Vietnamese startups needs more support institutions and policies to reach their goals, said President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc on December 2.

President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc
(Photo: enternews.vn) 

Speaking at the 4th national startup forum in Hanoi, Loc stressed that the Government has accelerated the implementation of various policies and mechanisms to encourage startups and innovation in the context of the Fourth Industrial Revolution.

According to the Global Entrepreneurship Network (GEN), among 60 surveyed countries and territories, Vietnam is one of the top nations with a strong preference for entrepreneurial settings. However, when it comes to its ability to realise startup initiatives, the country is placed in the bottom 20.

“There is a yawning gap between businesses’ aspirations and their achievements,” Loc stressed.

Head of the VCCI’s legal department Dau Anh Tuan said the country is now home to some 800,000 businesses and 5 million business households, so it is necessary to create conditions for households to switch their operations to act as enterprises to promote the startup spirit.

To this end, they should receive support in market participation procedures, capital access and application of information technology, he recommended, adding that competent authorities should work to enhance transparency and complete a legal framework.

Meanwhile, Tran Chi Dung, a monitoring and results measurement officer at the Swiss Entrepreneurship Programme, said Vietnam has many policies for startups but businesses still find it hard to achieve success as they do not spend time studying these policies before implementing their business plans.