According to international studies, every $1 invested in innovative startups can generate $5-7 in economic value. Vietnam is currently in a golden age with a digital economy worth $36 billion, over 4,000 startups, 208 investment funds, 84 incubation centers, a young population, and a strong pace of digital transformation. These are the strengths that allow Vietnam to achieve a breakthrough.
However, a common challenge for many ASEAN countries, including Vietnam, is that investors lack a basis for evaluating projects; startups lack digital profiles to demonstrate their capabilities; and government agencies lack a data platform for monitoring, forecasting, and timely policy-making. This is a common challenge for many ASEAN countries as well as globally .
The biggest bottleneck remains the lack of a unified, clean, standardized, and real-time updateable data platform.
Unclean data makes it difficult for the ecosystem to thrive.
In his opening remarks, Mr. Pham Hong Quat, Director of the Department of Startups and Technology Enterprises, Ministry of Science and Technology, frankly assessed that Vietnam's data is currently not "live," not "clean," not "accurate," and certainly not unified.
Mr. Pham Hong Quat, Director of the Department of Startups and Technology Enterprises, delivered the opening remarks at the workshop.
Dr. Vu Viet Anh, Head of the Martech Techfest Vietnam community, believes that data is the biggest bottleneck. Vietnamese startups lack standardized market data, international data, and almost no digital records for verification. Internal databases are also not transparent enough, making foreign investors hesitant and hindering the growth of investment capital in Vietnam.
He argued that the ecosystem still lacks risk assessment tools and real-time technology roadmaps for regulators to track project progress. Incubators operate in a fragmented manner, products are difficult to commercialize, and 97% of startups fail in their first year due to a lack of access to funding.
"To expand internationally, Vietnam needs a digital brain powered by artificial intelligence (AI) – a national startup data platform that connects with global data and helps standardize the ecosystem from the outset," Dr. Viet Anh emphasized.
Dr. Vu Viet Anh, Head of the Martech Techfest Vietnam Community
From the perspective of the incubation system, Mr. Ngo Hoang Dong, Chairman of the YESI Young Entrepreneur Incubator, describes fragmentation as the biggest challenge. Incubator centers operate independently, making it difficult to share resources, leading to a startup success rate of less than 5%, significantly lower than international standards.
If Vietnam fails to build a unified platform, the fragmented operations of investment funds, advisors, research institutes, and businesses will cause the startup market to miss out on many opportunities. At the policy level, the lack of standardized data makes it difficult for government agencies to assess effectiveness and respond promptly.
AI - the "digital compass" for locating startup databases.
Mr. Pham Hong Quat stated that the government is developing a legal framework for state-owned venture capital funds, local startup funds, and a network of innovation incubators, aiming for an environment that encourages "daring to experiment."
Vietnam also hopes that data and AI initiatives can contribute to a common ASEAN data standard, creating a market of nearly 700 million people where startups can access cross-border resources.
“Data and AI are becoming crucial foundations in policy planning, supporting innovation, and enhancing the competitiveness of businesses. The early establishment of a National Startup Database will not only help ensure information transparency but also create conditions for Vietnamese startups to connect deeply with regional and global ecosystems,” Mr. Quat emphasized.
To propel Vietnam's startup ecosystem to new heights, it is urgent to build a national AI-powered startup data platform. AI will help clean, standardize, and verify data; build real-time digital profiles of businesses; assess project risks and potential; connect Vietnamese data with international systems; and support regulatory agencies in formulating evidence-based policies.
As data becomes more transparent and interconnected, capital flows will be stronger, startup models will be easier to commercialize, and Vietnam could move towards its goal of more than 10,000 startups by 2030.
The conference also included the launch of the “Open AI Network - Global Connection (AION)”. This initiative aims to build a community for sharing AI knowledge and resources; connect researchers, businesses, and startups both domestically and internationally; and contribute to the formation of national data infrastructure. AION is expected to become an important bridge to promote AI research and development capabilities in Vietnam.
Source: https://mst.gov.vn/du-lieu-cua-viet-nam-hien-chua-song-chua-sach-chua-dung-va-chua-thong-nhat-197251213094204225.htm
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