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In May 2024, the municipal Department of Science and Technology organized an event to connect with a delegation of Singaporean innovative startups. This was the first activity in the cooperation programme between Quest Ventures, a Singapore-based investment fund, and the department. The event opened up opportunities for the two innovative startup ecosystems of Singapore and Da Nang to enhance their exchange, connection, cooperation and investment promotion.
During the event, Singaporean businesses and startups operating in fields such as mobility technology, logistics, smart cities, and artificial intelligence (AI) were introduced to the city’s startup ecosystem.
Some Singaporean businesses are expected to return to Da Nang in June 2024 to work with potential businesses in Da Nang.
Mr. Htay Aung, co-founder of Anywhell Company based in Singapore, said that Da Nang has been increasingly appearing on the global innovation startup map. This is a highlight that makes an impression on many businesses in Singapore.
He added that the central coastal city boasted many potential and opportunities for the further development, and fully met the criteria required by businesses and startups.
“For the first time, we are comprehensively introduced to the investment environment, and the innovation startup ecosystem of the city. I believe that, with the efforts of the city government and business community, and startups in Da Nang will become "new stars" on the global innovation startup map" Mr. Htay Aung emphasised.
Meanwhile, Mr. Le Duc Quang, CEO of VRStyler Company in An Hai Bac Ward, Son Tra District, Da Nang, a technology startup operating on a 3D model trading floor and NFT digital assets, said that tech-startups in Viet Nam, especially in Da Nang, had the opportunity to cooperate with international startup ecosystems, investors, and investment funds thanks to its high-quality human resources, plus quality, effective products at low costs.
Over the past year, VRStyler company has connected and worked with South Korean partners to promote 3D modeling services and look for new customers there.
“We are planning to seek and expand connections with Japanese and Singaporean businesses. Participating in the city’s events connecting the international startup ecosystem is an opportunity for VRStyler and other startups to orient and better understand markets, investment funds and customer needs", Mr. Quang said.
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According to the Department of Science and Technology, the local innovative startup ecosystem develops continuously with the establishment of supporting organisations, incubators, venture capital funds, angel investors and the innovative startup business community.
Over recent years, the municipal government has issued more than 20 policies to support innovative startup activities.
For the time being, the city has 9 incubators, 4 investment funds, 2 creative spaces, 10 co-working spaces, 10 startup clubs, and 3 innovation startup support centres.
Since 2021, the Department of Science and Technology has implemented many international cooperation activities to connect and promote the development of Da Nang's startup ecosystem in the region as well as in the world.
Included are investment connections between the Da Nang innovation startup ecosystem and Japanese, Singaporean and South Korean partners; innovative startup experts from the Swiss Entrepreneurship Program; and the Korea IT Cooperation Center in Ha Noi (KICC) about the K-Start-up Grand Challenge program.
Additionally, the city has expanded cooperation with organisations and startup communities such as KILSA Global, Metacamp, Draper Startup House, and Da Nang community group in Singapore.
Deputy Director of the municipal Department of Science and Technology Le Thi Thuc informed that in 2024, the department will continue to expand international cooperation with countries with strong innovative start-up activities such as Australia, the US, Japan, South Korea, Sweden, Finland, and Singapore. The purpose is to exchange experiences in developing startup ecosystems, attract investment funds for startups, and connect related partners to Da Nang to support the city's startup projects. This will create a premise for Da Nang to become an attractive destination for investors, projects and startups to raise domestic and international capital, and gradually build and form a community of angel investors and venture capital funds.
