The Finland-Vietnam Innovation Partnership Program Phase 2 (IPP2) will continue to provide funding for startup
ecosystem developers in Vietnam this year, in a bid to encourage their innovation and entrepreneurship, Tran Thi Thu Huong, director of IPP2, said at the Final Demo Day in Ho Chi Minh City last weekend.
The program will coordinate will universities and education institutions in Vietnam to implement the Core Curriculum on innovation and startup, she added.
Tran Quoc Khanh, deputy minister of science and technology, said that the ministry was working to improve policies for the startup ecosystem and encouraging private firms to set up venture investment funds.
“This aims to create a favorable legal and financial environment for the development of technology and entrepreneur incubators, especially for young entrepreneurs,” he noted.
Finnish Ambassador to Vietnam Ilkka-Pekka Similä hands over ToT1 certificates to participants of a program funded by IPP2. (Photo: ipp.vn)
IPP2 is an Official Development Assistance (ODA
) program funded by the Vietnamese and Finnish governments. The second phase of the program runs from 2014 to 2018 with a budget of EUR11 million.
Between 2014 and 2015, IPP2 provided financial, training, consulting and connection assistance for 22 innovation projects in Hanoi, HCM City
, Da Nang, and Thua Thien-Hue.
As of December 2015, the IP2-funded projects had created more than 480 jobs for locals and generated over $432,000 in domestic revenue. In addition, five projects booked sales of $215,000 in overseas markets and three have received additional funding or $150,000 from other investors.