A foreign enterprise invests and does business in Hung Yen province.

(Photo: VNA)

Mr. Sergey Sinitsyn emphasized that Vietnam has risen to the 3rd place among ASEAN countries in the growth rate of innovative startup ecosystem.

Vietnam News Agency reported that in the past four years, the country’s innovation and startup ecosystem has developed from dawn to a level that is significant to the whole region, Sinitsyn was reported by Sputnik as saying.

Vietnam has become a hub for innovation projects in Asia-Pacific, he said, adding attractive sectors include finance, education, technology, artificial intelligence and blockchain technology.

Several standout investments are Singaporean Temasek’s participation in VNG Corporation’s project, Softbanks & GIC’s investment in VNPAY, and Warburg Pincus’s investment in MoMo.

Particularly, VNG Corporation became Vietnam’s first ever unicorn tech start-up following investment of GIC, he said.

He stressed Vietnam has high-quality human resources, laying stress on the important roles of universities, institutes as well as business incubators and human resources training centres.

Meanwhile, the Vietnamese Government plays a tectonic role in encouraging and supporting a modern economy, he said, describing the Ministry of Science and Technology’s effort to organise the annual Techfest Vietnam which creates opportunities for local startups to access international markets like the US, the Republic of Korea, Singapore and Russia as a significant milestone in pushing ahead an innovative economy in the nation./.

BTA