Start-ups: Motivation for APEC’s Development
VietNamNet Bridge - Promoting innovative start-ups is a global trend, but it was never of great interest of APEC economies — until now.


Start-ups: Motivation for APEC’s Development



However, the start-up eco-system in APEC economies is still in the process of completion and there are many gaps between economies. Starts-up have many difficulties in calling for resources. This requires the member countries to strengthen cooperation to create a solid foundation to support innovation of starts-up.

The APEC 2017 Startup Forum, which aims to promote the spirit of APEC business, to promote creative start-ups, to turn Vietnam into a meeting place for leading start-ups in the region and to contribute to stimulating the start-up spirit in the country, opened on September 12. This is an activity within the framework of the APEC SME Ministerial Meeting organized by the Vietnamese Ministry of Science and Technology and the Vietnam Chamber of Commerce and Industry (VCCI).

Regarding this initiative, Mr. Nguyen Tat Thanh - Deputy Head of the APEC Secretariat 2017 - said that start-up businesses are very interested in promoting development. Ministries have made great efforts to promote this initiative of Vietnam within APEC framework.

He stressed that for developing economies like Vietnam, this is the issue that contributes to creating a dynamic, effective and genuine environment for the business community. Vietnam's initiatives are highly appreciated by member economies.

According to Deputy Minister of Science and Technology Tran Van Tung, in the era of technology revolution 4.0, Vietnamese enterprises have many advantages to make short-cuts in start-ups, especially enterprises that rely on high-tech platforms.

But in a world of constant change, a new era of growth based on the foundation of the industrial revolution of 4.0 has emerged. If economies do not adapt policy-making to grasp opportunities soon, they will overlook many opportunities to grow. This will be a compulsory trend in the APEC region and the world.

A wave of start-ups in Vietnam


Start-ups: Motivation for APEC’s Development



Vice President of VCCI Vo Tan Thanh emphasized that building a start-up eco-system is the most urgent requirement for the start-up community in developing countries such as Indonesia, the Philippines and Vietnam to rise and thrive.

Vietnam is actively promoting strong start-ups in the country and adopting new policies to support start-ups. Vietnam is also considered globally a country with high spirit of start-ups. Under the direction of the Government, by 2020, the country is expected to have 1 million active enterprises. 

In addition, as Stewart Beck, president of the Canadian-based Asia-Pacific Fund, when describing the start-up landscape in Vietnam, Vietnam still faces many challenges. These include access to communication technology, the growing pay gap between men and women, and few women with senior leadership roles. There are many legal barriers for foreign investors involved in domestic business projects.

To boost start-ups, Vietnam needs to strengthen its research and development activities and technology transfer activities, and connect research institutes, universities and businesses; and promote the commercialization of science and technology products, focus on product innovation for the market, and actively participate in global supply chains.

Vietnam also needs to further improve its business education system, especially at the secondary level. This is an opportunity for Vietnam and APEC economies to increase their exchanges, learn experiences, and take initiatives to improve the quality of education and start-up training. Only by doing so will Vietnam have a strong business force, which can supply Vietnamese products to the regional and global market.

Minh Tam

Start-ups: Motivation for APEC’s Development
 
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