Vietnam：More efforts need to be made to lure foreign funds for start-ups
Source: Vietnam News Agency (VNA) Time:2017-10-24 10:37:00
In the context of rapid growth of the startup movement among young entrepreneurs, start-ups’ activities have expanded and have shown huge potential. Hence, more and more foreign investors have paid attention to startups. However, to lure more foreign investment, the startup community and Vietnamese policymakers need to make greater efforts.
Founded one and a half years ago, this business provides co-working spaces. After achieving some success, the company is looking for foreign investment funds.
“If we want to expand our business internationally, we will have to look for foreign investors because it is very difficult to transfer inshore capital, it’s very complicated and involves a lot of procedures”, said Do Hoai Nam, co-founder of the Up Co-working Space.
Nguyen Manh Dung, Head Representative of CyberAgent Ventures in ASEAN said many foreign investment funds are interested in and wanting to invest into startups in new economic sectors in Vietnam, however successfully mobilising foreign capital depends on startups themselves.
However, it’s not always easy to lure foreign investment as Vietnam faces competitors from other countries.
Experts in the field have also acknowledged that to take advantage of long-term capital to develop and expand, Vietnamese startups should make greater efforts to improve their capacity. Negotiating skills and support from policymakers are also needed.
On the other hand, besides foreign funds, startups should also look for capital from the community to attract capital and expand business, while the State should introduce more supporting policies to encourage dormant capital sources towards startups.