The official noted that after a year with strong rise in the funding of startup in Vietnam at 800 million USD in 2019, this year the funding is likely to reach only 200 million USD.

Deputy Prime Minister Vu Duc Dam (sixth from the left) and delegates at the event (Photo:

However, the startup community of Vietnam has seen progress as many startups have been placed in the same position with their foreign peers in providing services in many areas such as transportation and e-commerce, he said.

Citing Vietnam’s success in controlling the COVID-19 pandemic with a modest healthcare system and technology, Dam questioned the startup community on their willingness and capacity to do the same.

He held that many startups, despite their lower technology compared to their foreign rivals, have managed to rise to the world by becoming more practical, developing new business models with new operation methods.

From the experience in combating the pandemic, he stressed that the community strength is significant, especially in a world with unpredictable changes.

The Government’s efforts and the joining hands of the community will help build a database that is helpful for business community, including startups, the official stated.

He also advised domestic startups to become more confident and foster their linkage to made bigger steps forwards, creating new motivations for the faster and more sustainable growth of the nation.

Source: VNA