Vietnamnet.vn
Nation needs proper policies for start-ups, expert
Vietnam is paying special attention to business development, with the government promoting start-up movements so that nationwide businesses will double to a million within the next five years.
Vietnam is paying special attention to business development, with the government promoting start-up movements so that nationwide businesses will double to a million within the next five years.
Pham Thi Thu Hang, General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI), speaks to Vietnam News Agency about the matter.
* The government is committed to business support to fuel a start-up boom on a national scale, expecting the country to have a million enterprises by 2020. What do you think about the government’s efforts and the possibility to reach this goal?
The government has made great efforts to create an advantageous business environment and build suitable policies to help people start their businesses and assist them afterwards. However, it is not easy to reach the goal of having a million enterprises by 2020. I think fulfilling this target is not as important as some of the following issues: assuring the existence of enterprises in post-registration phases, how to increase the size of enterprises, and how to have more and more start-ups with efficient operations.
* How do you assess start-up activities in Vietnam in comparison with other countries in the world?
From the angle of start-ups, we can see a Vietnamese start-up spirit that is second to none. However, awareness and skills in starting and operating a business of many local people remained unmethodical with certain shortcomings.
The government has also taken slower steps compared to peers in many global countries. Things that we have lately mentioned a lot such as venture investment funds, enterprise nursery gardens and start-up ecosystem, the Republic of Korea has talked nearly 20 years ago. Definitely, we are slower than many countries regarding start-up support policies.
* According to some opinions, Vietnam still lacks nursery gardens and an ecosystem needed for growth of the business community. What do you think?
I agree with this. Developing start-ups is just like seeding in a garden. If seeds are nursed in a good environment, the trees will grow and produce fruits more healthily. Enterprise nursery gardens can now be counted on the fingers of a hand, so we need to invest more in them. It is not necessarily State investments, but private investors too should take this opportunity.
* An example of legal obstacles for the start-up community: the community has recently expressed worries about Article 292 of the Penal Code 2015, which reportedly criminalised illegal business activities in computer and telecommunications networks. Vietnam’s legal environment still appears to lack transparency and exposes risks for enterprises. What can be done?
We should look into our awareness of business activities and roles of enterprises in the development process of our country. Some times in the past, policymakers did not realise that enterprises were a driving force for economic development, and that taxes paid by the people and enterprises were used for operations of the apparatus of the administration. Hence, they were not aware of their responsibilities to build laws that facilitate people and companies, and encourage their business to grow. It is very important that enterprises and business associations raise their voices to the government in building new laws with more proper policies.
* In the world, venture investment funds are an effective financing channel, besides bank loans and the stock market. Does Vietnam need to develop this channel?
It does. Actually this channel has been developed in Vietnam for many years, with several foreign venture investment funds reaping certain success here. If we have good projects, besides venture investment funds, we should also develop other kinds of funds such as community and friend-to-friend funds that are going popular around the world. They are good forms to mobilise capital for start-ups.
Pham Thi Thu Hang, General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI), speaks to Vietnam News Agency about the matter.
* The government is committed to business support to fuel a start-up boom on a national scale, expecting the country to have a million enterprises by 2020. What do you think about the government’s efforts and the possibility to reach this goal?
The government has made great efforts to create an advantageous business environment and build suitable policies to help people start their businesses and assist them afterwards. However, it is not easy to reach the goal of having a million enterprises by 2020. I think fulfilling this target is not as important as some of the following issues: assuring the existence of enterprises in post-registration phases, how to increase the size of enterprises, and how to have more and more start-ups with efficient operations.
* How do you assess start-up activities in Vietnam in comparison with other countries in the world?
From the angle of start-ups, we can see a Vietnamese start-up spirit that is second to none. However, awareness and skills in starting and operating a business of many local people remained unmethodical with certain shortcomings.
The government has also taken slower steps compared to peers in many global countries. Things that we have lately mentioned a lot such as venture investment funds, enterprise nursery gardens and start-up ecosystem, the Republic of Korea has talked nearly 20 years ago. Definitely, we are slower than many countries regarding start-up support policies.
* According to some opinions, Vietnam still lacks nursery gardens and an ecosystem needed for growth of the business community. What do you think?
I agree with this. Developing start-ups is just like seeding in a garden. If seeds are nursed in a good environment, the trees will grow and produce fruits more healthily. Enterprise nursery gardens can now be counted on the fingers of a hand, so we need to invest more in them. It is not necessarily State investments, but private investors too should take this opportunity.
