Vietnamese start-ups that wish to go global must have a “global mindset” and “decision-making power” and be willing to “take risks” to capitalise on the opportunities for success in the digital economy, experts have said.
Nguyen Quang Trung, senior lecturer and discipline lead for the international business programme at RMIT University Vietnam, speaks at the ‘Born Global: The Future of Vietnam's Digital Economy’ forum held in HCM City on Aug.7. (Source: VNA)
Speaking at a recent forum in Ho Chi Minh City, Nguyen Quang Trung, senior lecturer and discipline lead for the International Business Programme at RMIT University Vietnam, said first and foremost global start-ups must be passionate about their adventure as “passion gives you vision and energy”.
“They must also have a strong international outlook and international entrepreneurial orientation, and proactively compete in the international market,” he said, adding that in addition, they must be willing to take risks.
For start-ups that want to go global, the key is to leverage advanced information and communications technology.
Also speaking at the event, Dr. Nguyen Quan, chairman of the Vietnam Automation Association (VAA) and a former minister of science and technology, said Vietnam was emerging as a new start-up hub in the region, adding the Government targeted developing the country into a technology powerhouse.
Global start-ups, especially those that lack experience, would face a lot of challenges, he said, explaining one of them is the conflict between mindsets due to cultural differences between Vietnamese and people in other countries.
To help start-ups go global, the Government has collaborated with global venture funds as part of a national programme to support an innovative start-up eco-system through 2025.
Besides ventures funds, Vietnamese start-ups can also receive support from incubators, mentors and accelerator programmes.
Under the national digital transformation plan, Vietnam aims to emerge as one of the top four countries in ASEAN in terms of digitisation by 2025 with 80,000 digital technology companies.
Vietnam is currently among the most dynamic start-up hubs in the world and its well-educated, young entrepreneurs are expected to improve the country’s position on the global start-up map.
There are no official statistics on start-ups in the country, but according to some regional tech sources, there are as many as 3,000 in the country, which makes it the third largest start-up eco-system in Southeast Asia.
The country jumped 12 places to 47th out of 127 economies on the World Intellectual Property Organisation’s 2017 Global Innovation Index, its highest ranking in the last 10 years.
In Southeast Asia, it is only behind two countries, Singapore and Malaysia.
Vietnam has become one of the fastest growing economies in the world and has begun to change its role in the international economic order, experts said.
A large number of Vietnamese firms are joining the disruptive, innovative global digital economy, which is already estimated to be worth 11.5 trillion USD worldwide.
These firms can immediately start dealing with international customers and suppliers and, so, are born global.
Titled ‘Born Global: The Future of Vietnam’s Digital Economy’, the forum was organised by RMIT University Vietnam.
Nearly 100 business executives, policymakers and academics from around the country took part.