The National Innovative Entrepreneurship Day (Techfest Vietnam 2024) opened in the northern port city of Hai Phong on November 27, with the theme “Joining hands to develop Vietnam’s innovative startup ecosystem”.

Addressing the event, Prime Minister Pham Minh Chinh stressed that the Party and the State pay special attention to science, technology, and innovation, considering them among the top national policies for rapid and sustainable development.

He asked for solutions to develop Vietnam’s innovative startup ecosystem, focusing on perfecting the legal framework for innovation and entrepreneurship; identifying priority areas to create new production forces and strategic sectors such as the green economy, the digital economy, and cutting-edge technologies like AI, semiconductors, cloud computing, and the Internet of Things (IoT); outlining orientations for innovative startups; ensuring financial resources and facilities; and developing high-quality human resources and fostering creative entrepreneurship movements.

The government will create all favorable conditions to support and promote the development of innovative startup ecosystems, he said.

Vietnam is home to around 4,000 innovative startups, including two unicorns and eleven companies valued at over $100 million. More than 20 innovation centers have also been established nationwide.

Vietnam attracted $529 million in investment in innovative startups last year.

Through its nine editions, Techfest Vietnam has attracted 21,000 participants, over 450 investors, and more than 1,400 innovative startups, and facilitated over 800 domestic and international investment connections.