ĐÀ NẴNG – The central city is strongly committed to building a transparent investment environment with solid legal frameworks, creating the best possible conditions for venture capital funds, tech firms and start-up projects to do business in Đà Nẵng.

That was the message from the Vice Chairman of the city’s People’s Committee, Hồ Quang Bửu, speaking at the three-day Đà Nẵng Venture and Angel Summit (DAVAS) held on Tuesday – which featured 5,000 participants, including 30 venture capital funds and 62 start-up projects.

Bửu said Đà Nẵng has rapidly expanded its ecosystem over recent years with a series of successes in new regional and global companies, helping establish the city as ‘Việt Nam’s fastest-growing start-up ecosystem’.

“It took us only two years to climb 342 places in the world’s Top 1,000 start-up ecosystems in StartupBlink’s 2024 global ranking," Bửu said.

"Currently, Đà Nẵng is ranked 554th in the world following efforts to establish the Free Trade Zone and launch the first Việt Nam International Finance Centre in Đà Nẵng (VNIFC-DN).

 

“Đà Nẵng has been focusing on completing the VNIFC-DN and speeding up the development of regulatory sandboxes, AI, FinTech, Blockchain, semiconductors and the digital economy that allow local tech firms to test new models within a flexible legal framework.”

Bửu added that the city will do all it can to support start-up projects and encourage local innovators to think big.

Phạm Hồng Quất, director of the Agency for Innovation and Technology Enterprises under the Ministry of Science and Technology, said that a strong start-up ecosystem needs not only loans from traditional banks, but also venture capital funds and financial support from international major international technology companies.

Quất said: “This year’s DAVAS has drawn 30 capital funds – including Quest Ventures, Do Ventures, ThinkZone Ventures, Antler, Daiwa Corporate Investment, MEXC Ventures and Lotte Ventures Vietnam, with total funding of $5 billion for 62 start-up innovation projects.

"It’s a positive promotion for Đà Nẵng as the country wants to turn the city into a global technological innovation centre with huge investments from international hi-tech industries.

“The Government will set up clear mechanisms and legal bases for development of all innovative ideas and pilot projects. It will help to boost a ‘Deeptech hubs network’ and Đà Nẵng will be one of the key elements.”

The city’s Department of Science and Technology reported that 189 start-up projects have been launched, with 83 businesses beeing formed, while three support centres, 12 incubators, eight co-working spaces, three makerspaces and dozens of university-based start-up clubs have emerged.

Many universities and research institutes expanded creative spaces, incubation centres and technology-transfer activities, and 32 start-up projects have been given a total fund of VNĐ6.1 billion (US$244,000).

Nguyễn Chương, vice chairman of the city’s Young Business Association, said that Dat Bike, a Đà Nẵng-based electric motorcycle manufacturer, is seen as one of the most successful clean mobility companies in Việt Nam.

He said the 2019-founded company, with the goal of replacing gasoline-powered motorcycles in Việt Nam, has been building its own effective mechanism and policies and has grown from nine electric bikes per month to 10,000.

The company had raised $22 million in a Series B funding round co-led by F.C.C., a company listed on the Tokyo Stock Exchange, and Rebright Partners, with participation from venture funds and long-term strategic investors.

Chương said: “Local battery-powered bike producers have launched 52 shops nationwide, and the number will increase to 100 by the end of 2026. It has achieved a localisation rate of 92 per cent with domestic spare parts and accessories suppliers."

 

At the conference, Memoranda of Understanding (MoUs) on cooperation and development were signed between the central city’s Innovation and Start-up Supporting Centre (DISSC) and the Global On-chain Economic Alliance, BambuSP and Russian partners.

The city also awarded a certificate to ThinkZone Ventures, the largest locally funded venture capital firm in Việt Nam. — VNS