Lotte to invest in vietnamese startup community

Lotte Group will invest US$1 million to support the Vietnamese startup community over the next five years.

Lotte Group will invest US$1 million to support the Vietnamese startup community over the next five years. 

Lee Jong Kook, director of external affairs of Lotte Group in Viet Nam, made the statement at the Lotte Startup Awards 2016.

The Lotte Data Communication Co. Ltd Viet Nam with BK-Holdings (Ha Noi University of Science and Technology) and Viet Nam Silicon Valley (VSV) under the Ministry of Science and Technology organised the event in Ha Noi on Tuesday.

"In South Korea, Lotte Accelerator has experience in incubating startups. So Lotte wants to bring this experience to support new businesses in Viet Nam," said Lee.

Lotte committed to distributing quality products from excellent startups in the Lotte business system. Also, Lotte expects to hold exchange and co-operation events between Korean startups and Vietnamese startups.

The Lotte Startup Awards 2016 allows startups to introduce their products and services to the public, while creating an environment for investors looking for potential projects.

The total value of Lotte Awards 2016 is US$5,000 which will be awarded to three categories: Startup Innovation Award; Startup Potential Award and Startup Impressive Award by audience vote.

The three parties also signed a memorandum of understanding on startup support activities in Viet Nam, aimed at connecting startups, incubators and accelerators with enterprises and customers.

Nguyen Trung Dung, CEO of BK-Holdings said "BK-Holdings is actively contributing to building the startup ecosystem in Viet Nam. With close co-operation between the BK-Holdings, VSV, Lotte and launching an annual event "Lotte Startup Awards", the startup community will have a useful and professional playground".

"Viet Nam has about 1,500 startup enterprises, but very little startup ‘survivors' and success in calling capital is still rare. The main reason is that they lack capital, management skills and strategies to dominate the market. These programmes such as Viet Nam Silicon Valley, BK-Holdings incubator are a platform for firms to build a successful business," said founder of VSV, Thach Le Anh. 


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