Alongside these positive signals, however, the region’s startup ecosystem continues to face significant challenges, requiring stronger investment in both capital and policy to meet expectations.
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A group of students from FPT Polytechnic College, Can Tho with their products at Techfest Cantho 2024 (Source: https://cantho.edu.vn/) |
Currently, the Mekong Delta is home to dozens of intermediary organizations supporting startups, including incubators, innovation centers, and startup clubs at universities and major enterprises. Several initiatives have brought practical benefits to businesses and communities.
Since 2017, pharmacist Doan Thi Hong Tham has developed herbal teas from local ingredients such as perilla and houttuynia, offering natural healthcare products. The Escoco Vietnam Co., Ltd. has pioneered paper production from coconut coir, helping reduce agricultural waste while creating environmentally friendly goods.
A research group from Tien Giang University has applied artificial intelligence to riverbank erosion warnings, assisting authorities and residents in disaster preparedness.
Experts note that the Delta holds many advantages for developing an innovation ecosystem. The region hosts major universities with hundreds of thousands of students, a key resource for startups. Many student projects, particularly in smart agriculture and food processing, have shown promise.
Startup projects in the region are gradually attracting the attention of investment funds, while local authorities are introducing supportive policies, such as financial aid and streamlined licensing procedures. A range of forums, workshops, and fairs have been organized, offering platforms for experts and business leaders to share new solutions to improve financial access and expand science and technology markets.
Despite its potential, the Delta’s startup ecosystem remains underdeveloped. Investors highlight the shortage of high-quality human resources, particularly in technology, business management, and digital marketing. Brain drain is a concern, as many talented young people leave for larger cities such as Hanoi and Ho Chi Minh City.
The region also lacks sufficient incubators, co-working spaces, and dedicated startup funds. Weak linkages between universities, research institutes, enterprises, and local authorities hinder the transfer of research into production and business.
Limited access to capital remains the biggest obstacle for startups. Most of them operate on a small scale and struggle to secure venture capital or favorable credit. As a result, many innovative ideas lack the necessary resources to develop into competitive products or services.
Pharmacist Tham, who is also founder of the herbal tea project, said that securing funding for expansion is a real challenge. Without sufficient resources, many viable projects are delayed or even abandoned.
To address these challenges, local authorities and sectoral departments are encouraged to connect startups with commercial banks and credit funds, thereby widening access to capital. Regional universities and colleges should strengthen interdisciplinary training aligned with market demand, particularly in IT, smart agriculture, and business management.
More innovation centers, incubators, and co-working spaces should be established, alongside regional linkage mechanisms to connect academia, research, and enterprises. The State is expected to play a facilitating role, promoting public-private partnerships to ensure broad-based development rather than fragmented efforts.
According to Dr Ngo Anh Tin, Director of the Department of Science and Technology of Can Tho City, resolving the challenges of startups in the digital era requires fostering a culture of innovation among young people, in line with the Government’s action agenda. Related agencies should mobilize resources to support small- and medium-sized enterprises.
All types of businesses, large or small, need an entrepreneurial spirit to generate new products and fresh growth. Startups, in particular, must equip themselves with fundamental knowledge and expertise to secure early-stage funding.
Source: VNA