A Vietnamese start-up entrepreneur introduces his smart delivery drone system at a live pitching session in the semi-final of the 2020 Start-up Wheel in HCM City on November 13. — VNS Photo

The top 60 Vietnamese start-ups chosen from thousands of contestants competed at the semi-final round of the 2020 Viet Nam Start-up Wheel contest in HCM City on November 13.

Then the top 10 local start-ups and five foreign start-ups entered the final round on the same day, which had total prizes of VND10 billion (US$431,120).

The foreign start-ups had two minutes to pitch and 10 minutes for Q&A via online format.

Startup Wheel 2020 wants to encourage start-ups to find a ‘silent moment’ to contemplate their business model and evaluate their business efficiency; find the ‘low notes’ to focus on their business’ core values, optimise resources for lean operations, and consolidate their strengths and resources to be ready to grab opportunities when the economy recovers, Truong Ly Hoang Phi, founder of the Business Start-up Support Centre, said.

The ‘Back to Basics’ theme of the event would help start-ups respond to difficult times, she added.

Organised by the Business Start-up Support Centre and the HCM City Young Businesspeople Association, the event seeks to help young start-ups find investors, consultants and mentors, business partners, and customers.

It also aims to honour Vietnamese and international start-ups who have demonstrated resilience during the Covid-19 pandemic.

Start-up Wheel 2020 is one of the largest and most intensive start-up events in Southeast Asia, with the offline event in HCM City attracting more than 500 investors, venture capital funds, leading corporations, executives from local and foreign organisations that support start-ups, more than 100 outstanding local and international start-ups, and a large number of visitors. — VNS