* An example of legal obstacles for the start-up community: the community has recently expressed worries about Article 292 of the Penal Code 2015, which reportedly criminalised illegal business activities in computer and telecommunications networks. Vietnam’s legal environment still appears to lack transparency and exposes risks for enterprises. What can be done?
We should look into our awareness of business activities and roles of enterprises in the development process of our country. Some times in the past, policymakers did not realise that enterprises were a driving force for economic development, and that taxes paid by the people and enterprises were used for operations of the apparatus of the administration. Hence, they were not aware of their responsibilities to build laws that facilitate people and companies, and encourage their business to grow. It is very important that enterprises and business associations raise their voices to the government in building new laws with more proper policies.
* In the world, venture investment funds are an effective financing channel, besides bank loans and the stock market. Does Vietnam need to develop this channel?
It does. Actually this channel has been developed in Vietnam for many years, with several foreign venture investment funds reaping certain success here. If we have good projects, besides venture investment funds, we should also develop other kinds of funds such as community and friend-to-friend funds that are going popular around the world. They are good forms to mobilise capital for start-ups.
VNA
BACK TO HOME
.svg){kind=icon}
MORE NEWS
Anh Vien: From champion swimmer to inspirational swimming coach
Now, in a new role akin to a swimming ambassador, Anh Vien is eager to share her knowledge and expertise with children, teenagers, adults, and even older individuals, introducing them to the joy of swimming and fostering a love for the sport.
International arrivals in Vietnam surge over 12-fold year on year
Vietnam has welcomed nearly 4.6 million international arrivals in the first five months of 2023, soaring 12.6-fold from the same period last year, the General Statistics Office (GSO) said on May 29.
Vietnam NASA Space Week takes shape on the horizon
The first-ever Vietnam NASA Space Week will be held in Ho Chi Minh City and Hau Giang and Binh Dinh provinces in the South from June 5-9, heard a press conference on May 29.
CAAV proposes 2-month pilot of eID accounts for air passengers
The Civil Aviation Authority of Vietnam (CAAV) will pilot the use of level 2 electronic identification (eID) authentication for air passengers at airports nationwide from June 1 to August 1.
Soldiers and sailors ready for any medical emergency at sea
In the Truong Sa islands, where there is a turbulent sea, the medical team has been a reliable support for the local fishermen, officials, and soldiers on the islands for many years.
Over 77,000 computers in Vietnam suffer data encryption in 7 months: Bkav
More than 77,000 computers in Vietnam have suffered data encryption since December 2022, according to Bkav – a leading Vietnamese technology corporation that specialises in cyber security and software.
Vietnamese airlines to launch more international air routes
Vietnamese airlines have announced plans to open more international air routes this summer.
Bringing back international travelers
Vietnam needs an effective short-term marketing campaign to attract international tourists from key source markets, especially those with untapped potential.
Agro-forestry-aquatic product exports drop 11% in five months
Agro-forestry-aquatic product exports were estimated at 20.26 billion USD in the first five months of 2023, down 11.1% year on year, according to the Ministry of Agriculture and Rural Development (MARD).
Biting the bullet
Flagging demand has compelled manufacturers to reduce their production and workforce.
Colorful paper masks in Hoi An
In the central city of Hoi An is a house on Bach Dang Street that is home to hundreds of colorful paper masks made by artist Bui Quy Phong, who has devoted his whole life to these masks.
Pu Luong – A hidden gem of northwest region
Nestled in the middle of mountains, Pu Luong Valley attracts tourists with its cool mountainous atmosphere, peaceful scenery and magnificent terraced fields.
Vietnamese students win prize at Huawei ICT Competition 2022-2023
A team of Vietnamese students won the third prize in the Cloud Track category of the Huawei ICT Competition 2022-2023 Global Final held in China’s Shenzhen city, the Ministry of Information and Communications announced on May 29.
VND230 trillion mobilized for Covid-19 combat in 2020-2022
More than VND230 trillion, or roughly US$10 billion, was mobilized to directly serve the Covid-19 prevention and control effort between 2020 and 2022, according to a report by a National Assembly (NA) supervisory delegation.
Achilles heel in tourism
Vietnam’s tourism industry has made only meager strides in diversifying its products despite years of growth.
