Viet Nam’s booming innovation and startup community presents huge opportunities for foreign investors, authorities said.

The country is now home to four unicorns (technology-based startup companies with value of more than US$1 billion) and more than 10 startups with value of more than $100 million each, said Nguyen Manh Cuong, deputy general director of the Ministry of Science and Technology’s Agency for Southern Affairs.

Nearly 4,000 startups have been set up in the country, Cuong told the opening ceremony of the Mega Us Expo 2022 on Wednesday.

Last year, investment in startups in Viet Nam jumped to more than $1.3 billion, he said.

South Korea was ranked as the top foreign investor in terms of the number of deals last year, he said.

The domestic innovation and startup ecosystem is growing fast and South Korea’s investors, organisations and agencies are increasing expansions in the country, he said.

Huynh Kim Tuoc, CEO of Saigon Innovation Hub (SIHUB), said that five South Korean incubators were set up in HCM City.

The potential for cooperation opportunities in technology and innovation between the two countries remains large, and the large gathering of universities, technology businesses and startups from South Korea at the expo would further promote the cooperation of the two countries, Tuoc said.

Shin Jae Kyung, director of Jeonbuk Small and Medium Venture Business Administration, said Viet Nam was emerging as an innovation and technology hub in Southeast Asia.

Startups from the two countries would have the chance to explore business opportunities and expand their networks at the event.

Nearly 120 leading companies from South Korea are showcasing products and exploring business opportunities at the two-day expo with more than 650 products on display covering four main categories: food, beauty care, life, and IT.

At the event, the two sides signed various Memorandums of Understanding (MoU) on innovation support and technology transfer, including SIHUB and seven startup support centres from South Korea, HCM City Agricultural Hi-tech Park and Jeonbuk Techno Park.

As part of activities to commemorate the 30th anniversary of the establishment of diplomatic relations between the two countries, the event was organised by JBCCEI, SIHUB, Koretoviet Trade Promotion Center, and JYGlobal. — VNS