Sharing international experiences in attracting investment for innovative startups.

Within the framework of Techfest 2025, the National Policy Forum "International Cooperation on Investment for Innovative Startups" was organized by the Ministry of Science and Technology (MST) in collaboration with the Hanoi People's Committee in Hanoi on December 13th.

The forum provides an opportunity to share successful tripartite investment cooperation models implemented in many countries, thereby promoting connectivity, mobilizing resources, attracting technology, and solving development challenges in the context of dual transformation and sustainable development.

Mr. David Lewis – Chairman and CEO of Energy Capital Vietnam – presents at the forum. (Photo: Techfest)

Speaking at the forum, Mr. David Lewis – Chairman and CEO of Energy Capital Vietnam – noted that the world is undergoing many changes that are altering investment trends, and Vietnam is also part of this trend. Vietnam is strongly promoting its innovation ecosystem with open and transparent policies.

David Lewis argues that investment funds are not simply sources of financing, but also demonstrate a strong connection to national policy. In public-private partnerships, the government plays the role of providing initial seed funding, thereby influencing the investor's strategy.

“We have seen the Vietnamese government ’s commitment through a series of resolutions and decrees in recent times to promote investment, especially its willingness to accept risks. This is a major step forward for Vietnam to attract even more investment resources from foreign and private sectors,” emphasized the Chairman and CEO of Energy Capital Vietnam.

Regarding proposed solutions to boost investment, Mr. David Lewis suggested that the government should create a sandbox mechanism for investment funds, providing a market for businesses to access, along with financial incentives and investment guidance. This should include special tax incentives and priority access for foreign investors to direct foreign capital into Vietnam.

Overview of the discussion session at the forum. (Photo: Techfest)

Samuel Ang, ASEAN Regional Director of the Asian Development Bank (ADB), emphasized the need to identify businesses with the potential to become unicorns. He explained that among countless startups, finding just one that can grow rapidly could create 40% of jobs for the population.

Representatives from the ADB pointed out that businesses with the potential to become unicorns are often involved in fields such as AI, semiconductors, and green energy. These are young, newly established businesses with clear goals, bold ideas, and the ability to solve real-world problems.

Therefore, Mr. Samuel Ang recommends that localities in Vietnam first identify and compile a list of these potential businesses. From there, they should screen, evaluate, and mobilize funds to support businesses in accessing capital as quickly as possible.

Establishing the Hanoi Venture Capital Fund

In his opening remarks at the forum, Mr. Truong Viet Dung, Vice Chairman of the Hanoi People's Committee, stated that in the process of perfecting the institutional framework for innovation in Vietnam, Hanoi has been entrusted by the Party and the State with the pioneering mission – to lead, experiment, and guide the implementation of groundbreaking innovation mechanisms.

According to Mr. Truong Viet Dung, Hanoi will establish the Hanoi Venture Capital Fund, with a maximum size of 1,200 billion VND and a maximum 49% participation from the State budget, playing a key role in connecting policy, the capital market, and the startup community.

Mr. Truong Viet Dung – Vice Chairman of the Hanoi People's Committee – speaks at the forum. (Photo: Techfest)

“Hanoi aspires to become an open institutional space, a sufficiently large market, and a reliable partner for investors and innovative startups. Through today's Forum, we respectfully invite domestic and international businesses, investment funds, and startups: Come to Hanoi – where the government is always ready to create and provide long-term support to transform innovative ideas into real value for society,” emphasized Truong Viet Dung, Vice Chairman of the Hanoi People's Committee.

On September 29, 2025, based on the amended Capital City Law, Hanoi simultaneously issued six resolutions covering all stages of the innovation ecosystem: a controlled testing mechanism (sandbox) for new technologies; a science and technology policy based on ordering and contracting out services to the final product; a policy supporting the innovation ecosystem with support up to 70% of the cost of hiring experts and consultants; the Hanoi Technology Exchange, supporting 70% of testing costs and 100% of promotion, valuation, and intellectual property costs; and the Hanoi Innovation Center operating under a PPP model, playing a coordinating role in connecting research, testing, and commercialization.

For the first time, Vietnam has a national venture capital fund.

In his concluding remarks at the workshop, Deputy Minister of Science and Technology Hoang Minh stated that the general global trend is for countries to base their scientific and technological development on innovation. Vietnam has no other choice; socio-economic development must be based on science, technology, and innovation. With the goal of achieving double-digit growth, this is the only solution.

Deputy Minister of Science and Technology Hoang Minh delivered the concluding remarks at the forum. (Photo: Techfest)

In the draft Strategy, Vietnam is identified as a nation of entrepreneurship, where everyone can start a business based on science, technology, and innovation. To promote entrepreneurial businesses, startups and venture capital funds play a crucial role.

Deputy Minister Hoang Minh stated that this is the first time Vietnam has established national and local-level venture capital funds. The national venture capital fund allows organizations and individuals to participate, in addition to state budget funding.

The new policy also allows the fund to invest over long-term periods, 10-15 years, not on a transaction-by-transaction basis. The national venture capital fund is also allowed to invest in other funds and with specific investment preferences, such as green technologies and strategic technologies.

The national venture capital fund is also permitted to invest abroad in new technology products, enabling Vietnam to access new technologies early. Importantly, the national and local venture capital funds will not compete with other funds, as they have different investment preferences, with the common goal of developing Vietnam's startup ecosystem in both scale and quality, attracting capital and talent to Vietnam, so that Vietnamese people do not have to go abroad to start businesses.

Vietnam will also soon establish a specialized stock exchange for startups. For the first time, organizations, individuals, and investment funds will be able to trade with each other on this exchange, avoiding divestment through unfavorable channels. This exchange is expected to become operational soon, helping Vietnam to have a complete startup ecosystem.

Following the presentations by speakers at the Forum, Deputy Minister Hoang Minh stated that the Ministry of Science and Technology will gratefully consider and welcome further contributions to promote the development of Vietnam's industrial ecosystem and its integration with the world.