Nhan Dan Newspaper organized a seminar on leveraging capital markets for Vietnam to achieve breakthroughs in the digital age.

(CLO) On March 19th, in Hanoi, Nhan Dan Newspaper, in collaboration with the Institute for Digital Economic Development Strategy (IDS), organized a seminar titled "Creating Capital Market Leverage for Vietnamese Technology Companies to Break Through in the Digital Age".

Speaking at the seminar, Mr. Le Quoc Minh, Member of the Central Committee of the Communist Party of Vietnam, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Mass Mobilization Department, and President of the Vietnam Journalists Association, stated: “Experience from developed countries shows that, after the initial incubation period, large domestic technology companies hold key positions in the innovation ecosystem. Therefore, today's seminar will focus on discussing the role of the capital market in supporting the development and innovation of technology companies in Vietnam; discussing current trends in venture capital and private investment in the technology sector in Vietnam and Southeast Asia, as well as the expectations of investors.”

Mr. Le Quoc Minh, Member of the Central Committee of the Communist Party of Vietnam, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Mass Mobilization Department, and President of the Vietnam Journalists Association. Photo: Nhan Dan Newspaper

Leading technology nations like the United States, China, and Singapore possess developed capital markets, allowing tech startups to raise public capital through initial public offerings (IPOs), thereby creating "unicorns"—companies valued at over $1 billion. In Vietnam, despite a robust startup ecosystem, the number of "unicorns" remains limited due to obstacles in support mechanisms, particularly in facilitating capital flows. As of the end of 2021, Vietnam had four recognized tech unicorns: VNG , MoMo, VNLife (VNPay), and Sky Mavis—placing Vietnam third in Southeast Asia, after Singapore and Indonesia.

The Institute for Digital Economy Development Strategy (IDS) notes that Vietnam currently has several technology companies with the potential to compete internationally, but these businesses cannot grow significantly due to barriers to raising capital for expansion. Specifically, according to the Securities Law No. 54/2019/QH14 of 2019, to conduct an IPO on the Vietnamese stock exchange, a company needs to ensure profitability for two consecutive years before registering for the IPO and must not have accumulated losses. This regulation is very difficult for technology startups to implement, as the initial investment phase often involves temporary losses due to high research and development costs.

Delegates attending the seminar "Creating Capital Market Leverage for Vietnamese Technology Companies to Break Through in the Digital Age". Photo: Nhan Dan Newspaper

To transform Vietnam into a hub for digital technology industry development, with at least five world-class digital technology companies by 2030 as outlined in Resolution No. 57-NQ/TW, the seminar focused on identifying obstacles from practical experience and proposing concrete, immediately implementable solutions.

The organizers expect that, with its wealth of specific and practical information, valuable lessons learned, and policy recommendations, the seminar will contribute to the implementation of Resolution No. 57 – an important decision likened to the "Contract 10" of the 21st century.

Ms. Pham Thuy Chinh, Vice Chair of the National Assembly's Economic and Financial Committee, affirmed that Resolution No. 57-NQ/TW clearly states that institutions must precede innovation, creating a foundation for creativity. The National Assembly will continue to refine legal regulations to support technology businesses in accessing the capital market. According to experts, for Vietnamese technology businesses to achieve breakthroughs, innovative policies in the capital market are needed. Solutions such as easing IPO conditions, building a separate exchange for technology businesses, and attracting talent will be important steps to help Vietnam become a regional innovation hub.

Mr. Le Quoc Minh, Member of the Central Committee of the Communist Party of Vietnam, Editor-in-Chief of Nhan Dan Newspaper, Deputy Head of the Central Propaganda and Mass Mobilization Department, and President of the Vietnam Journalists Association, presented flowers to thank representatives of international financial institutions, diplomatic agencies in Vietnam, and many economic experts... Photo: Nhan Dan Newspaper

The opinions expressed at the Forum also discussed and offered suggestions, contributing to the improvement of policies and the creation of a vibrant capital market, aiming to have at least 10 technology "unicorns" by 2030 as expected in Resolution No. 57. This is also a strategic challenge for Vietnam to position itself in the global innovation race.

Source: https://www.congluan.vn/bao-nhan-dan-to-chuc-toa-dam-ve-don-bay-thi-truong-von-de-viet-nam-but-pha-trong-ky-nguyen-so-post339231.html