties, we have given and propose very specific and practical solutions to solve the existing problems in the capital market.
Through the discussion, the parties agreed on the role of capital markets in scientific and technology development along with innovative innovation and digital transformation.
In addition to long -term solutions to improve the power of the capital market, such as raising the stock market, or building a separate stock exchange for technology startups, we see that the expansion of capital markets through IPOs, combined with a high liquidity mechanism, is considered a key factor to promote the development of technology companies in Vietnam.
A flexible listing system, ensuring liquidity not only helps to attract long-term capital flows from domestic and foreign investors, but also creates motivation for innovation.
As we have seen, with the goals of Resolution 57 is quite high and challenging, to achieve breakthrough results, the corresponding to the breakthrough solution is also needed.
Dear all,
Nhan Dan newspaper as the central agency of the Communist Party of Vietnam, the voice of the Party, the State and the people of Vietnam, will be responsible for acknowledging and conveying the issues discussed in today's seminar to the relevant agencies.
We believe that the objective and multi -dimensional recognition of recommendations from reality will be an important step for the policy -making agency, state management to develop appropriate solutions, successfully implement the set goals.
Sincerely thank the delegates and guests for attending the seminar today. Especially, would like to thank the Digital Economic Development Strategy Institute for this cooperation program.
We hope to continue to have the opportunity to cooperate with the Institute in many hot issues of the economy, thereby contributing to reflecting and conveying practical ideas from experts, scientists, businesses ... to the competent state agencies.
Once again, I would like to thank and please closing the seminar!
Source: https://nhandan.vn/toa-dam-ve-tao-don-bay-von-de-cac-cong-ty-cong-nghe-but-pha-trong-ky-nguyen-so-post866017.html
Comment (0)