Vietnam to work with US to develop start-ups on climate change, digital transformation

Prime Minister Phạm Minh Chính speaks at an event on innovation held by Asia Society on May 17 (US time). - baochinhphu.vn

HANOI (Vietnam News/Asia News Network): Vietnam expects to have start-up collaboration with the US on issues of global concern like climate change, digital technology and supply chain diversification.

Prime Minister Phạm Minh Chính was speaking at a forum on innovation and start-ups held by the Asia Society on May 17 (US time) in the US.

He affirmed that Vietnam identifies science and technology, innovation and entrepreneurship as important driving forces for development in the new period.

All three strategic breakthroughs that Vietnam identified namely institutions, infrastructure and human resources are related to these forces, he added.

The Prime Minister expressed his wish that US partners will continue promoting cooperation activities, especially in innovative start-ups.

Start-up collaboration should focus on issues of global concern that the two countries are promoting cooperation, such as climate change response, digital transformation, technology transformation, and supply chain diversification.

He noted that the two sides should pay attention to innovation and start-ups movement among students and young people, though starting a business should not limited by age, gender or border.

The Prime Minister expressed his wish that the US partners will continue promoting cooperation activities, especially in innovative start-ups.

“We hope that US partners will work with us to create and develop a start-up movement of all people, helping to solve global problems in the spirit of sincerity, trust and responsibility,” the PM said at the event.

“We invite you here, with your start-up experience, to help create a more effective, stronger and substantive start-up ecosystem than what Vietnam has done," the Prime Minister said.

During the Q&A session, the PM answered questions regarding cooperation opportunities between the two sides.

Expressing their approval with the PM’s global and all-people approach, representatives of Chevron, an American multinational energy corporation, said that technology initiatives should be connected with each other to bring better understanding for people as well as bring more opportunities for all people.

One venture capital in Silicon Valley said they cooperated with Vinfast to produce electric vehicle batteries. They expressed their hope to learn deeply about the Government’s policies in encouraging companies in Silicon Valley to invest in Vietnam.

PM Chính said the Government is improving the mechanism and policies to welcome start-ups, adding that Vietnam is rushing to prepare the infrastructure system like IT, big data, and train human resources to stand ready when the foreign investors come.

The leader of a bank providing credit to businesses in Silicon Valley gave the PM a made-in-Vietnam bag with the logo of the bank, as a symbol of his desire for close cooperation.

In response, the Prime Minister noted Vietnam’s great need for collaboration with financial institutions for more capital to develop the country.

He said, Vietnam is one of the countries that have signed the most trade agreements (FTAs) in the world.

The number of Vietnam's trading partners in FTAs is about 60 economies and its trade openness is up to 200 per cent, he said.

As Vietnam is in the development stage, the need for capital is very large to solve new problems such as energy transition and climate change. It is very eager to have the cooperation of major financial institutions, the PM said.

Responding to a question from Meta Group's Director of South-East Asia and South Asia about the request to have a special cooperation group with Vietnam on digital transformation, especially in regulations related to the technology industry, the PM emphasised that "human resources are the most valuable" and proposed to cooperate in improving the capacity and quality of human resources to serve the start-up ecosystem, digital transformation, and innovation.

In addition, infrastructure related to science and technology development needs to continue to be invested and improved in quality to meet the development requirements.

“We really want to mobilise financial resources through public-private partnership. Developing countries like Vietnam need to prioritise resources from developed countries," he said.