Ministry signs MoU with Finnish fund

Monday, Mar 14, 2016 16:46

Representatives of MOST and TEKES at the signing ceremony. Both sides will partner in many sectors, including developing startup ecosystems and venture investments.— Photo
HA NOI (Biz Hub) — The Ministry of Science and Technology (MOST) signed a Memorandum of Understanding (MoU) with the Finnish Funding Agency for Technology and Innovation (TEKES). The agrement promotes cooperative research and technology transfers between Vietnamese and Finnish companies and research institutes.

Under the MoU, both sides will partner in many sectors, including developing startup ecosystems and venture investments.

The two countries will also cooperate in other fields, including energy, health care, nanotechnology, and marine technology.

At the signing ceremony last week, MOST's Deputy Minister Tran Quoc Khanh says the MoU is a new form of cooperation, capitalizing on the potential of both Viet Nam and Finland to benefit enterprises and research institutions of the two countries.

Pekka Soini, the General Director of TEKES, says the MOU provides the basis for extensive cooperation for Viet Nam and Finland. Vietnamese firms will partner with Finnish ones to identify solutions and technologies to solve difficulties.

Previously, TEKES launched the Business with Impact programme known as BEAM to create partnerships between Finland and developing countries. The purpose of BEAM partnerships is to generate new innovative businesses and development impacts in target countries. BEAM has a total volume of 50 million euros (US$54.8 million). Viet Nam and Tanzania are the company's target countries.

Silicon Valley venture capital firm 500 Startups recently said it is starting a $10 million fund dedicated to Viet Nam. E-commerce, language-learning and price comparison startups will be among the first companies to get seed funding. The firm plans to invest in as many as 150 companies, providing checks of as much as $250,000. — VNS

Comments (0)