Illustrative photo. Data shows that investment in Vietnamese startups hit a record high of over 1.3 billion USD last year but a majority of the funding came from foreign ventures.Domestic resources, though abundant, have not been unleashed, Quat said, urging that Vietnamese high-performing corporations will better engage in innovation and tech startup projects in the country.These corporations, which are the country’s largest resources, mainly use imported technologies while many local technologies have failed to get commercialised, he noted. “So we all expect major Vietnamese companies will be the ones to “order” solutions from startups and the first to use the products.”Investment into Vietnamese startups nosedived by 60 percent to 317 million USD in 2020 from 861 million USD due to impacts of COVID-19. The figure bounced back strongly to a record high of more than 1.3 billion USD last year.Vietnam is home to 3,800 startups but only 100 of them were able to raise funding annually on average. In 2021, just 147 projects succeeded in funding raising even though there are 200 capital ventures in the country.During the event, Sihub and Viet Lotus signed an agreement to boost the development of ecosystem for innovative startups in the coming time./.

Source: Viet Nam News January 11, 2022 09:19 UTC