Viet Solutions 2022 on “Implementation – The Real War”
According to a market study by the Korean venture capital fund Nextrans, the success rate of startups in Vietnam is only 3 percent, and less than 5 percent survive their second birthday. In America, on the other hand, this figure is 50% or 15-20%. About 29 percent of startups in Vietnam fail due to a lack of capital to support the business, while 23 percent shut down operations due to human resource and people management issues.
Therefore, the Ministry of Information and Communications and Vittel of the annual competition 2019 “Viet Solutions” focus on the story of “Implementation – a real struggle” whose purpose is to find creative solutions and contribute to the real world. Digital transformation strategy.
Minister for Information and Communications (right) Vintham presents Viet Solutions 2021 with the first award.
According to Han Tu Lam, director of Nextrans Venture Fund in Vietnam, one of the reasons why only 3% of Vietnamese startups are successful in implementing their ideas is a lack of professional experience. Vietnam’s startup market is still young, so startup ideas always lack friends, direction, and past failures to learn from.
In the fourth period, Viet Solutions not only focuses on the first project ideas, but also on evaluating the practicability of activities in real activities. Only innovative technology companies that have won awards in previous years are represented in the program. This year, the program focuses on both the role of the problem creator and the successful implementation of the solution.
Applications for Viet Solutions 2022 have been open since the end of July and will run until September 10th to select 50 eligible solutions for the semi-finals. The final round with 25 representative solutions will continue from September 17th to 21st. Five major decisions will be celebrated on October 10th. The total prize pool for Solutions’ winnings is 1.8 billion. VND