Six start-ups from Malaysia and Singapore connected with entrepreneurs in Viet Nam to receive mentorship in how to penetrate the local market and network at a programme organised by the Saigon Innovation Hub on Monday.

Nguyen Phi Van, chairwoman of SIHUB, said the programme to assist foreign start-ups in Viet Nam is part of its Runway to the World programme, a start-up exchange programme between Viet Nam and developed regions such as the US and Asia Pacific.

Its future plans involve global link-ups and further promotion of FDI start-ups in many countries around the world, she said.

“Start-ups should focus on a long-term, global vision from the beginning since it affects how businesses develop and strategies.

“If a business focuses solely on doing well in its own country first, its business structures and strategies may be so used to operating domestically that expanding globally may be harder in future if it decides to do so.”

The three-month programme aims to help the foreign start-ups, most of which have created apps for various functions, understand and network in the Vietnamese market.

Hoh Hon Bing of Teleme, which has created a healthcare app, said Viet Nam presents a great opportunity with its growing educated middle class and mobile phone penetration.

Tran Hung Thien, general manager of GCOMM, a market research company, said Viet Nam is an attractive country for foreign investors with its high economic growth rate, a young population, affordable labour, and favourable policies.

Experts at the event also advised the start-ups to show a long-term commitment to their stakeholders and carefully research regulations related to taxes, imports and setting up businesses in the specific area they seek to set up. — VNS