Vietnamese startups raised a record of more than $1.5 billion in venture capital in 2021.

The figure was revealed at a high-level multilateral policy forum on entrepreneurship and innovation held within Techfest Vietnam 2022 in southern Binh Duong province.

According to Deputy Minister of Science and Technology Tran Van Tung, Vietnam’s innovation ecosystem and startup activities have resulted in increased funding for startups.

Vietnam now has more than 1,000 organizations capable of supporting startups, including 200 co-working spaces, 79 business incubators, 29 business promotion bodies, 170 universities and colleges hosting innovation and startup activities, and 43 universities with incubators, centers, and clubs to facilitate startups.

Major enterprises and groups have also chipped in, acting as investors for startups, helping them expand markets and sharing experience while providing professional advice.

The strategy for the development of science, technology and innovation by 2030 approved by the Prime Minister in Decision No. 569/QD-TTg in May 2022 stipulates key tasks for innovation in industrial, agricultural, and service areas, as well as the task of establishing a national innovation system and promoting and developing open innovation networks, centers, and foundations.