The Startup Vietnam Foundation Australia (SVFA) has been officially established and successfully came into operation in May, creating an innovative startup ecosystem that can be used by Vietnamese students and members of the business community based in the Oceania country.

The Executive Board of the Startup Vietnam Foundation Australia (Photo: SVFA) 

The SVFA has been founded with the mission of creating a channel aimed at connecting the Vietnamese startup community with international human resources.

As a means of realising these goals, the SVFA is expected to deploy a range of support and capacity building schemes specifically for Vietnamese organisations and startup businesses that are based in Australia, therefore removing typical challenges faced by startup firms in terms of personnel, market, and technology.

Nguyen Phuc Binh, SVFA President, said that more than 20,000 Vietnamese students currently study at universities throughout Australia, in addition to thousands of local businessmen who also live and work in the Oceania country.

Along with the goal of developing various Vietnamese start-up communities worldwide, the Startup Vietnam Foundation (SVF) has offered support to establish the SVFA by allowing Vietnamese startups located in Australia to explore fresh opportunities, broaden their knowledge, and promote creativity, Binh noted.

Do Bach, SVFA CEO, emphasised that the foundation is striving to serve as a bridge to facilitate Australian businesses that want to invest in innovation to penetrate the Vietnamese market along with that of Southeast Asia.

During the second half of the year, the SVFA plans to implement programmes aimed at impacting ecosystems, strengthening connectivity of investment, mobilising capital, whilst improving the leadership capabilities of young Vietnamese people in Australia through the direct guidance of experts and business leaders under the SVF’s global network.

First launched in 2014, the SVF has become the first social and non-profit fund capable of supporting the startup and innovation ecosystem domestically.

After being in operation for a total of five years, the SVF has provided assistance to over 261 startups, connected 131 investors, 30 investment funds, and successfully mobilised capital for 37 projects. Moreover, the group have been able to establish a network of over 360 international advisors whilst organising 100 schemes and contests relating to startup and training.