On the morning of November 21, 2024, the Ministry of Science and Technology (MOST) held a press conference to announce information about the Vietnam National Innovation and Startup Festival – TECHFEST 2024. At the press conference, a piece of good news was shared that delighted the Vietnamese startup community: Hanoi and Ho Chi Minh City officially entered the Top 200 global startup cities, according to the Startup Blink 2024 ranking.
This is a proud milestone, recognizing Vietnam’s efforts throughout nearly a decade of building and developing its innovation startup ecosystem.
1. TECHFEST: The largest “meeting point” for Vietnamese startups
TECHFEST – short for “Technology Festival” – is the national innovation startup festival chaired by the Ministry of Science and Technology, in coordination with ministries, sectors, localities, and socio-political organizations. Since its first edition in 2015, TECHFEST has become a symbolic event representing Vietnam’s spirit of innovation, serving as a meeting place for policymakers, businesses, investors, and young people passionate about startups.
In 2024, TECHFEST will be held in Hai Phong City, under the theme “Joining hands to develop Vietnam’s innovation startup ecosystem.” This year’s event is not only an occasion to honor outstanding achievements of the startup ecosystem, but also an opportunity to inspire Vietnamese youth, foster connections, and expand a global vision.
Mr. Hoang Minh – Deputy Minister of Science and Technology – chaired the press conference for the Vietnam National Innovation and Startup Festival 2024. Photo: Trong Dat.
2. Vietnam’s impressive rise on the global startup map
According to the Startup Blink 2024 report, Vietnam is currently ranked 56th worldwide in terms of its innovation startup ecosystem, marking an improvement compared to previous years. Notably, the two major cities of Hanoi and Ho Chi Minh City have officially entered the Top 200 global startup cities—an important step forward amid increasingly intense international competition.
These results reflect the rapid maturation of Vietnam’s innovation ecosystem, where ideas are increasingly accompanied by concrete actions, strong connectivity, and a clear aspiration to expand onto the global stage.
At the same time, Vietnam’s Global Innovation Index (GII) has also recorded significant progress, rising from 59th place in 2016 to 44th in 2024. Among the GII indicators, Vietnam leads the world in three categories, including the Creative Goods Exports Index—recognized for the first time.
These achievements are not only the result of effective policies, but also of the collective efforts of the startup community, technology enterprises, and innovation support organizations both domestically and internationally.
One particularly positive signal is the rapid development of venture capital investment activities in Vietnam. According to data from the Ministry of Science and Technology, Vietnam’s ranking for the number of venture capital deals rose from 77th in 2022 to 50th in 2024, while its ranking for the number of ventures receiving venture capital investment increased from 54th in 2021 to 44th in 2024.
This demonstrates the growing confidence of international investors in Vietnamese startups. Beyond capital itself, these investments bring opportunities for learning, network expansion, and access to new technologies—critical factors for any startup aiming to compete in international markets.
Speaking at the press conference, Mr. Hoang Minh, Deputy Minister of Science and Technology, emphasized that Vietnam’s innovation startup ecosystem requires close coordination and joint efforts among ministries, sectors, local authorities, and both domestic and international partners, for the sustainable development of the ecosystem and of Vietnam as a whole.
Mr. Hoang Minh Cuong, Vice Chairman of the Hai Phong City People’s Committee. Photo: Trong Dat.
According to Mr. Hoang Minh Cuong, Vice Chairman of the Hai Phong City People’s Committee, the city is honored to be selected as the host of TECHFEST 2024—an important event within Vietnam’s national innovation startup ecosystem. Preparations for TECHFEST have so far been largely completed.
“During TECHFEST, Hai Phong will host a number of activities, including the launch of semiconductor chip training courses, the inauguration of the Hai Phong Innovation Startup Center, the opening of the city’s digital government project, and the organization of a green digital transformation forum serving socio-economic development, with a strong emphasis on promoting innovation and the application of digital technologies and green digital transformation,” Mr. Hoang Minh Cuong stated.
3. Ho Chi Minh City – The nation’s center of innovation and entrepreneurship
As Vietnam’s largest economic and financial hub, Ho Chi Minh City has long been regarded as the “cradle” of the startup movement. The city is home to hundreds of startup incubators, co-working spaces, venture capital funds, and young startups operating across a wide range of sectors, including fintech, edtech, healthtech, logistics, and artificial intelligence.
Ho Chi Minh City’s inclusion in the Top 200 global startup cities is not merely an honorary title, but a clear testament to the vibrant and resilient entrepreneurial spirit of the southern region—where ideas are nurtured, developed, and allowed to grow.
From small rooms in high-tech parks to lively pitching sessions in cafés, Ho Chi Minh City is steadily becoming a true “city of ideas,” where entrepreneurship is not only the pursuit of business founders, but a defining rhythm of an entire generation.
Source: Compiled.